State Codes and Statutes

Statutes > New-jersey > Title-58 > Section-58-5 > 58-5-46

58:5-46.  Publication of bond resolution;  limitation on actions
    A commission may cause a copy of any bond resolution adopted by it to be filed for public inspection in its office and in the office of the clerk of the  governing body of the contracting municipality or municipalities and may thereupon cause to be published once in a newspaper or newspapers circulating in the contracting municipality or municipalities, a notice stating the fact and date of such adoption and the places where such bond resolution has been so  filed for public inspection and also the date of the first publication of such  notice and also that any action or proceeding of any kind or nature in any  court questioning the validity of its creation and establishment of the commission or the validity or proper authorization of bonds provided for by the  bond resolution, or the validity of any covenants, agreements or contract provided for by the bond resolution shall be commenced within 20 days after the  publication of such notice.  If any such notice shall at any time be published  and if no action or proceeding questioning the validity of the creation and  establishment of the commission, or the validity or proper authorization of  bonds provided for by the bond resolution referred to in said notice, or the  validity of any covenants, agreements or contract provided for by said bond  resolution shall be commenced or instituted within 20 days after the first  publication of said notice, then all residents and taxpayers and owners of  property in any contracting municipality and all other persons whatsoever shall  be forever barred and foreclosed from instituting or commencing any action or proceeding in any court, or from pleading any defense to any action or proceedings, questioning the validity of the creation and establishment of the  commission, or the validity of proper authorization of such bonds, or the  validity of any such covenants, agreements or contracts, and said commission  shall be conclusively deemed to have been validly created and established and  to be authorized to transact business and exercise powers as a commission under  this act, and said bonds, covenants, agreements and contracts shall be  conclusively deemed to be valid and binding obligations in accordance with  their terms and tenor.

     L.1962, c. 167, s. 16.