40:63-133. Excess of cost over assessments for benefits; bonds; proceeds
195 words·~1 min read·
/nj/title-40/chapter-63/40-63-133A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In order to provide for and pay the amount of the difference between the total amount of the costs, damages and expenses of said improvements, including all incidental expense, apportioned to said contracting municipalities respectively as hereinbefore in this article provided, and the total amount of all assessments made and levied for benefits in such municipalities respectively, as aforesaid, on the lands and real estate situated in any and all of the contracting municipalities, the governing body or board of each contracting municipality may, by resolution duly adopted, cause to be issued the bonds of such contracting municipality, in such sum as will be sufficient to pay the share or percentage of such total amount due therefrom, and provided to be paid by the contract entered into by such municipality.
The proceeds of each bond shall be used
(a)to discharge the notes or temporary obligations of the municipality issued as aforesaid, so far as they exceed in amount the assessment for benefits,
(b)to satisfy and discharge whatever may remain due from such contracting municipality on the costs and expenses of the work or improvements, according to the contract entered into between such municipalities.