New Jersey Acts Saved from Repeal ACTS SAVED 54 § 6-1(7)

7. That all bonds or obligations of the city shall be receivable at par and accrued interest in payment of the tax, assessment and lien imposed under this act, and the sum for which any lot or tract of land may be sold under this act; but no bonds or obligations shall be received for such part thereof as may be imposed in lieu of arrears of annual taxes or water rates except bonds or obligations issued on account of taxes or water rates; provided, that in all cases where the bid shall exceed the amount of the tax, assessment and lien, with interest, the excess shall be paid in cash.