N.J.S.A. 40:14B-25 — Bond resolution

40:14B-25. Bond resolution For the purpose of raising funds to pay the cost of any part of its utility system or for the purpose of funding or refunding any bonds, a municipal authority shall have power to authorize or provide for the issuance of bonds pursuant to this act. Such municipal authority shall adopt 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 utility 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 26 of this act. L.1957, c. 183, p. 653, s. 25, eff. Aug. 22, 1957.

This is the verbatim text of N.J.S.A. 40:14B-25, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.