New Jersey § acts:saved-27 - (17)

§ acts:saved-27. (17)

17. (a) To provide funds for the payment of the interest and the principal of the bonds

herein authorized, there shall be assessed, levied and collected annually in each

of the municipalities in the counties of this state, a tax sufficient to meet the

interest on all outstanding bonds issued hereunder and on such bonds as it is proposed

to issue under this act in the calendar year in which the tax is to be raised, and

for the creation of a sinking fund for the retirement of such bonds, all as hereinbefore

set forth, upon all the real and personal property in every such municipality upon

which municipal taxes are or shall be assessed, levied and collected. (b) Should the amount of taxes required to be raised as provided in the next preceding

subsection, together with the amount of taxes required to be raised for the payment

of interest and sinking funds as provided by an act entitled “An act for the construction,

improvement, reconstruction and rebuilding of the state highway system; providing

for the defraying of the cost of the same by the taxation of real and personal property

in this state, and by the creation of a debt of the state in an amount not exceeding

thirty million dollars by the issuance of bonds therefor, and for the submission of

this act to the people at a general election,” approved March seventeenth, one thousand

nine hundred and twenty-two (being chapter two hundred and sixty-two, of the session

laws of one thousand nine hundred and twenty-two), in the years one thousand nine

hundred and twenty-eight to one thousand nine hundred and thirty-three, both inclusive,

be less than one mill upon each dollar of assessed valuation of the real and personal

property within the state, upon which municipal taxes are or shall be assessed, levied

and collected, then and in such case the tax in such years shall be one mill on each

dollar of the assessed valuation of such real and personal property. (c) The tax hereby 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 such municipality is located, on or before the fifteenth day

of December in each year, the amount of the tax herein directed to be assessed and

levied, and the county treasurer shall pay the amount of said tax to the state treasurer

on or before the twentieth day of December in each year. (d) After the requirements for interest and sinking fund charges as provided by an

act entitled “An act for the construction, improvement, reconstruction and rebuilding

of the state highway system; providing for the defraying of the cost of the same

by the taxation of real and personal property in this state, and by the creation of

a debt of the state in an amount not exceeding thirty million dollars by the issuance

of bonds therefor, and for the submission of this act to the people at a general election,”

approved March seventeenth, one thousand nine hundred and twenty-two (being chapter

two hundred and sixty-two, pamphlet laws one thousand nine hundred and twenty-two),

and the interest and sinking fund requirements as provided in this act have been set

apart, the treasurer of the state shall place any remaining moneys received by him

by virtue of the taxes imposed in this act, during the years one thousand nine hundred

and twenty-eight to one thousand nine hundred and thirty-three both inclusive, to

the credit of the state highway fund, same to be used for the construction, improvement,

reconstruction and rebuilding of the state highway system as revised in one thousand

nine hundred and twenty-seven, or portions thereof including bridges, viaducts and

tunnels thereon which are a part thereof, subject to the demands and use of the state

highway commission for such purposes.