New Jersey § 58:14-23
Full text of New Jersey New Jersey Statutes § 58:14-23, with citation guidance and answers to common questions.
§ 58:14-23.
For the purpose of defraying the cost and expense of the construction of any such
intercepting sewer, plant and works, and the appurtenances thereof, and of making
the payments which shall be designated and required to be made by such joint contract,
the governing body or board in charge of the finances of each contracting municipality
may borrow the money necessary to make such payments upon the notes or other temporary
obligations of such municipality, which notes or obligations may be renewed from time
to time until permanent bonds shall have been issued by such municipality to take
up and pay for the same. Each contracting municipality may, from time to time, issue its bonds for the purpose
of raising money necessary to pay its notes or other temporary obligations, including
interest, issued and outstanding for the purpose hereinbefore stated, or to make any
of the payments required by said contract, which said bonds shall be in such amounts
and bear interest at such rate, not exceeding six per cent per annum, and shall be
payable at such time and place, as the governing body or board having charge of the
finances of such municipality shall by resolution duly adopted determine. The total amount of indebtedness incurred and of bonds issued by any municipality
under the authority of this chapter shall not exceed five per cent of the tax ratables
within such municipality, as shown by its official books of the last assessment for
taxes therein, but said indebtedness and bonds shall be held to be authorized in addition
to the amount of indebtedness and bonds fixed by the charter or any general law as
a limitation beyond which the municipality may not incur indebtedness or issue bonds,
and said indebtedness and bonds authorized by this chapter shall not be taken to be
included within or governed by any such limitation; nor shall the method of issuing
bonds authorized by this chapter be governed or determined by any provisions of any
other special or general law.
Frequently Asked Questions About New Jersey § 58:14-23
What does New Jersey Statutes § 58:14-23 cover?
Section 58:14-23 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 58:14-23?
A common citation format is "New Jersey Statutes § 58:14-23" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 58:14-23 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.