40:59-2. Rents; use of revenues; deficiencies met by taxation
140 words·~1 min read·
/nj/title-40/chapter-59/40-59-2·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The body or board having charge of such market or markets may charge and collect reasonable fees for the use thereof and the revenue derived therefrom shall be paid into the municipal treasury and applied: first, to the maintenance, improvement and extension of public markets; second, to the payment of interest on any outstanding bonds or other evidences of indebtedness; third, to the principal sum accruing on such bonds or other evidences of indebtedness, and, fourth, to the general expenses of the municipality after the payment in full of such bonds or other evidences of indebtedness.
Any deficiency in the payment of the cost of maintaining the public markets and the principal and interest of bonds issued to provide the same, after the application of the revenue as aforesaid, shall be raised and levied by taxation from year to year.