44:1-54 - Term of bonds; raising of principal and interest
44:1-54. Term of bonds; raising of principal and interest
The bonds shall mature in not more than forty years from the issuance thereof.
The principal and interest thereof and other necessary sums of money or expenses shall be the debt or obligation of the district wherein they were issued in the municipalities of each county participating, in the proportion which the population of each county or part thereof, as last determined prior to their issuance and prior to the passage of the joint resolution of the boards of chosen freeholders of the counties concerned, bears to the population of each other county or part thereof likewise participating, except as in this chapter otherwise provided as to municipalities not participating.
The sums necessary for each annual maturity together with all interest charges shall be provided for in the budgets of the counties participating, in the manner in which other expenses are provided for, and in the proportionate amount annually in the respective counties which is certified by the state commissioner of municipal accounts as being the quota and proportion chargeable to each county.
The payment of such interest and principal and other necessary sums shall be provided for by taxation and annually levied, assessed and collected by the boards of chosen freeholders from the municipalities of the counties participating in the purpose, in the manner in which other debts and obligations of the several counties are provided for by taxation.