40:61-20 - Bond issue; state and federal aid - New Jersey Statutes

40:61-20.  Bond issue;  state and federal aid
    The commission may, in the manner provided by article 1 of chapter 1 of this  title (s. 40:1-1 et seq.), borrow money and incur other indebtedness and issue  its bonds for the purpose of carrying out the objects of sections 40:61-17 to  40:61-22 of this title.  The bonds so issued shall not be the obligations of  the municipality creating such commission but shall be the obligations of the  commission and shall constitute a lien on the property acquired by the  commission.  If the commission shall obtain the moneys needed by it for the  purposes of effectuating the objects hereof from any agency of the state or  federal government, it may sell its bonds directly to such state or federal  agency, and the proceeds of the sale of the bonds, after deducting expenses for  negotiating the same and for engraving, and all other expenses connected with  their issue and sale, shall be paid over to the commission.