§ 39:705 — Issuance of bonds and levy of acreage tax

Whenever the governing authority of any subdivision is authorized by an election or by law to incur debt and issue negotiable bonds based upon an acreage tax, the governing authority shall issue bonds to the amount authorized by the election or by law and shall impose an acreage tax annually as shall be authorized by the election or by law to an amount sufficient to pay the annual interest on the bonds and the principal as it matures.