New Jersey Acts Saved from Repeal ACTS SAVED 32 § 7-1(15)

15. (a) Upon the issuance of each series of bonds authorized hereby the state treasurer shall pay to the sinking fund commission an amount sufficient to pay all interest on said bonds, which shall be payable on or before the following first day of July. Thereafter, immediately after the first day of July in each year, the state treasurer shall pay to the sinking fund commission an amount which, in addition to moneys then in hand held by the commission for the payment of interest, shall be sufficient to pay all interest on all bonds then outstanding which shall be payable on or before the following first day of July.

(b) Immediately after the first day of July following the issue of any series of bonds, and immediately after the first day of July in each year thereafter the state treasurer shall pay to the sinking fund commission an amount which, in addition to the amounts credited to the annual amortization requirement of such year, shall be equal to the amortization requirement of such year.

(c) Until such time as the revenue derived from the operation of said bridges and tunnels shall be sufficient to meet the amount necessary to pay the yearly interest on all outstanding bonds, as well as the annual amortization requirement, there shall annually be assessed, levied and collected on all the real and personal property in every taxing district in the state, a tax, at such rate upon the valuation thereof, sufficient to realize the sum required for said purpose; provided that when the amount received annually from the operation aforesaid shall be sufficient to meet the yearly requirements or there shall be in the sinking fund sufficient amount to liquidate all of said outstanding bonds, then and in such case the said state tax shall not be levied.

The amount of such tax required to be raised by the several taxing districts of the state shall be certified by the comptroller of the treasury and apportioned by him among the several counties of the state, in proportion with their assessed valuation of real and personal property which is subject to taxation for municipal purposes within such county, as shown by the then last corrected assessed valuation. Such apportionment when made shall be forwarded to the county collectors of the several counties, and by them apportioned among the several taxing districts in their county, in proportion to the assessed valuation of the several taxing districts as shown by the assessed valuation for the current tax year. Such tax shall be included and made a part of the levy in each taxing district in such county, and shall be assessed, levied and collected as other taxes. It shall be the duty of the collector or other officer having the custody of the collected taxes in the several taxing districts of the state, on or before the fifteenth of December of each year, to pay to the county collector of the county in which such taxing district is located, such state tax required to be assessed in his taxing district, and the county collector shall pay the amount of such tax as has been assessed in the taxing district of his county, to the state treasurer on or before the twentieth day of December of such year, and applied by him to the purposes hereinbefore mentioned.

(d) The amounts required to be paid by the state treasurer shall be ascertained and computed by the sinking fund commission and the certificate of such commission shall be conclusive and binding upon the state treasurer.