A Supplemental Debt Statement must be filed with which office as of the date of the introduction of the bond ordinance?

A Supplemental Debt Statement must be filed with which office as of the date of the introduction of the bond ordinance?

• A. Mayor
• B. Chief Financial Officer
• C. Auditor
• D. Director of the Division of Local Government Services

Answer: (D)

In New Jersey municipal finance, a Supplemental Debt Statement is required to be filed with the Director of the Division of Local Government Services as of the date a bond ordinance is introduced. This filing ensures the state has up-to-date information on the municipality’s existing debt, the proposed borrowing, and how the new debt affects debt limits and debt service. The recipient is the state office charged with overseeing local indebtedness; the Mayor, the Chief Financial Officer, or the Auditor are not the designated filing recipient, even though they may prepare or review the information.

In New Jersey municipal finance, a Supplemental Debt Statement is required to be filed with the Director of the Division of Local Government Services as of the date a bond ordinance is introduced. This filing ensures the state has up-to-date information on the municipality’s existing debt, the proposed borrowing, and how the new debt affects debt limits and debt service. The recipient is the state office charged with overseeing local indebtedness; the Mayor, the Chief Financial Officer, or the Auditor are not the designated filing recipient, even though they may prepare or review the information.