New Jersey § acts:saved-40 - (24)

§ acts:saved-40. (24)

2. Should the legal electors of such town, incorporated borough, camp meeting association

or other municipal commission at such election vote an additional sum for such waterworks,

that it shall be the duty of the board of commissioners or other governing board or

body of such town, incorporated borough, camp meeting association or other municipal

commission to issue the bonds of said town, incorporated borough, camp meeting association

or other municipal commission for said sum, said bonds to bear a rate of interest

not exceeding the legal rate, payable semiannually, the principal thereof to be payable

in thirty years from the date thereof, or sooner, at the option of said town, incorporated

borough, camp meeting association or other municipal commission, and it shall be the

duty of the treasurer or other disbursing officer thereof to make sale of the bonds

so issued at not less than their par value, and to pay the proceeds of said sales

to said board of water commissioners, to be by them appropriated according to the

provisions of said act; the purchaser or holder of said bonds, whether heretofore

or hereafter issued, shall not be obliged to ascertain that the act to which this

act is a supplement has been adopted at a special election, or that the sum for which

said bonds are issued has been voted at a special election as provided in this act,

but said bonds shall contain a recital that they are issued pursuant to this act,

which recital shall be conclusive evidence of their validity and the regularity of

their issue.