40:63-134. Bonds for construction and maintenance
214 words·~1 min read·
/nj/title-40/chapter-63/40-63-134A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If it shall be necessary for any municipality which has entered into a joint contract for the construction and maintenance of any improvement or works under the provisions of this article to issue its bonds to raise the money necessary to defray its proportion of the cost, or any part of such cost thereof, or of any sewer or sewers, system of sewerage, trunk, lateral or connecting sewer connecting with and discharging into such joint outlet or trunk sewer, or disposal plant or works, the body or board of such municipality having charge of its finances may, from time to time, by resolution, determine the amount of money necessary to be raised by the issue of such bonds, and thereupon, from time to time, bonds to the amounts so determined upon shall be executed on behalf of the municipality in the manner in which other bonds thereof are executed, which bonds so authorized and issued shall not exceed in amount ten per cent of the taxable property in the municipality as shown on its official books at the date of issue, and shall not be taken to be included within or governed by any limitation fixed by law to the amount of bonds authorized to be issued by any municipality executing such joint contract.