New Jersey Statutes 40A:2-4. Payment of obligations
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Terms Used In New Jersey Statutes 40A:2-4
- 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 and all bonds and notes issued by it pursuant to this chapter, or any act of which this chapter is a revision, shall be unlimited, and the local unit shall levy ad valorem taxes upon all the taxable property within the local unit for the payment of the principal of and interest on such bonds and notes without limitation as to rate or amount.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.