ASSEMBLY, No. 934

 

STATE OF NEW JERSEY

 

PRE-FILED FOR INTRODUCTION IN THE 1996 SESSION

 

 

By Assemblymen KRAMER and DiGAETANO

 

 

An Act concerning the issuance of special emergency notes, supplementing chapter 22 of Title 18A and Title 40A of the New Jersey Statutes and amending N.J.S.40A:4-53.

 

    Be It Enacted by the Senate and General Assembly of the State of New Jersey:

 

    1. (New section) A board of education may adopt a resolution authorizing a special emergency appropriation to fund the employer's responsibility for additional retirement benefits of an early retirement incentive program established by the board pursuant to P.L.1993, c.163. A copy of the resolution adopted relating to the special emergency appropriation shall be filed with the Commissioner of Education.

 

    2. (New section) Following the adoption of a resolution for a special emergency appropriation to fund the early retirement incentive program pursuant to section 1 of this act, the board of education shall by a 2/3 vote of the board adopt a resolution setting forth the amount appropriated and provisions for the borrowing of money and the issuance of "Special Emergency Notes" which may be renewed from time to time; except that at least 1/10 of the notes, and the renewals thereof, shall mature and be paid in each year so that all notes and renewals shall have matured and have been paid not later than the last day in the tenth year following the date of the resolution. The provisions of chapter 24 of Title 18A of the New Jersey Statutes relating to loans and bonds and other obligations shall apply to "Special Emergency Notes" issued pursuant to this section.

 

    3. N.J.S.40A:4-53 is amended to read as follows:

    40A:4-53. A local unit may adopt an ordinance authorizing special emergency appropriations for the carrying out of any of the following purposes:

    a. Preparation of an approved tax map.

    b. Preparation and execution of a complete program of revaluation of real property for the use of the local assessor, or of any program to update and make current any previous revaluation program when such is ordered by the county board of taxation.

    c. Preparation of a revision and codification of its ordinances.

    d. Engagement of special consultants for the preparation, and the preparation of a master plan or plans, when required to conform to the planning laws of the State.

    e. Preparation of drainage maps for flood control purposes.

    f. Preliminary engineering studies and planning necessary for the installation and construction of a sanitary sewer system.

    g. Authorized expenses of a consolidation commission established pursuant to the "Municipal Consolidation Act" (P.L.1977, c.435; C.40:43-66.35 et seq.).

    h. Appropriations to fund the liability due pension systems for employees retiring under an early retirement incentive program established by ordinance pursuant to P.L.1993, c.99, P.L.1993, c.138 and P.L.1993, c.181.

    i. Appropriations to fund the payment of uncompensated leave time for employees retiring under an early retirement incentive program established by ordinance pursuant to P.L.1993, c.99, P.L.1993, c.138 and P.L.1993, c.181.

    A copy of all ordinances or resolutions as adopted relating to special emergency appropriations shall be filed with the director.

(cf: P.L.1980, c.105, s.9)

 

    4. (New section) Notwithstanding the provisions of N.J.S.40A:4-55, following the adoption of an ordinance for a special emergency appropriation to fund an early retirement incentive program pursuant to subsection h. of N.J.S.40A:4-53, the local unit shall by 2/3 vote of the full governing body adopt a resolution setting forth the amount appropriated and provisions for the borrowing of money and the issuance of "Special Emergency Notes" which may be renewed from time to time, but at least 1/10 of all such notes, and the renewals thereof, shall mature and be paid in each year so that all notes and renewals shall have matured and have been paid not later than the last day of the tenth year following the date of the emergency resolution. The provisions of chapter 4 of Title 40A of the New Jersey Statutes relating to tax anticipation notes shall apply to special emergency notes issued pursuant to this section.

    A local unit may finance appropriations for special emergency notes pursuant to this section from surplus funds available or the local unit may borrow money in the manner prescribed above. When any appropriation is financed from surplus funds available, at least 1/10 of the amount thereof shall be included in each annual budget until the appropriation has been fully provided for.

 

    5. This act shall take effect immediately.

 

 

 

Permits school districts, counties and municipalities to issue special emergency notes to fund costs of early retirement incentive program.