New Jersey Statutes 40:62-34.11. Special emergency notes as general obligation of municipality; tax levy
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Terms Used In New Jersey Statutes 40:62-34.11
- 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 Special Emergency Notes to be issued for the indebtedness of the municipality amounting to $2,000,000.00, together with all interest thereon shall be a general obligation of the municipality and the municipality shall have the power to levy ad valorem taxes upon the taxable property within the municipality for the payment of the obligation and interest thereon without limitation of rate or amount.
L.1960, c. 2, p. 13, s. 2.