New Jersey § 40A:12-17 Application of proceeds of disposition of lands

New Jersey Statutes

§ 40A:12-17 — Application of proceeds of disposition of lands

New Jersey § 40A:12-17

Title 40AMUNICIPALITIES AND COUNTIES

This text of New Jersey § 40A:12-17 (Application of proceeds of disposition of lands) is published on Counsel Stack Legal Research, covering New Jersey primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.J. Stat. Ann. § 40A:12-17 (2026).

Text

When any county or municipality shall dispose of real property, capital improvements or personal property not acquired at a tax sale, having issued bonds to finance the purchase thereof, and at the time of such disposal any of said bonds are outstanding, the whole proceeds of such disposal or, so much thereof as shall be necessary shall be used for the liquidation of such bonds. Payment of such bonds may be made at or prior to maturity on cancellation. L.1971, c. 199, s. 17, eff. July 1, 1971.

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When any county or municipality shall dispose of real property, capital improvements or personal property not acquired at a tax sale, having issued bonds to finance the purchase thereof, and at the time of such disposal any of said bonds are outstanding, the whole proceeds of such disposal or, so much thereof as shall be necessary shall be used for the liquidation of such bonds. Payment of such bonds may be made at or prior to maturity on cancellation. L.1971, c. 199, s. 17, eff. July 1, 1971.