(Trenton, N.J. : New Jersey Dept. of Community Affairs, Division of Local Finance, 1968) Skillman, George C.
From page 12: DEFAULTS
The matters leading up to defaults have been discussed in a previous section of this~
report, however, the number of defaults were not mentioned. The records indicate that
there were.something over a hundred defaults in existence January 1, 1935. This number
was reduced to less than twenty by April 1st, 1940. .
The record indicates that counties and municipalities took prompt and constructive
steps to correct the default situation; and the Division record indicates that the last
recorded default was cleared off record with the refunding of the indebtedness of the City of
Brigantine in 1947, with the approval and consent of the Municipal Finance Commission.
Incidentally there were no defaults in delayed payments of debt during or following
the "Disaster" period mentioned in a previous section.
