N.J.S.A. 40A:5-15.3 — Securities of local unit purchased by it not to be canceled; sale thereafter

40A:5-15.3. Securities of local unit purchased by it not to be canceled; sale thereafter Securities of a local unit purchased by it shall not be canceled but may be sold as and when directed by resolution adopted by a majority vote of all the members of the governing body. L.1977, c. 396, s. 10, eff. Feb. 23, 1978. 40A:5-16 - Local unit, requirements for paying out moneys. 40A:5-16. The governing body of any local unit shall not pay out any of its moneys: a. unless the person claiming or receiving payment first presents a detailed bill of items or demand, specifying particularly how the bill or demand is made up, with the certification of the party claiming payment that the bill or demand is correct. The governing body may, by resolution, require an affidavit in lieu of the certification, and the clerk or disbursing officer of the local unit may take the affidavit without cost; and b. unless the payment carries a written or electronic certification of some officer or duly designated employee of the local unit having knowledge of the facts that the goods have been received by, or the services rendered to, the local unit. c. Notwithstanding the provisions of subsection a. of this section, upon adoption by the Local Finance Board of rules adopted pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.) that provide for procedures to be followed by local units and under those circumstances deemed appropriate by the Local Finance Board, a local unit shall be permitted to pay out its moneys without requiring a certification of the party claiming payment as otherwise required by subsection a. of this section. Those circumstances may include, but shall not be limited to: (1) when payment to vendors is required in advance of the delivery of certain materials or services that cannot be obtained from any other source at comparable prices; (2) when ordering, billing, and payment transactions for goods or services are made through a computerized electronic transaction; or (3) when the claim or demand is less than a threshold set by the Local Finance Board and the certification is not readily obtainable by the contracting unit; but the exceptions shall not include reimbursement of employee expenses or payment for personal services. d. The provisions of subsection a. of this section shall not apply to payments made by a governing body of a local unit for the provision of: (1) telecommunications or basic cable service provided by a telecommunications or cable television company under the jurisdiction of the Board of Public Utilities; (2) electric, gas, water, or sewer utility service provided by a public utility, as that term is defined pursuant to R.S.48:2-13, that is regulated by the Board of Public Utilities pursuant to Title 48 of the Revised Statutes; or (3) a service that is provided under a contract between a public utility, as that term is defined pursuant to R.S.48:2-13, and a governing body that is approved by the Board of Public Utilities under which rates for service are controlled by the terms of the contract. amended 2000, c.126, s.21; 2015, c.177, s.6.

This is the verbatim text of N.J.S.A. 40A:5-15.3, 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.