40A:7-3 - Liability for indebtedness - New Jersey Statutes

40A:7-3.  Liability for indebtedness    The county to which part of the territory of another county is annexed shall  be liable to pay such proportionate part of the indebtedness of the county from  which the annexed territory is taken, as the value of the property assessed for  the purpose of taxation in the annexed territory bears to the entire amount of  property assessed for that purpose in the county, according to the assessments  for the purpose of taxation made by the appropriate taxing officers of the  several taxing districts of the county in the year preceding the annexation.

     L.1979, c. 181, s. 2, eff. Aug. 29, 1979.