New Jersey Acts Saved from Repeal ACTS SAVED 30 § 3-4(17)

17. Should the state treasurer by December thirty first of any year deem it necessary, because of insufficiency of funds to be collected from the sources of revenues as provided in section fifteen hereof to meet the interest and principal payments for the year after the ensuing year, then the treasurer shall certify to the comptroller of the treasury the amount necessary to be raised by taxation for such purposes, the same to be assessed, levied and collected for and in the ensuing calendar year. In such case, the comptroller of the treasury shall, on or before the first day of March following, calculate the amount in dollars to be assessed, levied and collected as herein set forth in each county. Such calculation shall be based upon the corrected assessed valuations of such county for the year preceding the year in which such tax is to be assessed, but such tax shall be assessed, levied and collected upon the assessed valuations of the year in which the tax is assessed and levied. The comptroller of the treasury shall certify said amount to the county board of taxation and the county treasurer of each county. The said county board of taxation shall include the proper amount in the current taxing levy of the several taxing districts of the county in proportion to the ratables as ascertained for the current year.