{"data":{"id":"us-nj/n.j.-stat.-app.a-4-31.4","jurisdiction":"us-nj","citation":"N.J. Stat. § App.A:4-31.4","heading":"Issue of special tax notes authorized;  requisites and effect","body":"4.  To provide moneys for the purposes for which special taxes may or are to  be levied in any year beginning with the year of issuance, any issuing municipality may issue for such year and from time to time renew its negotiable  notes, each to be known as  \"Special Tax Note of 19 (stating the year of  levy of such taxes)\" , and each to run with its renewals for a period of not  exceeding five (5) years from its date, to an amount for each year which,  together with all other such notes of such year then outstanding, will not  exceed eighty per cent (80%) of the amount of special taxes levied or to be  levied in such year, less the amount of any such taxes of such year which may  have been collected at the time of issue or renewal of such notes as the case  may be.  If any such special taxes for any such year are collected by such  municipality after such notes are issued, then until the amount of such notes  issued against the same have been correspondingly reduced, the amount of such  collections shall be charged against the borrowing power of the current year,  or, if that borrowing power has been already used then against the borrowing  power of the next following year.  Any such notes (a) shall be authorized by resolution;  (b) may, and if issued for a period exceeding one (1) year, shall  be made subject to redemption at not exceeding par and accrued interest at the  option of the municipality;  (c) shall bear interest at not exceeding six per  cent (6%) per annum;  (d) shall be issued in such form and executed in such  manner as may be prescribed by resolution;  (e) may be sold at not less than  par and accrued interest at private sale without previous public offering  either by resolution or by a financial officer authorized to sell such notes by  resolution.  Any financial officer making any such sale shall report in writing  to the governing body at the next meeting the amount, description, interest  rate and maturities of the notes sold, the price obtained and the name of the  purchaser, and such report shall be entered in full on the minutes of such  meeting.  Such notes shall not be deemed tax anticipation, tax revenue or tax  title bonds or notes. Provision need not be made in the budget of any year for  the payment of that principal of any such notes maturing in such year if such  notes may lawfully be renewed for a period extending beyond such year, but such provision must be made in each year for the payment of interest on all such notes.  The power and obligation of the municipality to pay such notes shall be  unlimited and the municipality shall have power and be obligated to levy ad  valorem taxes upon all the taxable property within the municipality for the  payment of such notes and interest thereon without limitation of rate or  amount.\n(L.1935, c. 199, s. 4, p. 478.)","path":["TITLE 59 CLAIMS AGAINST PUBLIC ENTITIES"],"source_url":"https://pub.njleg.state.nj.us/statutes/STATUTES-TEXT.zip","current_through":"P.L.2025, c.405, and J.R.22","vintage":"","retrieved_at":"2026-08-27T17:54:13Z","sha256":"178a74972d50b52413c700f02dba0b9f8774cfefcf496153d8bfc794c214cd2e","source_id":"us-nj","stale":true,"prev":"us-nj/n.j.-stat.-app.a-4-31.3","next":"us-nj/n.j.-stat.-app.a-4-31.5"},"notice":"GroundRules: Original legal text. Not legal advice."}