New Jersey Acts Saved from Repeal ACTS SAVED 15 § 5-11(6)

6. That if the board of directors of said company shall deem it advisable to issue bonds to an amount sufficient to pay the expenses of building, erecting and maintaining said sea wall or embankment, they shall have the power to do so, instead of raising the money by assessment as aforesaid, said bonds to bear interest at a rate not exceeding the legal rate when issued, and payable semiannually; said bonds to run such length of time as said board shall determine, not exceeding twenty years; said bonds to be issued upon such terms as a majority of said directors shall deem advisable; said board of directors to provide for the payment of the interest and principal of said bonds as they become due and payable by assessment on the landowners or possessors as aforesaid provided.