40A:12-17. Application of proceeds of disposition of lands
88 words·~1 min read·
/nj/title-40a/chapter-12/40a-12-17A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.