No local unit shall authorize obligations for any improvement or purpose having a period of usefulness of less than 5 years.
N.J. Stat. Ann. § 40A:2-21
Minimum period of usefulness
Known as the Local Bond Law
The act spans §§ 40A:2-1 to 40A:2-9 (70 sections).
L.1960, c. 169, s. 1, eff
Current official text: New Jersey Legislature. Digitized from the New Jersey Legislature bulk statutes download. Reproduced from public-domain New Jersey statutes; confirm against the official source for the current text. Not legal advice.