New Jersey Acts Saved from Repeal ACTS SAVED 13 § 12-12(3)

3. Such municipality shall have the power and is hereby authorized to provide for all expenditures required for the laying out, construction and completion of such electric railway line and the lands, connections and appurtenances thereof herein above described by the issue and sale of the bonds of such municipality. Such bonds shall be issued in accordance with an act entitled “An act to authorize and regulate the issuance of bonds and other obligations and the incurring of indebtedness by city, county, borough, village, town, township or any municipality governed by an improvement commission,” approved March twenty-second, one thousand nine hundred and sixteen, which act is chapter 252 of the laws of 1916, and the amendments thereto and supplements thereof; provided, however, that the probable period of usefulness of the property and the improvements in connection therewith shall be deemed, for the purpose of declaration in a bond ordinance adopted in accordance with said act, to be fifty years.