Modifies interest rates and accrual of interest on unpaid water and sewer utility bills and delinquent municipal taxes, assessments, and other.
New Jersey S738 modifies interest rates and accrual of interest on unpaid water and sewer utility bills and delinquent municipal taxes, assessments, and other municipal liens and charges. It defines "prevailing municipal bond yield" as the average estimated yield on 20-year general obligation bonds with a composite rating of approximately "A." The bill sets the interest rate on unpaid water and sewer service charges and municipal taxes to this yield, compounded annually.
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