United States 1935 - New Jersey 1 Dollar Borough of Palmyra Municipal Scrip Specimen (General Obligation)
Municipal scrip differed from tax anticipation notes and formal bond issues in that it functioned as a direct acknowledgment of indebtedness by the issuing municipality, intended for circulation or settlement within the local economy. In Palmyra’s case, the scrip was structured as a general obligation of the borough, transferable by delivery and bearing interest at the rate of three percent per annum from the date of issue. It was expressly acceptable in payment of taxes or other indebtedness to the borough, or redeemable on a date to be fixed by the Borough Council, embedding it directly into the municipality’s fiscal operations. Read more →