40:68A-47 - Filing copy of bond resolution; publication of notice; limitation of actions - New Jersey Statutes

40:68A-47.  Filing copy of bond resolution;  publication of notice; limitation of actions    The municipal port authority shall cause a copy of any bond resolution adopted by it to be filed for public inspection in its office and in the office  of the clerk of the governing body of the local unit and shall thereupon cause  to be published, at least once, in a newspaper published or circulating in the  port district a notice stating the fact and date of such adoption and the  places where such bond resolution has been so filed for public inspection and  also the date of the first publication of such notice and also that any action  or proceeding of any kind or nature in any court questioning the validity or  proper authorization of bonds provided for by the bond resolution, or the  validity of any covenants, agreements or contracts provided for by the bond  resolution shall be commenced within 20 days after the first publication of  such notice.  If any such notice shall at any time be published and if no  action or proceeding questioning the validity or proper authorization of bonds  provided for by the bond resolution referred to in said notice, or the validity  of any covenants, agreements or contracts provided for by said bond resolution  shall be commenced or instituted within 20 days after the first publication of  said notice, then all residents and taxpayers and owners of property in the  port district and users of the port system and all other persons whatsoever shall be forever barred and foreclosed from instituting or commencing any action or proceeding in any court, or from pleading any defense to any action  or proceedings, questioning the validity or proper authorization of such bonds,  or the validity of any such covenants, agreements or contracts, and said bonds,  covenants, agreements and contracts shall be conclusively deemed to be valid  and binding obligations in accordance with their terms and tenor.

     L.1960, c. 192, p. 819, s. 19, eff. Feb. 15, 1961.