New Jersey Acts Saved from Repeal ACTS SAVED 27 § 11-9(7)

7. When bonds are issued from time to time, the bonds of each installment shall constitute a separate series, to be designated by the issuing officials. 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, providing 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.