40:33-10. Borrowing money in anticipation of library taxes; tax notes
121 words·~1 min read·
/nj/title-40/chapter-33/40-33-10A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The board of chosen freeholders may borrow money, in anticipation of the receipt of taxes levied for county library purposes, not in excess of the amount levied in any year for such purposes, and may issue notes therefor. Notes issued for this purpose shall be termed "county library tax anticipation notes" and shall be issued as other notes of the county are issued in anticipation of county taxes. The notes shall be paid on or before December thirty-first of the year in which and for which they are issued. They shall bear interest at a rate of not more than six per cent per annum and the interest and principal thereof shall be paid from the funds of the county library.