40:60-12 - Purchase of lands adjoining trust lands; bonds; use of income and proceeds - New Jersey Statutes

40:60-12.  Purchase of lands adjoining trust lands;  bonds;  use of income and proceeds    Any society or organization designated in section 40:60-10 of this title may  sell to the municipality any lands owned by it and adjoining the lands conveyed  in trust as provided in said section 40:60-10.  The municipality may purchase  such adjoining lands for the purposes aforesaid, and may issue bonds not to  exceed ten thousand dollars in payment therefor;  provided, that the interest  accruing upon said bonds shall be used and devoted for the purpose of  maintaining said trust and carrying out the purposes thereof.