40:62-33 - Expenditures defined; payment of debts in instalments - New Jersey Statutes

40:62-33.  Expenditures defined;  payment of debts in instalments
    The expenditures shall include the cost of maintenance, upkeep and operation  of the station or hall, or both, salaries, heat, light and power, advertising,  cost of procuring conventions, employment of performers, attractions, shows,  entertainment of every nature and description, amusements, or any other kind of  expenditure incident to the maintenance, upkeep and operation of such station  or hall, or both.  The authority is hereby granted to the municipality to enter  into a contract with any person or corporation to whom a debt is owing for any  such expenditure and to provide for the payment of such debt in equal  instalments for a period not to exceed ten (10) years.  Any municipality which  has already executed a contract for a period of five (5) years, pursuant to the  law to which this statute is amendatory, may execute a new contract by  extending the aforesaid contract for an additional period of five (5) years,  which contract shall provide for equal instalment payments of the amount remaining due by the municipality for the remaining period, as extended. After  the execution of such contract, it shall be necessary for the municipality to  appropriate for such debt in any year, only sufficient money for each  instalment.  Said contract may provide that the amount of such instalment may,  when due according to the terms of the contract, be applied by any such person  or corporation to the payment of taxes due the municipality by or on the property of such person or corporation, in lieu of payment by the municipality of such instalment.

     Amended by L.1939, c. 38, p. 54, s. 1;  L.1941, c. 6, p. 17, s. 1, eff. Feb. 17, 1941.