N.J. Stat. § App.A:4-47
Whenever any municipality and/or county is authorized by law to issue scrip, or other obligation of the municipality, the governing body of such municipality may pay in scrip of suitable denominations or other obligations of the municipality if payment cannot be made in cash, the state and county school taxes which remain unpaid to the county treasurer on February first, one thousand nine hundred and thirty-six; provided, that if the county is issuing scrip, ten per cent of the state school tax shall be paid in cash; and provided, further, if the county is not issuing scrip, each municipality shall pay in cash the total amount in excess of the amount apportioned by the county superintendent to the coextensive school district, unless any district or districts entitled to such excess shall accept the scrip of such municipality. The county treasurer shall receive such scrip or other obligation of the municipality in payment of state and county school taxes; provided, each payment is proportionately in cash.
N.J.S. § App.A:4-47