N.J.S.A. 40:62-105.26 — Borrowing for current expenses and repairs

40:62-105.26. Borrowing for current expenses and repairs The commissioners of water districts may by resolution borrow, after March first and before December thirty-first following, a sum not to exceed the amount appropriated at the election held in the district for the current year, for current expenses and for necessary repairs, less any sums received from the collector of taxes on account of such appropriation. They may execute and deliver promissory notes therefor and pay the amount so borrowed, together with interest thereon, at a rate not exceeding five per centum (5%) per annum. L.1951, c. 280, p. 963, s. 26, eff. June 25, 1951.

This is the verbatim text of N.J.S.A. 40:62-105.26, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.