New Jersey Statutes
§ App.A:3-16 — Trust fund to meet payments
3.Whenever any municipality shall issue after the date this act shall become effective any refunding bonds and, in order additionally to secure the payment of such refunding bonds or in connection therewith, the tax collector or other proper officer of such municipality shall be required to set aside and deposit in a trust fund a portion of each payment of taxes, computed from year to year and determined by the ratio which the amount of any separate and specific appropriation for the payment of such refunding bonds and interest thereon, due or to become due in any fiscal year, bears to the amount of taxes levied for such fiscal year, or determined in accordance with any other formula required or to be required by any act of the legislature of the state or of the governing body of such mun
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Nearby Sections
15
§ App.A:3-1
Definitions§ App.A:3-10
Other legislation not affected§ App.A:3-11
Pending proceedings under other law; continuance§ App.A:3-13
Effective date§ App.A:3-16
Trust fund to meet payments§ App.A:3-17
Effect of act as contract; enforcement§ App.A:3-19
Effective date§ App.A:3-2
Grants or loans; application and acceptance§ App.A:3-22
Effective date