27:15-7 - Method of raising money; taxation and bond issue - New Jersey Statutes

27:15-7.  Method of raising money;  taxation and bond issue
    The governing bodies of the municipalities may raise the funds necessary for  the work contemplated by this chapter by taxation, by assessment in the manner  provided for assessing local improvements under chapter 56 of the Title  Municipalities and Counties (Par. 40:56-1 et seq.) or by temporary loans.  The  amount of the temporary loans and the interest thereon until the time of  payment shall be included in the tax levy of the year following that in which  the indebtedness is incurred.

    Any municipality may accept contributions from any person toward meeting its  share of the cost of this work.  The financial officer of the municipality  shall receive such contributions and properly credit them.

    When the cost of the work exceeds the sum of ten thousand dollars the municipality may issue bonds therefor in the manner provided by Article 1 of chapter 1 of the Title Municipalities and Counties (Par. 40:1-1 et seq.).

     Amended by L.1938, c. 403, p. 1191, s. 1.