40A:3-5 - Recitals in bonds; method of authorization and issue; provisions for protection of bondholders - New Jersey Statutes

40A:3-5.  Recitals in bonds;  method of authorization and issue; provisions  for protection of bondholders
    a.  All qualified bonds when issued shall contain a recital to the effect that they are issued pursuant to Title 40 of the Revised Statutes or Title 40A of the New Jersey Statutes and are entitled to the benefits of the provisions of this act.  Except as otherwise provided in this act, all qualified bonds shall be authorized and issued in the manner provided for in Title 40 or Title 40A.  Qualified bonds shall mature not later than 30 years from their date of issuance without regard to any limitations as to maturities or amounts of annual installments for bonds as provided in Title 40 or Title 40A.

    b.  The proceedings of the municipality authorizing the issuance of qualified bonds may contain such covenants and provisions for protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper and not in violation of law, including covenants restricting the issuance of additional qualified bonds.

     L.1976, c. 38, s. 4, eff. June 28, 1976.