40:14A-12 - Funding or refunding bonds - New Jersey Statutes

40:14A-12.  Funding or refunding bonds
    (a) A bond resolution of a sewerage authority may provide for and authorize  the issuance of bonds of the sewerage authority in accordance with this section  for the purpose stated in section ten or for the purpose of funding or  refunding any bonds.  A bond resolution providing for and authorizing the  issuance of bonds to fund or refund bonds shall, in lieu of the matters  described in clauses (1) and (2) of section ten, describe the bonds which are  to be funded or refunded.

    (b) Upon adoption of the bond resolution, the sewerage authority shall have  power to incur indebtedness, borrow money and issue its bonds for the purpose  of financing the project or of funding or refunding the bonds described  therein.  Such bonds shall be authorized by the bond resolution and may be  issued in one or more series and shall bear such date or dates, mature at such  time or times not exceeding forty years from the date thereof, bear interest at  such rate or rates not exceeding six per centum (6%) per annum, be in such  denomination or denominations, be in such form, either coupon or registered,  carry such conversion or registration privileges, have such rank or priority,  be executed in such manner, be payable from such sources in such medium of  payment at such place or places within or without the State, and be subject to  such terms of redemption (with or without premium) as the bond resolution may  provide.

    (c) Bonds of a sewerage authority may be sold by the sewerage authority at public or private sale at such price or prices as the sewerage authority shall determine;  provided, however, that the interest cost to maturity of the money received for any issue of bonds (computed according to standard tables of bond values) shall not exceed six per centum (6%) per annum.

     L.1946, c. 138, p. 655, s. 12, eff. April 23, 1946.