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Section App.A:3-5 - Financing projects; municipal bonds authorized; special assessments as liens.

NJ Rev Stat § App.A:3-5 (2019) (N/A)
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App.A:3-5 Financing projects; municipal bonds authorized; special assessments as liens.

5. Any municipality may authorize and issue to the federal government its negotiable bonds for the financing of a public works project, part of the cost of which is to be specially assessed on property specially benefited, before such project has been completed or such special assessment has been confirmed; in such case, the governing body shall estimate by resolution the part of the cost which will be specially assessed and the bonds issued to finance such part shall mature in annual installments, the first of which shall become due not more than three years and the last of which shall become due not more than fifteen years from the date of the bonds. Special assessments levied pursuant to an ordinance or resolution adopted under this subsection shall constitute a continuing municipal lien under R.S.40:56-33.

L.1933,c.428,s.5; amended 2002, c.15, s.12.

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