[Adopted 6-19-1979 by Ord. No. 79-11 (Ch. 119 of the 1986 Code); amended
in its entirety 7-5-2017 by Ord.
No. 2017-5]
If an appeal is taken on the amount of any lien or charge, other
than an appeal on the assessed valuation of real property pursuant
to N.J.S.A. 54:3-21, the insurance company shall issue a draft payable
to the court of record, to be held by the court in an interest-bearing
escrow account in a state or federally chartered bank, savings bank
or savings and loan association in the state, in an amount totaling
75% of the full amount of the lien or charge being contested, but
not to exceed the proceeds payable under its insurance policy, and
the insurance company shall issue a draft payable to the municipality
for the remaining 25% of the lien or charge being contested, with
the full amount paid by the insurance company to the court and the
municipality not to exceed the proceeds payable under its insurance
policy, pending termination of all proceedings, at which time such
moneys and all interest accruing thereon, at a rate paid on interest-bearing
accounts in state or federally chartered banks, savings banks or savings
and loan associations in the state, shall be disbursed in accordance
with the final order or judgment of the court.
Copies of this article shall be provided to the Chief Financial
Officer, Tax Collector, and Borough Clerk for their information and
attention.
Upon the adoption of this article, a certified copy shall be
filed by the Clerk of the Borough with the State Commissioner of Insurance,
pursuant to N.J.S.A. 17:36-9.