40:14B-28 - Publication of bond resolution; limitation on actions - New Jersey Statutes

40:14B-28.  Publication of bond resolution;  limitation on actions
    Any municipal authority may cause a copy of any bond resolution adopted by it to be filed for public inspection in its office and in the office of clerk of the governing body of the local unit or units and may thereupon cause to be published in a newspaper published or circulating in the district a notice stating the fact and date of such adoption and the places where such bond resolution has been so filed for public inspection and also the date of the first publication of such notice and also that any action or proceeding of any kind or nature in any court questioning the validity or proper authorization of  bonds provided for by the bond resolution, or the validity of any covenants,  agreements or contract provided for by the bond resolution shall be commenced  within 20 days after the first publication of such notice.  If any such notice  shall at any time be published and if no action or proceeding questioning the  validity of the creation and establishment of the municipal authority, or the  validity or proper authorization of bonds provided for by the bond resolution  referred to in said notice, or the validity of any covenants, agreements or  contract provided for by said bond resolution shall be commenced or instituted within 20 days after the first publication of said notice, then all residents  and taxpayers and owners of property in the district and users of the utility  system and all other persons whatsoever shall be forever barred and foreclosed  from instituting or commencing any action or proceeding in any court, or from  pleading any defense to any action or proceedings, questioning the validity of  the creation and establishment of the municipal authority, or the validity or  proper authorization of such bonds, or the validity of any such covenants,  agreements or contracts, and said municipal authority shall be conclusively  deemed to have been validly created and established and to be authorized to  transact business and exercise powers as a municipal authority under this act,  and said bonds, covenants, agreements and contracts shall be conclusively  deemed to be valid and binding obligations in accordance with their terms and  tenor.

     L.1957, c. 183, p. 654, s. 28, eff. Aug. 22, 1957.