N.J. Stat. § App.A:4-27
No budget or tax ordinance shall be adopted by the governing body of any municipality which shall issue bonds under this act unless and until all of such bonds and any renewals or extensions thereof shall have been canceled and paid in full in cash, unless a copy of such budget or tax ordinance has been submitted to the state auditor and the state auditor has certified upon such copy that such budget or tax ordinance complies with all the requirements of this act. Before making any such certificate, the state auditor is hereby empowered and directed to examine into and approve the appropriations required by this act to be included in such budget or tax ordinance, under the caption "reserve for uncollected taxes" and "cash deficit of preceding year" and any estimates, computations or calculations made in connection therewith, and to require the production of any or all such papers, documents, witnesses and information and make such audits and such other investigation and do all such other acts and things as he may deem advisable, and he is hereby empowered and directed to include such appropriations calculated in pursuance of this act in any such budget or tax ordinance or in any tax levy in the municipality. Any budget or tax ordinance may be finally adopted by the governing body of a municipality at any time within ten days after the state auditor shall have made the certificate with respect thereto provided for by this section, whether or not the time for the final adoption thereof prescribed by any other act shall have passed. Any expenditure by the state auditor incurred in making any such audit, examination or investigation shall be charged to and recovered from the municipality and may be included by him in the budget or tax ordinance so examined and investigated or in any tax levy in such municipality. The provisions of sections seven and eight of this act shall constitute and be deemed a contract between the holders of any bonds issued under this act and the municipality which shall have issued the same, and shall be enforceable by mandamus or other appropriate action, suit or proceeding at law or in equity instituted by any such holder on behalf of all the other holders thereof, and/or by the owner of any property subject to taxation in such municipality; provided, however, that such provisions and any contract or contracts constituted thereby shall in any event be subject to repeal, alteration, abrogation or amendment at the will of the legislature on and after January first, one thousand nine hundred and thirty-nine.
N.J.S. § App.A:4-27