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Section 27:10-4 - Road taken over as state highway; municipality reimbursed; bonds retired

NJ Rev Stat § 27:10-4 (2019) (N/A)
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27:10-4. Road taken over as state highway; municipality reimbursed; bonds retired

When the commissioner shall have approved a contract made in accordance with section 27:10-1 of this title and the payments thereunder, he shall within six years after the date of his approval, if funds be on hand available therefor, take over any highway constructed by any municipality under contract in accordance with the terms of this chapter and pay to the municipality the actual cost of the construction thereof, without interest. The sum so paid, or such part thereof as may be necessary, shall be used for the purpose of retiring any bonds or other obligations issued for the purpose of raising funds for the construction of such road.

No road constructed by a municipality hereunder shall be taken over and paid for by the commissioner unless the state highway engineer shall certify to the commissioner that the road has been constructed in all respects in accordance with the plans and specifications approved by the commissioner.

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Section 27:10-3 - Refunding indebtedness if highway not taken over
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Section 27:10-5 - Time for reimbursement