New Jersey § 40a:3-8

§ 40a:3-8.

Nothing contained in this act shall be construed to relieve any municipality of the

obligation imposed on it by law to include in its annual budget amounts necessary

to pay, in each year, the principal and interest maturing and becoming due on any

qualified bonds issued by such municipality; provided, however, that to the extent

of the amounts withheld from business personal property tax replacement revenues,

gross receipts tax revenues, municipal purposes tax assistance fund distributions,

State urban aid, State revenue sharing and any other funds appropriated as State aid

and not otherwise dedicated to specific municipal programs payable to such municipality

and forwarded to the paying agent for such qualified bonds pursuant to section 6 1 , such budgeted amounts, to the extent not needed to pay debt service on such qualified

bonds, may be applied to the payment of the operating expenses of such municipality

for such year; and provided, further, that in any year in which business personal

property tax replacement revenues, gross receipts tax revenues, municipal purposes

tax assistance fund distributions, State urban aid, State revenue sharing or any other

funds appropriated as State aid and not otherwise dedicated to specific municipal

programs are not appropriated, such budgeted amounts shall be used to pay the debt

service maturing and becoming due in such year on such qualified bonds of the municipality. 1

N.J.S.A. § 40A:3-7.