App.A:3-14. Paying off refunding bonds; specific appropriations

1. Whenever any municipality shall issue after the date this act shall become effective any funding or refunding notes, bonds or other obligations (hereinafter referred to as "refunding bonds" ) and, in order additionally to secure the payment of such refunding bonds or in connection therewith, such municipality shall be required or shall agree to provide a separate and specific appropriation for the payment of such refunding bonds and interest thereon, computed from year to year and determined by the ratio which the amount of taxes levied for the fiscal year next preceding such computation bears to the amount of taxes collected for such fiscal year, or determined in accordance with any other formula required or to be required by any act of the legislature of the state or of the governing body of such municipality or any amendments or supplements to any such act or any revisions thereof, or agreed or to be agreed to by such municipality in a contract made before, after or simultaneously with the issuance of such refunding bonds or any amendments or supplements to any such contract or any revisions thereof, then in such event a similar separate and specific appropriation computed and determined in the same manner shall be made by the governing body of such municipality for the payment of the interest on and principal of any notes, bonds, or other obligations issued by such municipality after the date this act shall become effective and sold to the federal government pursuant to the act to which this act is a supplement (hereinafter called "public works bonds" ) and irrespective of whether such public works bonds shall have been issued before, after, or simultaneously with such refunding bonds.

(L.1934, c. 252, s. 1, p. 711.)