40:62-105.34 - Payment of principal, interest on bonds - New Jersey Statutes

40:62-105.34. Payment of principal, interest on bonds
    a.   Except as provided in subsection b. of this section, whenever such bonds shall have been authorized by the legal voters as aforesaid and the same shall have been issued, the clerk of the board of water commissioners shall annually issue to the assessor of the taxing district in which such water district is situate an order directing him to assess upon the owners of property in that water district, and their estates and the taxable property therein, an amount sufficient to pay the bond or bonds maturing in each year together with the interest accruing upon all the unpaid bonds of such township water district, which order shall be duly executed by the assessor.  The money so assessed shall be assessed and levied by the assessor and collected by the collector of said taxing district, who shall, on or before July 1 next thereafter, pay the full amount so ordered to be assessed, levied and collected to the treasurer of the board of water commissioners, who shall pay the principal and interest as they become due and payable.  If there be no funds available to pay any outstanding bonds, or the interest due thereon, the water commissioners may borrow money upon the promissory note of the water district, signed by the president and secretary of such water commissioners.

   b.   Property within the water district shall be exempt from the assessment authorized in subsection a. of this section if:

   (1)  The water supplied by the water district is not reasonably available to the owner of the property; and

   (2)  Prior to each annual assessment the board of water commissioners determines that the exemption would not adversely affect the ability of the water district to meet principal reduction and interest payments on outstanding bonds issued thereby.

   L. 1951, c. 280, p. 965, s. 34, eff. June 25, 1951.  Amended by L. 1985, c. 191, s. 4, eff. June 20, 1985.