New Jersey Acts Saved from Repeal ACTS SAVED 40 § 47-51(3)

3. That for the purpose of creating and maintaining said fire department, and for purchasing the necessary engines, utensils and apparatus necessary for the purpose, the said common council, board of aldermen or other governing body of said city or municipality shall have power to issue bonds to an amount not exceeding one thousand dollars to each thousand inhabitants of such city or municipality, which bonds shall have not more than twenty nor less than ten years to run, and shall bear interest at a rate not to exceed five per cent per annum, and shall pledge the faith, credit and property of said city for the payment of the principal and interest thereon, and shall provide for the redemption of the same by taxation.