New Jersey Acts Saved from Repeal ACTS SAVED 54 § 4-104.3(52)

1. Whenever the governing body of any municipality of this State shall, by resolution adopted during the calendar year one thousand nine hundred and forty, declare that it is for the best interest of its citizens that the provisions of this act be made available to its property owners, then all taxes, assessments, tax sale certificates held by the municipality, or other municipal liens in arrears on January first, one thousand nine hundred and forty, and not yet paid and satisfied, together with the interest and penalties thereon, shall, when brought under the provisions of this act by compliance with section seven of this act, and subject to the conditions hereinafter set out, be totaled as of said date; and the payment of such totaled sum shall be spread over a period not exceeding five years as may be contracted between the taxpayer and such financial officer of the municipality as shall be designated in said resolution for the making of contracts under this act; and the same shall be payable in monthly or quarterly installments as may be contracted between the taxpayer and said financial officer; such installment payments to commence August first, one thousand nine hundred and forty, with interest on the several unpaid balances at the rate fixed by the governing body which shall not exceed eight per centum (8%) per annum, from January first, one thousand nine hundred and forty payable on the same quarterly dates.