N.J. Stat. Ann. § 40:37-235

Appropriations for other than current expenses, including, however, all expenses of the board of park commissioners incurred prior to the establishment of a park, may be provided for by the issuance of bonds or other obligations of the county in pursuance of article 1 of chapter 1 of this title (s. 40:1-1 et seq.). The chief financial officer of the county may deduct such bonds or other obligations, including the bonds or other obligations referred to in section 40:37-236 of this title, from any annual or supplemental debt statement, equal in amount to one per cent of the average assessed valuation of the county for the three preceding years.