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1 SCOTT RUMANA, et al. v. COUNTY OF PASSAIC, et al. -- rank: 1000

... the sale of the Golf Course to the PCIA. Because N.J.S.A. 40A:2-3 precludes the County from incurring indebtedness for financing current expenses ... the Local Bond Law prohibition from engaging in deficit financing, N.J.S.A. 40A:2-3, that infuse our review of the entire transaction before us ... authorized under this chapter except as provided in this chapter. [ N.J.S.A. 40A:2-3 (emphasis added).] Clearly, the County is barred by these provisions ... we are satisfied that the County was not permitted by N.J.S.A. 40A:2-3 and 40A:4-3 to recognize the proceeds from the ... PCIA's bonds. It would appear at first blush that N.J.S.A. 40A:2-3 and N.J.S.A. 40A:4-3 might conflict ... d , 138 N.J. 598 (1994).] It is apparent that N.J.S.A. 40A:2-3 and N.J.S.A. 40A:4-3 are ...

docket:	A1135-07
court:	NJ Superior Court Appellate Division
decided:	2007-12-03
status:	unpublished
citation:	397 N.J.Super. 157 936 A.2d 971
Document Size:	123047