27:23-44 - Local funding for non-highway transportation projects - New Jersey Statutes

27:23-44  Local funding for non-highway transportation projects.

41. For the purpose of aiding and cooperating in the acquisition, construction, or operation of any non-highway transportation project of the authority, any county or municipality may, upon agreement with the authority and in the manner provided by law:

a.Appropriate moneys for the purposes of the authority and loan or donate the money to the authority in the installments and upon the terms as may be agreed upon by the authority;

b.Perform any act for the authority which it is empowered by law to perform;

c.Incur indebtedness, borrow money and issue bonds or notes for the purpose of financing a project pursuant to the provisions of the "Local Bond Law," (N.J.S.40A:2-1 et seq.); and

d.Unconditionally guarantee the punctual payment of the principal of and interest on any bonds or notes of the authority.

L.2003,c.79,s.41.