N.J. Stat. § 40:48-2.43: Indebtedness to finance retirement of licenses

Any municipality adopting an ordinance pursuant to this act may, by bond ordinance, incur indebtedness, borrow money and authorize and issue its negotiable obligations to finance the acquisition and retirement of licenses. Revenue derived from any additional annual license fee authorized by section 3 of this act shall be applied to the payment and retirement of any indebtedness incurred pursuant to this section.

L.1968, c. 277, s. 4, eff. Sept. 4, 1968.