N.J.S.A. 40A:14-87 — Payments of interest and principal; inclusion in budget; borrowing to pay

40A:14-87. Payments of interest and principal; inclusion in budget; borrowing to pay Whenever bonds have been duly issued the board of fire commissioners shall annually include in the budget of the fire district under the section for capital appropriations, the amount required to meet the interest payments and pay the bonds maturing in the ensuing year, together with interest thereon. The board of fire commissioners shall cause the principal and interest on said bonds to be paid as they become due. If no funds are currently available to pay the maturing bonds or interest, the board of fire commissioners may borrow money and execute evidences of indebtedness for the purpose of making such payments in the same manner as in other cases of borrowing. L.1971, c. 197, s. 1, eff. July 1, 1971. Amended by L.1979, c. 453, s. 16.

This is the verbatim text of N.J.S.A. 40A:14-87, 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.