40:63-134 - Bonds for construction and maintenance - New Jersey Statutes

40:63-134.  Bonds for construction and maintenance    If it shall be necessary for any municipality which has entered into a joint  contract for the construction and maintenance of any improvement or works under  the provisions of this article to issue its bonds to raise the money necessary  to defray its proportion of the cost, or any part of such cost thereof, or of  any sewer or sewers, system of sewerage, trunk, lateral or connecting sewer  connecting with and discharging into such joint outlet or trunk sewer, or  disposal plant or works, the body or board of such municipality having charge  of its finances may, from time to time, by resolution, determine the amount of  money necessary to be raised by the issue of such bonds, and thereupon, from  time to time, bonds to the amounts so determined upon shall be executed on  behalf of the municipality in the manner in which other bonds thereof are  executed, which bonds so authorized and issued shall not exceed in amount ten  per cent of the taxable property in the municipality as shown on its official  books at the date of issue, and shall not be taken to be included within or  governed by any limitation fixed by law to the amount of bonds authorized to be  issued by any municipality executing such joint contract.