New Jersey § acts:saved-54 - (52)

§ acts:saved-54. (52)

1. Whenever the governing body of any municipality of this State shall, by resolution

adopted during the calendar year one thousand nine hundred and forty, declare that

it is for the best interest of its citizens that the provisions of this act be made

available to its property owners, then all taxes, assessments, tax sale certificates

held by the municipality, or other municipal liens in arrears on January first, one

thousand nine hundred and forty, and not yet paid and satisfied, together with the

interest and penalties thereon, shall, when brought under the provisions of this act

by compliance with section seven of this act, and subject to the conditions hereinafter

set out, be totaled as of said date; and the payment of such totaled sum shall be

spread over a period not exceeding five years as may be contracted between the taxpayer

and such financial officer of the municipality as shall be designated in said resolution

for the making of contracts under this act; and the same shall be payable in monthly

or quarterly installments as may be contracted between the taxpayer and said financial

officer; such installment payments to commence August first, one thousand nine hundred

and forty, with interest on the several unpaid balances at the rate fixed by the governing

body which shall not exceed eight per centum (8%) per annum, from January first, one

thousand nine hundred and forty payable on the same quarterly dates.