40:68A-44. Authority to issue bonds; bond resolution
144 words·~1 min read·
/nj/title-40/chapter-68a/40-68a-44A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
For the purpose of raising funds to pay the cost of any part of its port system or for the purpose of funding or refunding any bonds, a municipal port authority shall have power to authorize or provide for the issuance of bonds pursuant to this act, by a resolution (in this act sometimes referred to as "bond resolution" ) which shall:
(1)describe in brief and general terms sufficient for reasonable identification the port system or part thereof (in this act sometimes called "project" ) to be constructed or acquired, or describe the bonds which are to be funded or refunded (if any);
(2)state the cost or estimated cost of the project (if any); and
(3)provide for the issuance of the bonds in accordance with section 17 of this act.
L.1960, c. 192, p. 817, s. 16, eff. Feb. 15, 1961.