18A:24-72 - Maturity date - New Jersey Statutes

18A:24-72.  Maturity date    The blanket bond of the issuing board provided for in section 5b of this act  shall be for a due date not in excess of that which would provide the maximum  borrowing period under applicable law for the particular purpose of the  borrowing.  The bonds issued to bondholders may be for shorter periods of maturity, and the same may be issued and reissued from time to time but all of the same shall mature and become due and payable on the due date of the blanket  bond, unless prior thereto an additional bond issue or issues shall be  authorized and new and additional blanket bond or bonds shall be issued, in  which case bonds may be issued and reissued to bondholders to mature, in any  event, on the last date of any of said bonds.

     L.1971, c. 36, s. 7, eff. March 4, 1971.