App.A:4-36. Bond recitals conclusive evidence of validity; publishing notice of bonds to be funded; filing copy of notice

273 words·~1 min read·/nj/title-app-a/chapter-4/app-a-4-36

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

5. Any bond issued pursuant to this act may contain a recital that it is issued pursuant to this act, which recital shall be conclusive evidence of its validity and of the regularity of its issuance. The governing body may cause to be published, one or more times, in a newspaper published in such municipality, or if no newspaper is published therein, in a newspaper published in the county in which such municipality is located and circulating in such municipality, a notice, signed by the clerk of said municipality, describing the outstanding bonds or notes to be funded, or refunded, in such manner as to identify them, and also stating that refunding bonds described by their date, amount, and maturities, have been authorized to be issued pursuant to this act for the purpose of funding or refunding said outstanding bonds or notes, and that the validity or proper authorization of such refunding bonds may not be questioned in any court except in an action or proceeding commenced prior to a date to be specified in such notice, which date shall be more than twenty days after the first publication of such notice.

If such notice shall be so published and if the bonds described therein in shall not be issued until after the date specified in such notice, neither the validity nor the proper authorization of such refunding bonds shall be questioned in any court except in an action or proceeding commenced prior to the date specified in such notice. A certified copy of such notice shall be filed in the office of the state auditor.

(L.1934, c. 233, s. 5, p. 673.)