The resolution may provide that in making calculation of interest, it may be compounded annually, and that fractions of a month may be disregarded by the collector in giving credit in the computation of interest for payments made at irregular dates.
N.J. Stat. Ann. § 54:5-71
Interest computed
Known as the Uniform Transitional Utility Assessment Act
The act spans §§ 54:10A-1 to 54:8A-99 (2,083 sections).
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.