New Jersey Acts Saved from Repeal ACTS SAVED 40 § 141-1(14)

14. That it shall be the duty of the board of commissioners or other governing power of such town, from time to time, at the request of the said water commissioners, to issue the bonds of said town for an amount not exceeding in the whole, the sum of sixty thousand dollars; these bonds shall bear a rate of interest not exceeding six per cent per annum, payable semiannually, the principal thereof to be payable in thirty years from the date thereof, or sooner, at the option of the said town; it shall be the duty of the treasurer of said town to make sale of the bonds so issued as aforesaid at not less than their par value, and to pay the proceeds of said sales to said water commissioners, to be by them appropriated to the discharge of the duties imposed upon them by this act; the loan hereby authorized shall be called the water loan of said town.