State Codes and Statutes

Statutes > New-jersey > Title-40 > Section-40-62 > 40-62-105-33

40:62-105.33.  Bonds;  form;  issuance    The legal voters of any such water district may, at the election at which such proposition is submitted, by the vote of a majority of those voting, authorize the board of water commissioners to issue bonds for the purpose set forth in section 30 of this act.  Such bonds shall be serial bonds and shall be  issued in the corporate name of such water district for such sums not exceeding  the sum voted as aforesaid, and in such amounts and payable at such times as  the legal voters so voting shall direct, with interest at a rate as such  resolution or resolutions authorizing the issuance of such bonds shall provide,  payable half-yearly.  Said bonds shall mature within the period or average  period of usefulness determined in the bond ordinance.  Such bonds shall be  signed by the president of the board of water commissioners and attested by the  secretary of the board who shall affix the seal of said commissioners.  Said  bonds shall have coupons attached for the payment of interest, which coupons  shall be signed by the clerk of the board of water commissioners, and shall be  numbered to correspond to the several bonds to which they shall be severally  attached. Bonds so issued shall be numbered and the proper registry thereof  shall be kept by the clerk of said board of water commissioners.  Such bonds  may be sold at public or private sale for the best obtainable price, but not  less than par and accrued interest.

     L.1951, c. 280, p. 965, s. 33, eff. June 25, 1951.  Amended by L.1977, c. 170, s. 3, eff. Aug. 20, 1977;  L.1979, c. 223, s. 1, eff. Oct. 11, 1979.