After the sale of obligations, and pending the preparation of the definitive obligations, a local unit may issue interim obligations to the purchasers of such obligations. The definitive obligations, when prepared, may be delivered to the holders of such interim obligations in exchange therefor.
N.J. Stat. Ann. § 40A:2-9
Interim obligations
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.