N.J.S.A. 40:62-103 — Expenses of operation and maintenance; first year's expenses; notes issued

40:62-103. Expenses of operation and maintenance; first year's expenses; notes issued To meet the expense of operation and maintenance of such water systems, tax anticipation and tax revenue notes or bonds may be issued by the governing body of the municipality in the manner provided by law, but such notes or bonds shall be issued and charged only against taxes for the district supplied with water. To meet the expense of operation and maintenance of any water system for the calendar year in which the system is installed, tax anticipation notes or bonds may be issued by the governing body of the municipality, against taxes to be levied and assessed for the following year against property in the district, which notes or bonds shall mature not later than December thirty-first of such following year, and may be extended or refunded as provided by law in the case of other tax anticipation notes or bonds. All such tax anticipation or tax revenue notes shall state, in addition to any statement required by law, that they are issued against taxes for the certain water district.

This is the verbatim text of N.J.S.A. 40:62-103, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.