New Jersey Statutes Title 40A. Municipalities and Counties 40A § 2-2

a. the aggregate equalized valuation of real property together with improvements, as certified in the Table of Equalized Valuations by the Director of the Division of Taxation in the Department of the Treasury, on October 1 of each year, pursuant to chapter 86 of the laws of 1954,  1 and

b. the assessed valuation of Class II railroad property as set forth in the table of equalized valuations referred to in “a” above.

“governing body” means the board of chosen freeholders of a county, or the commission, council, board or body having control of the finances of a municipality;

“local improvement” means an improvement or property, part or all of the cost of which has been, or is to be specially assessed on property;

“obligations” means bonds or notes of a local unit;

“refunding bond ordinance” means an ordinance adopted by the governing body of the local unit authorizing refunding bonds.