40:37B-18. Sale of bonds and notes
91 words·~1 min read·
/nj/title-40/chapter-37b/40-37b-18A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Bonds and notes of an authority may be sold, as hereinafter provided, at public or private sale at such price or prices as the authority shall determine; provided, however, that the interest cost to their average maturity of the money received for any group of bonds sold in a single transaction (computed according to standard tables of bond values) shall not exceed 6% per annum. No obligations shall be sold for less than par value and interest accrued to date of delivery.
L.1967, c. 136, s. 18, eff. June 28, 1967.