New Jersey Revised Statutes § 40:28-4 - Bonds For Airport Purposes; Maturity

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.

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Last modified: October 11, 2016