New Jersey § 40a:2-59

§ 40a:2-59.

Refunding bonds may be sold at public or private sale, or may be exchanged for any

outstanding bonds or notes to be funded or refunded, pursuant to resolution adopted

by not less than 2 / 3 of the full membership of the governing body, at such price or prices, computed according

to standard tables of bond values, as will yield to the purchasers or to the holders

of the bonds or notes surrendered in exchange, an income at a rate not to exceed the

prevailing market rate to the maturity dates of the bonds sold or exchanged, on the

money paid or the principal amount of the bonds or notes surrendered therefor to the

local unit. Refunding bonds of any authorized issue or of any authorized maturity may be sold

or exchanged as hereinabove provided from time to time and in such blocks as may be

deemed advisable. The officer of the local unit delivering any refunding bonds in exchange for outstanding

bonds or notes shall report in writing to the governing body at the next meeting thereof

as to the principal amounts, maturities and numbers of the refunding bonds so delivered

and as to the outstanding bonds or notes received in exchange, which report shall

be entered in the minutes of the governing body, and a copy of such report shall be

filed within five days thereafter with the director.