Theory Review Test

Question 1

Effective date of a bond ordinance as stipulated by NJSA 41a:2-18 is what length of time

Answer 1

20 days after the first publication after adoption

Question 2

An increase in anticipated revenues has what effect on RUT?

Answer 2

Decrease appropriation for RUT

Question 3

Implementation of a dedicated tax program for OPSP, rec., historic preservation trust fund taxing districts are authorized by:

Answer 3

Referendum held at general or special election

Question 4

Minimum number of days for the advertisement for the receipt of bids is:

Answer 4

10 days and 60 days if solid waste

Question 5

Although there re exceptions, sale of bonds shall be sold at which type of sale

Answer 5

Public

Question 6

Clerk must publish synopsis of audit within how many days after receipt?

Answer 6

30 days

Question 7

Authority for the approval of claims

Answer 7

Gov Body

Question 8

Contents of Bond Ordinance

Answer 8

Purpose, maximum amount of bonds and notes, statement showing gross debt is increased

Question 9

BANs may be sold at what type of sale

Answer 9

Private

Question 10

Bond law limits the amount of premium bid for bonds, which shall not exceed

Answer 10

$1,000

Question 11

Legal depositories for public moneys are to be authorized by whom (cash management plan)

Answer 11

Majority vote of the full membership

Question 12

T or F: Local fiscal affairs allows municipalities and counties to invest in government money market mutual funds

Answer 12

True

Question 13

What amount of regular emergency authorizations are to be appropriated by the governing body

Answer 13

The full amount in the next succeeding yr

Question 14

Emergency Appropriations may be financed though:

BAN, Surplus, Emergency Notes, a & C, or b & c

Answer 14

B&C

Question 15

Local public contracts law authorizes guarantee to accompany bid. Guarantee will be how much?

Answer 15

10% not to exceed $20,000

Question 16

Without taking action to authorize an exception, contracting unit shall award the contract or reject all bids in not more than __ days

Answer 16

60 days

Question 17

Bond law permits adoption of bond ordinance excess of statutory debt limit for what?

Answer 17

Fire, flood, other disaster

Question 18

Municipalities are permitted to conduct annual local examination of the annual budget. Who is in charge of determining if municipality qualifies?

Answer 18

CFO

Question 19

Sale of personal property sold at public sale if the value of the property is in excess of what amount?

Answer 19

15% of the bid threshold

Question 20

T or F: 3 methods of assessor to determine values of real property are sales approach, replacement approach, and income approach?

Answer 20

TRUE

Question 21

TANs must mature when?

Answer 21

120 days after beginning of new fiscal year

Question 22

Municipal public defender excess %

Answer 22

25%

Question 23

T or F: Type 1 school district excluded from CAP limitations

Answer 23

True