New Jersey Statutes 40A:4-75. Liability on notes
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In New Jersey Statutes 40A:4-75
- local unit: means a county or municipality. See New Jersey Statutes 40A:1-1
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
The power and obligation of a local unit to pay any note or obligation issued pursuant to this chapter shall be unlimited and the local unit shall have power and be obligated to levy ad valorem taxes upon all the taxable property within the local unit for the payment of such notes or obligations and interest thereon, without limitation of rate or amount.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.