40:62-107.5 - Bond issue - New Jersey Statutes

40:62-107.5.  Bond issue
    Such bonds shall be issued in all respects as provided by article 1 of chapter 1 of this title (s. 40:1-1 et seq.), except that no filing of a supplemental debt statement shall be required and that such bonds may either be  sold for cash and the purchase price of such water distribution system paid in  cash, or such bonds may be delivered to such adjoining municipality in full or  partial payment of such purchase price, and in that event may be disposed of by  such adjoining municipality pursuant to resolution of its governing body.  In  making payment for such water distribution system, due regard and provision  shall be given to any amount due for water supplied to such adjoining  municipality under an existing contract for the supply of water, and to any  liabilities, liquidated or unliquidated, incurred by such adjoining  municipality with respect to such water distribution system, and to any other  items of debt between the two municipalities.