N.J.S.A. 40:61-22.4 — Lease of lands when fixed minimum price not bid

40:61-22.4. Lease of lands when fixed minimum price not bid In the event that there shall be no bids or the amount bid at such public sale shall not equal the minimum price fixed by resolution of the governing body, then the municipality in lieu of making sale thereof is authorized to lease said lands for a term not exceeding thirty years, at such rental and upon such conditions, terms and limitations as shall be determined upon by resolution of the governing body of such municipality. L.1938, c. 87, p. 206, s. 3, eff. April 4, 1938.

This is the verbatim text of N.J.S.A. 40:61-22.4, 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.