New Jersey § 52:27-25 Municipal tax to pay notes and bonds;  reserve fund; withdrawals

New Jersey Statutes

§ 52:27-25 — Municipal tax to pay notes and bonds; reserve fund; withdrawals

New Jersey § 52:27-25

Title 52STATE GOVERNMENT, DEPARTMENTS AND OFFICERS

This text of New Jersey § 52:27-25 (Municipal tax to pay notes and bonds; reserve fund; withdrawals) 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. § 52:27-25 (2026).

Text

Any municipality in which the commission is functioning may levy taxes ad valorem upon all taxable property therein for the purpose of paying the principal of or interest on any notes, bonds or other obligations or indebtedness of such municipality issued under this or any other law, except notes or bonds issued after December thirty-first, one thousand nine hundred and forty-six pursuant to this chapter for the payment of principal of or interest on which the faith and credit of the municipality shall not have been pledged by provision or recital in such notes or bonds or in the resolution or resolutions providing for the issuance of such notes or bonds, and such municipality may also provide for a reserve fund for the payment of said principal and interest, which fund shall be under the 

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Any municipality in which the commission is functioning may levy taxes ad valorem upon all taxable property therein for the purpose of paying the principal of or interest on any notes, bonds or other obligations or indebtedness of such municipality issued under this or any other law, except notes or bonds issued after December thirty-first, one thousand nine hundred and forty-six pursuant to this chapter for the payment of principal of or interest on which the faith and credit of the municipality shall not have been pledged by provision or recital in such notes or bonds or in the resolution or resolutions providing for the issuance of such notes or bonds, and such municipality may also provide for a reserve fund for the payment of said principal and interest, which fund shall be under the immediate jurisdiction of the sinking fund commissioners or of a financial officer of the municipality, as the commission shall approve. No money shall be withdrawn from said reserve fund or sinking fund for investment or otherwise without the approval of the commission. Amended by L.1947, c. 54, p. 189, s. 2.