27:9-4 - Refunding indebtedness if highway not taken over
27:9-4.Ā Refunding indebtedness if highway not taken over
If the commissioner does not take over the highway in the manner prescribedĀ in section 27:9-3 of this title within six years after the authorization of theĀ appropriation for its construction and improvement, the county shall refund theĀ indebtedness incurred pursuant to section 27:9-2 of this title by the issuanceĀ of bonds under the provisions of article 1 of chapter 1 of the titleĀ Municipalities and Counties (s. 40:1-1 et seq.), none of which shall mature at aĀ date later than the period set forth in section 40:1-34, of the titleĀ Municipalities and Counties, counting from the time of the authorization of theĀ appropriation for the construction and improvement.
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If the commissioner does not take over the highway in the manner prescribedĀ in section 27:9-3 of this title within six years after the authorization of theĀ appropriation for its construction and improvement, the county shall refund theĀ indebtedness incurred pursuant to section 27:9-2 of this title by the issuanceĀ of bonds under the provisions of article 1 of chapter 1 of the titleĀ Municipalities and Counties (s. 40:1-1 et seq.), none of which shall mature at aĀ date later than the period set forth in section 40:1-34, of the titleĀ Municipalities and Counties, counting from the time of the authorization of theĀ appropriation for the construction and improvement.
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