The funds to be received by a qualifying municipality pursuant to this act shall be appropriated by the municipality in compliance with the “Local Budget Law,” N.J.S. 40A:4-1 et seq. Notwithstanding any provisions of the “Local Budget Law,” any qualifying municipality may anticipate in its budget for the next succeeding year the receipt of the amount determined by the State Treasurer pursuant to section 7 of this act and may file such amendments or corrections in its local budget as may be required to properly reflect the amount. A qualifying municipality shall apply all such revenues to the reduction of the local property tax levy. The chief financial officer of each qualifying municipality shall demonstrate in a written report, appended to the local budget submitted to the Director of the Division of Local Government Services, that the amount to be raised by property taxation for the local budget year in which funds are to be received has been reduced by an amount equal to the amount to be received pursuant to this act.

L.1990,c.85,s.9.