40:63-133 - Excess of cost over assessments for benefits; bonds; proceeds - New Jersey Statutes

40:63-133.  Excess of cost over assessments for benefits;  bonds; proceeds
    In order to provide for and pay the amount of the difference between the total amount of the costs, damages and expenses of said improvements, including  all incidental expense, apportioned to said contracting municipalities  respectively as hereinbefore in this article provided, and the total amount of  all assessments made and levied for benefits in such municipalities  respectively, as aforesaid, on the lands and real estate situated in any and  all of the contracting municipalities, the governing body or board of each  contracting municipality may, by resolution duly adopted, cause to be issued  the bonds of such contracting municipality, in such sum as will be sufficient  to pay the share or percentage of such total amount due therefrom, and provided  to be paid by the contract entered into by such municipality.  The proceeds of  each bond shall be used (a) to discharge the notes or temporary obligations of  the municipality issued as aforesaid, so far as they exceed in amount the  assessment for benefits, (b) to satisfy and discharge whatever may remain due  from such contracting municipality on the costs and expenses of the work or  improvements, according to the contract entered into between such  municipalities.