The power and obligation of a municipality to pay any note or obligation issued pursuant to this act shall be unlimited and the municipality shall have power and be obligated to levy ad valorem taxes upon all the taxable property within the municipality for the payment of such notes or obligations and interest thereon, without limitation of rate or amount.
N.J. Stat. Ann. § 40A:4-55.21
Powers and obligations of municipality; ad valorem taxes; levy
Known as the Local Budget Law
The act spans §§ 40A:4-1 to 40A:4-9 (170 sections).
L.1982, c. 66, s. 4, eff
Current official text: New Jersey Legislature. Digitized from the New Jersey Legislature bulk statutes download. Reproduced from public-domain New Jersey statutes; confirm against the official source for the current text. Not legal advice.