New Jersey § 49:2b-19

§ 49:2b-19.

To provide funds to meet the interest and principal payment requirements for the refunding

bonds issued under this act and outstanding, there is hereby appropriated in the order

following: a. Revenue derived from the collection of taxes as provided by the “Sales and Use

Tax Act,” P.L.1966, c. 30 ( C. 54:32B-1 et seq. ), or so much thereof as may be required; and b. If in any year or at any time funds, as hereinabove appropriated, necessary to

meet interest and principal payments upon outstanding refunding bonds, be insufficient

or not available, then and in that case there shall be assessed, levied and collected

annually in each of the municipalities of the counties of this State a tax on real

and personal property upon which municipal taxes are or shall be assessed, levied

and collected, sufficient to meet the interest on all outstanding refunding bonds

issued under this act and on those refunding bonds as it is proposed to issue under

this act in the calendar year in which that tax is to be raised and for the payment

of refunding bonds falling due in the year following the year for which the tax is

levied. The tax thus imposed shall be assessed, levied and collected in the same manner

and at the same time as other taxes upon real and personal property are assessed,

levied and collected. The governing body of each municipality shall cause to be paid to the county treasurer

of the county in which each municipality is located, on or before December 15 in each

year, the amount of tax herein directed to be assessed and levied, and the county

treasurer shall pay the amount of that tax to the State Treasurer on or before December

20 in each year. If on or before December 31 in any year the issuing officials shall determine that

there are moneys in the General Fund beyond the needs of the State, sufficient to

meet the principal of refunding bonds falling due and all interest payable in the

ensuing calendar year, if the issuing officials shall by resolution so find and shall

file their findings in the office of the State Treasurer, whereupon the State Treasurer

shall transfer the moneys to a separate fund to be designated by him, and shall pay

the principal and interest out of that fund as it shall become due and payable, and

the other sources of payment of that principal and interest provided for in this section

shall not then be available, and the receipts for that year from the tax specified

in subsection a. of this section shall thereon be considered and treated as part of

the General Fund, available for general purposes.