New Jersey § 52:27-44

§ 52:27-44.

Upon the confirmation of any plan of readjustment approved by the commission, the

political subdivision assenting to such plan of readjustment may, by ordinance in

the case of a municipality, by resolution in the case of a county, and by resolution

of the board of education in the case of a school district governed by the provisions

of chapter seven of the Title Education (§ 18:7-1 et seq.), authorize, issue, sell

and deliver such bonds, notes or other obligations and enter into such agreements

and do such other acts and things as may be required of it pursuant to said plan of

readjustment. Such ordinance or resolution, as the case may be, shall not take effect until approved

by the commission, and shall provide for the issuance of bonds in one or more series,

bearing such date or dates, maturing at such time or times, bearing interest at such

rate or rates of interest, not exceeding six per centum (6%) per annum, payable at

such time or times, in such denominations, in such form, either coupon or registered,

carrying such registration privileges, payable in such medium of payment at such place

or places, subject to such terms of redemption, with or without premium, as the commission

may approve. The foregoing powers shall be deemed to be in addition to and not in substitution

for any powers which such political subdivision would, except for the foregoing grant

thereof, have under any other provision of law.