N.J.S.A. 40A:2-48 — Self-liquidating utility deficits

40A:2-48. Self-liquidating utility deficits The amount of the deficit in the income of a self-liquidating municipal public utility applicable to interest and debt redemption, or the prospective amount of such deficit as determined by the local government board or, in the case of a project undertaken pursuant to the urban redevelopment law, the Division of Planning and Development in the Department of Conservation and Economic Development, shall be capitalized at 5% and the capital sum so determined shall not be deductible from the gross debt. L.1960, c. 169, s. 1, eff. Jan. 1, 1962.

This is the verbatim text of N.J.S.A. 40A:2-48, 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.