App.A:4-31.3. Proceeds of sale of notes deemed cash receipts
3. In computing the amount of any appropriation under the caption "cash deficit of preceding year" required by section seven of the original act to be included in the budget or tax ordinance of any issuing municipality, the proceeds of the sale during the preceding fiscal year of any notes issued under this act and applied to the lawful yearly expenditures of such preceding fiscal year shall be deemed to be cash receipts in and of such preceding fiscal year, to the extent only that such proceeds, together with any moneys received during such preceding fiscal year in payment of special taxes levied and payable in such preceding fiscal year, do not exceed eighty per cent (80%) of the total amount of special taxes levied and payable in such preceding fiscal year.
(L.1935, c. 199, s. 3, p. 478.)