N.J.S.A. 40A:2-39 — Application of proceeds

40A:2-39. Application of proceeds The proceeds of the sale of obligations shall be applied only to the purposes for which such obligations are authorized. If, for any reason, any part of such proceeds are not necessary for such purposes, such part shall be used to pay such outstanding obligations, or if in the opinion of the governing body it is in the best interest of the local unit such part may be appropriated to and used to finance the cost of any other purpose or purposes for which bonds may be issued. L.1960, c. 169, s. 1, eff. Jan. 1, 1962.

This is the verbatim text of N.J.S.A. 40A:2-39, 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.