New Jersey Acts Saved from Repeal ACTS SAVED 54 § 6-1(68)

1. Whenever any lands have been or shall hereafter be sold for taxes pursuant to the act to which this is a supplement, or any supplement thereto, and the same have been purchased by the city, the common council, board of aldermen, or board of finance, in cities wherein such latter board exists, may, if in its judgment the taxes and assessments, or either, due or imposed on said lands are of equal or more value than the lands, compromise, settle and take from the owner or owners of such lands, or the mortgagee or mortgagees thereof, or other persons interested therein, such a sum in lieu and instead of such taxes and assessments, or either thereof, as shall in the judgment of said common council, board of aldermen or said board of finance be deemed equitable and just, provided the amount so compromised at be fixed by resolution, and be approved by the mayor of the city; upon payment of the amount so fixed and determined, within a time in such resolution to be named, not to exceed sixty days, all taxes and assessments, or such of them as shall be named in said resolution, shall thereupon be considered and treated as paid, canceled and of no further force and effect.