New Jersey Statutes 40A:7-17. Indebtedness of annexed municipality apportioned
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Terms Used In New Jersey Statutes 40A:7-17
- territory: extends to and includes any territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
The municipality to which the territory shall be annexed, shall be liable to pay a proper proportion of the bonded and other indebtedness of the municipality of which the annexed territory formerly formed a part, which portion of such indebtedness shall be ascertained in the manner hereinafter provided.
L.1979, c. 181, s. 2, eff. Aug. 29, 1979.