N.J.S.A. 40A:12-17 — Application of proceeds of disposition of lands

40A:12-17. Application of proceeds of disposition of lands When any county or municipality shall dispose of real property, capital improvements or personal property not acquired at a tax sale, having issued bonds to finance the purchase thereof, and at the time of such disposal any of said bonds are outstanding, the whole proceeds of such disposal or, so much thereof as shall be necessary shall be used for the liquidation of such bonds. Payment of such bonds may be made at or prior to maturity on cancellation. L.1971, c. 199, s. 17, eff. July 1, 1971.

This is the verbatim text of N.J.S.A. 40A:12-17, 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.