New Jersey § acts:saved-27 - (6)

§ acts:saved-27. (6)

6. Said bonds shall be issued from time to time as money is required for the purposes

for which they are authorized, as certified by the state highway commission, in no

greater amount than eight million dollars in any calendar year. If issued from time to time, the bonds of each installment or maturity (when bonds

of differing maturities are issued at the same time) shall constitute a separate series,

to be designated by the issuing officials. Bonds running for differing maturities may be issued at the same time and sold at

the same sale. Each series of bonds shall bear such rate of interest, not exceeding five per cent

per annum, as may be determined by the issuing officials, which interest shall be

payable semiannually, provided that the first and last installments of interest may

be for a longer or shorter period in order that intervening installments may be payable

at convenient dates.