State Codes and Statutes

Statutes > New-jersey > Title-40 > Section-40-66a > 40-66a-43

40:66A-43.  Revenue bonds
    Revenue bonds may be authorized to be issued under this act to provide funds  to pay the cost of all or any part of the garbage and solid wastes disposal  system, or for the refunding of any bonds theretofore issued for such purposes.   The purposes for which such revenue bonds may be issued shall include the  payment to the local unit or local units of the reasonable value of any  properties or facilities deemed necessary or desirable for the purposes of the  solid waste management authority, and such solid waste management authorities  are hereby authorized to purchase and acquire such properties or facilities  from such local unit or local units.

    Such revenue bonds shall be authorized by resolution of the solid waste management authority which may be adopted at the same meeting at which it is introduced by a unanimous vote of all the members thereof then in office, shall  take effect immediately and need not be published or posted.  Such revenue  bonds may bear interest at such rate or rates, not exceeding 6% per annum, may  be in one or more series, may bear such date or dates, may mature at such time  or times not exceeding 30 years from their respective dates, may be payable in  such medium of payment at such place or places, may carry such registration  privileges, may be subject to such terms of redemption with or without premium,  may be executed in such manner, may contain such terms, covenants and  conditions, and may be in such form, either coupon or registered, as such  resolution or subsequent resolution may provide.  Such revenue bonds may be  sold, all at one time or in blocks from time to time, at public or private  sale, or if refunding bonds may also be delivered in exchange for the  outstanding obligations to be refunded thereby, in such manner as the solid  waste management authority shall determine by resolution, and at such price or  prices, computed according to standard tables of bond values, as will yield to  the purchasers or the holders of the obligations surrendered in exchange, income at a rate not exceeding 6% per annum to the maturity dates of the several bonds so sold or exchanged on the money paid or the principal amount of  obligations surrendered therefor to the solid waste management authority.

     L.1968, c. 249, s. 10, eff. Aug. 16, 1968.