Reduction in principal of outstanding notes or bonds prohibited
52:27-39. Reduction in principal of outstanding notes or bonds prohibited
Notwithstanding any provisions of this article the commission shall not approve any adjustment or composition, or plan presented pursuant to this article, which provides for the reduction in the principal amount of any outstanding notes or bonds of the municipality.
This is the verbatim text of N.J.S.A. 52:27-39, 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. KyzerLex is not a law firm and this page is not legal advice.