40:62-105.33. Bonds; form; issuance
278 words·~1 min read·
/nj/title-40/chapter-62/40-62-105-33·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The legal voters of any such water district may, at the election at which such proposition is submitted, by the vote of a majority of those voting, authorize the board of water commissioners to issue bonds for the purpose set forth in section 30 of this act. Such bonds shall be serial bonds and shall be issued in the corporate name of such water district for such sums not exceeding the sum voted as aforesaid, and in such amounts and payable at such times as the legal voters so voting shall direct, with interest at a rate as such resolution or resolutions authorizing the issuance of such bonds shall provide, payable half-yearly.
Said bonds shall mature within the period or average period of usefulness determined in the bond ordinance. Such bonds shall be signed by the president of the board of water commissioners and attested by the secretary of the board who shall affix the seal of said commissioners. Said bonds shall have coupons attached for the payment of interest, which coupons shall be signed by the clerk of the board of water commissioners, and shall be numbered to correspond to the several bonds to which they shall be severally attached.
Bonds so issued shall be numbered and the proper registry thereof shall be kept by the clerk of said board of water commissioners. Such bonds may be sold at public or private sale for the best obtainable price, but not less than par and accrued interest.
L.1951, c. 280, p. 965, s. 33, eff. June 25, 1951. Amended by L.1977, c. 170, s. 3, eff. Aug. 20, 1977; L.1979, c. 223, s. 1, eff. Oct. 11, 1979.