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New Jersey Statutes, Title: 40, MUNICIPALITIES AND COUNTIES
Chapter 61: General powers; acquisition of property
Section: 40:61-20: Bond issue; state and federal aid
The commission may, in the manner provided by article 1 of chapter 1 of this title (s. 40:1-1 et seq.), borrow money and incur other indebtedness and issue its bonds for the purpose of carrying out the objects of sections 40:61-17 to 40:61-22 of this title. The bonds so issued shall not be the obligations of the municipality creating such commission but shall be the obligations of the commission and shall constitute a lien on the property acquired by the commission. If the commission shall obtain the moneys needed by it for the purposes of effectuating the objects hereof from any agency of the state or federal government, it may sell its bonds directly to such state or federal agency, and the proceeds of the sale of the bonds, after deducting expenses for negotiating the same and for engraving, and all other expenses connected with their issue and sale, shall be paid over to the commission.
This section added to the Rutgers Database: 2012-09-26 13:37:52.
Older versions of 40:61-20 (if available):
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