What is the effective date of a bond ordinance following its adoption?

What is the effective date of a bond ordinance following its adoption?

• A. Ten days after publication
• B. Fifteen days after publication
• C. Twenty days after publication
• D. Thirty days after publication

Answer: (C)

The effective date of a bond ordinance following its adoption in New Jersey is twenty days after its publication. This timeline is established by the Local Bond Law, which governs how municipalities can issue bonds for financing purposes. Once a bond ordinance is adopted by a governing body, it must be published to inform the public, allowing for transparency and the opportunity for stakeholders to respond or contest the ordinance. The provision that the ordinance becomes effective twenty days after publication ensures that there is a clear and defined period for the public to become aware of and respond to the ordinance. This process upholds the principle of public notice and allows for any potential challenges to be processed within that timeframe. Therefore, the clarification between the publication date and the effective date is crucial for compliance with the law and for the proper management of municipal finance.

The effective date of a bond ordinance following its adoption in New Jersey is twenty days after its publication. This timeline is established by the Local Bond Law, which governs how municipalities can issue bonds for financing purposes. Once a bond ordinance is adopted by a governing body, it must be published to inform the public, allowing for transparency and the opportunity for stakeholders to respond or contest the ordinance.

The provision that the ordinance becomes effective twenty days after publication ensures that there is a clear and defined period for the public to become aware of and respond to the ordinance. This process upholds the principle of public notice and allows for any potential challenges to be processed within that timeframe. Therefore, the clarification between the publication date and the effective date is crucial for compliance with the law and for the proper management of municipal finance.