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Section App.A:4-31.5 - Budget provision for payment of outstanding notes

NJ Rev Stat § App.A:4-31.5 (2019) (N/A)
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App.A:4-31.5. Budget provision for payment of outstanding notes

5. Notwithstanding any provision to the contrary in section four of this act, there shall be included in each budget or tax ordinance of any municipality an appropriation for the payment of any notes issued under this act outstanding at the time of the submission of such budget in an amount not less than the amount, if any, by which the sum of the principal amount of such notes and the amount of all moneys previously received since the beginning of the year of issuance in payment of special taxes whether levied before or after the year of issuance, exceeds eighty per cent (80%) of the total amount of such special taxes which may have been levied and payable in any preceding fiscal year since the beginning of the year of issuance.

(L.1935, c. 199, s. 5, p. 480.)

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Section App.A:4-31.4 - Issue of special tax notes authorized; requisites and effect
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Section App.A:4-31.6 - Pledge of delinquent special tax receipts to payment of notes; resolution; covenants and effect; remedies