State Codes and Statutes

State Codes and Statutes

Statutes > New-jersey > Title-40 > Section-40-28 > 40-28-4

40:28-4.  Bonds for airport purposes;  maturity
    In addition to the powers conferred by the provisions of article 1 of chapter 1 of this title (s. 40:1-1 et seq.), relative to the issuance of bonds, any county of the first, second, third or fifth class may issue bonds for the purpose of acquiring real estate and thereafter equipping, maintaining and operating the same for airport purposes.

    All bonds so issued shall mature in annual installments commencing not more  than two years from their date, and no installment shall be more than fifty per  cent in excess of the amount of the smallest prior installment, and the bonds  shall mature within the period declared in the ordinance or resolution  authorizing them, which in no case shall exceed twenty years.