40:68-42. Bonds, notes or other evidence of indebtedness; issuance; limitation
162 words·~1 min read·
/nj/title-40/chapter-68/40-68-42A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
To finance any of the purposes or powers provided for in this act or for the purpose of funding or refunding its bonds, notes or other evidences of indebtedness, the district shall be authorized to issue its bonds, notes or other evidences of indebtedness, provided that the total indebtedness of any such district shall at no time exceed $150,000.00. Except as may be otherwise provided by section 17, the principal and interest of such bonds, notes or other evidences of indebtedness shall be payable only from moneys raised by general taxation within the district as in this act provided and in connection therewith no municipality, other than a municipality which in accordance with section 17 shall guarantee payment of the principal of and interest on any such bonds, shall incur any indebtedness of any kind or nature or pledge its taxing power or any part thereof in support of such principal and interest.
L.1967, c. 184, s. 16, eff. July 27, 1967.