40:62-128 - Sale of property and distributing system; sale of water to purchaser - New Jersey Statutes

40:62-128.  Sale of property and distributing system;  sale of water to purchaser
    The commission appointed in pursuance of section 40:62-109 of this title or  by virtue of an agreement as provided for in section 40:62-129 of this title,  may sell any part of the property in its charge not needed for public use, and  may also sell to any municipality the distributing system of mains therein and  enter into a contract to supply water in quantity to the municipality  purchasing such distributing system, but no distributing system shall be sold  to any municipality without the consent of the governing bodies of the  municipalities owning the same having at least two-thirds of the population of  all such municipalities.  The proceeds of any sale of any part of the property  or of any distributing system or part thereof, shall be used and applied only  in payment of the principal of the unpaid bonds, if any, theretofore issued for  the acquisition or enlargement or extension of the waterworks.