New Jersey Acts Saved from Repeal ACTS SAVED 54 § 6-1(67)

1. It shall not be necessary for any city in which proceedings shall have been taken, or shall be taken, under the act to which this is a further supplement, to apply the proceeds of adjusted taxes, assessments or water rates or water rents to the reduction of the bonded indebtedness of such city, unless the total of the bonded indebtedness of such city shall at the time of the actual receipt of such proceeds, or any part thereof, exceed the sum of five hundred thousand dollars.