40:14B-25. Bond resolution
For the purpose of raising funds to pay the cost of any part of its utility system or for the purpose of funding or refunding any bonds, a municipal authority shall have power to authorize or provide for the issuance of bonds pursuant to this act. Such municipal authority shall adopt a resolution (in this act sometimes referred to as "bond resolution" ) which shall
(1) describe in brief and general terms sufficient for reasonable identification the utility system or part thereof (in this act sometimes called "project" ) to be constructed or acquired, or describe the bonds which are to be funded or refunded (if any);
(2) state the cost or estimated cost of the project (if any); and
(3) provide for the issuance of the bonds in accordance with section 26 of this act.
L.1957, c. 183, p. 653, s. 25, eff. Aug. 22, 1957.
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Last modified: October 11, 2016