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, a tax shall be assessed, levied and collected as follows: beginning

with the calendar year one thousand nine hundred and twenty-three, and annually thereafter,

there shall be assessed, levied and collected in each of the municipalities in the

counties of this state, a tax sufficient to meet the interest on all outstanding bonds,

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; provided, that in the year one thousand nine hundred and twenty-three,

and annually thereafter until and including the year one thousand nine hundred and

twenty-seven such tax shall not be less than one mill on each dollar of the value

of such real and personal property. 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. (b) The sinking fund commission shall, on or before the fifteenth day of December

in each year certify to the comptroller of the treasury the amount necessary for the

interest and the sinking fund payments as hereinbefore provided, the same to be assessed,

levied and collected for and in the ensuing calendar year. The comptroller of the treasury shall, on or before the first day of March, following,

calculate the amount in dollars, or the millage on the dollar of valuation, as the

case may be, to be assessed, levied and collected as herein set forth in each county;

if in a fixed amount in dollars, such calculation shall be based upon the ratables

of the preceding year, as shown by the then corrected assessed valuation of such county;

if by millage on the dollar of valuation, it shall apply to the valuation basis of

the current year, and certify said amount or the millage so calculated to the county

board of taxation and the county treasurer of each county. The said county board of taxation shall include the amount in dollars or the millage

on the dollar of valuation, as the case may be, so certified, in the current tax levy

of the several taxing districts of the county in proportion to the ratables as ascertained

for the current year. (c) Such portion of the tax imposed under this section as shall be necessary for the

payment of interest, and the sinking fund requirements as herein directed to be certified,

shall be reserved and set aside as collected by the state treasurer and paid to the

sinking fund commission as hereinbefore directed. The remainder of such taxes collected shall be used for reimbursing counties and

municipalities for moneys borrowed or to be borrowed by them for constructing, improving,

reconstructing and rebuilding such portions of the state highway system as may at

the date of the approval or passage of this act, as the case may be, be allotted,

authorized and confirmed by the state highway commission under the provisions of an

act entitled “An act to authorize the counties of this state to construct, improve

and complete the whole or any part of any state highway within any such county now

or hereafter laid out by the state highway commission, and to issue and sell the bonds

or other obligations of the county to provide funds for such purposes,” approved March

fourth, one thousand nine hundred and eighteen; and “A supplement to an act entitled

‘An act to authorize the counties of this state to construct, improve and complete

the whole or any part of any state highway within any such county now or hereafter

laid out by the state highway commission, and to issue and sell bonds or other obligations

of the county to provide funds for such purposes,’ approved March fourth, one thousand

nine hundred and eighteen, which supplement was approved April twenty-first, one thousand

nine hundred and twenty”; and “An act to authorize cities, boroughs, towns, townships

and villages of this state to construct, improve and complete any part of any state

highway system within such cities, boroughs, towns, townships and villages of this

state, now or hereafter laid out, or taken over by the state highway commission, and

to issue and sell bonds or other obligations of any such cities, boroughs, towns,

townships and villages to provide funds for such purposes,” approved April eighth,

one thousand nine hundred and twenty-one; and amendments thereof and supplements

thereto, as and when agreed to be paid by said state highway commission, and the balance

remaining shall become part of the state highway fund and used for the constructing,

improving, reconstructing and rebuilding of the state highway system, including bridges

thereof which are a part thereof.