N.J. Stat. § 40A:2-51.3
Notwithstanding the provisions of N.J.S. 40A:2-51 to the contrary, a county or municipality may incur indebtedness, borrow money, authorize and issue negotiable refunding bonds, in any amount determined to be necessary by the county or the municipality and approved by the Local Finance Board to effect the refunding for the purpose of retiring the present value of the unfunded accrued liability for early retirement incentive benefits granted pursuant to P.L. 1991, c.229, P.L. 1991, c.230, P.L. 1993, c.138, P.L. 1993, c.181, P.L. 1993, c.99, P.L. 1999, c. 59, P.L. 2003, c. 128, and P.L. 2003, c. 130, in addition to the other purposes for which it may do the same under N.J.S. 40A:2-51. The system actuary shall calculate the present value of the unfunded liability due and owing by the municipality or county on a date certain upon the request of the county or municipality. For purposes of this section, "county" means any county of any class and all boards or commissions organized under such county, including but not limited to welfare boards, boards of social services, park commissions and mosquito control authorities.
N.J.S. § 40A:2-51.3