New Jersey § acts:saved-32 - (15)

§ acts:saved-32. (15)

15. (a) Upon the issuance of each series of bonds authorized hereby the state treasurer

shall pay to the sinking fund commission an amount sufficient to pay all interest

on said bonds, which shall be payable on or before the following first day of July. Thereafter, immediately after the first day of July in each year, the state treasurer

shall pay to the sinking fund commission an amount which, in addition to moneys then

in hand held by the commission for the payment of interest, shall be sufficient to

pay all interest on all bonds then outstanding which shall be payable on or before

the following first day of July. (b) On the first day of July, at the expiration of three years following the issue

of any series of bonds herein provided, and immediately after the first day of July

in each year thereafter the state treasurer shall pay to the sinking fund commission

an amount which, in addition to the amounts credited to the annual amortization requirement

of such year, shall be equal to the amortization requirement for such year. (c) Until such time as the revenue derived from the operation of said bridges and

tunnels shall be sufficient to meet the amount necessary to pay the yearly interest

on all outstanding bonds, as well as the annual amortization requirement, there shall

annually be assessed, levied and collected on all the real and personal property in

every taxing district in the state, a tax, at such rate upon the valuation thereof,

sufficient to realize the sum required for said purpose; provided, that when the

amount received annually from the operation aforesaid shall be sufficient to meet

the yearly requirements or there shall be in the sinking fund sufficient for the liquidation

of said outstanding bonds as herein before specified, then and in such case, the said

state tax shall not be levied. The amount of such tax required to be raised by the several taxing districts of the

state shall be certified by the comptroller of the treasury and apportioned by him

among the several counties of the state, in proportion with their assessed valuation

of real and personal property which is subject to taxation for municipal purposes

within such county, as shown by the then last corrected assessed valuation. Such apportionment when made shall be forwarded to the county treasurers of the

several counties, and by them apportioned among the several taxing districts in their

county, in proportion to the assessed valuation of the several taxing districts as

shown by the assessed valuation for the current tax year. Such tax shall be included and made a part of the levy in each taxing district in

such county, and shall be assessed, levied and collected as other taxes. It shall be the duty of the collector or other officer having the custody of the

collected taxes in the several taxing districts of the state, on or before the fifteenth

of December of each year, to pay to the county treasurer of the county in which such

taxing district is located, such state tax required to be assessed in his taxing district,

and the county treasurer shall pay the amount of such tax as has been assessed in

the taxing district of his county to the state treasurer on or before the twentieth

day of December of such year, and applied by him to the purposes hereinbefore mentioned. (d) The amounts required to be paid by the state treasurer shall be ascertained and

computed by the sinking fund commission and the certificate of such commission shall

be conclusive and binding upon the state treasurer.