For the purpose of raising funds to pay the cost of any part of any project or for
the purpose of funding or refunding any bonds, including refunding by exchange of
bonds for outstanding bonds, a commission shall have power to authorize or provide
for the issuance of bonds pursuant to this act. Such commission shall adopt a resolution (in this act sometimes referred to as “bond
resolution”) which shall
(1) describe in brief and general terms sufficient for reasonable identification the
project or part thereof to be constructed or acquired, or describe the bonds which
are to be funded or refunded (if any);
(2) state the cost or estimated cost of the project (if any); and
(3) provide for the issuance of bonds in accordance with the provisions of this act.
No general bond resolution establishing an issuance of bonds of the commission shall
become effective unless at least 10 days prior to its adoption the commission shall
have given notice thereof to all participants and contracting municipalities having
an interest in any water supply system or water transmission facility under the administration
or control of the commission. Such notice shall specify the time and place at which such resolution will be considered
by the commission for adoption and shall be served, together with a copy of the proposed
resolution, either personally or by certified or registered mail upon the clerk of
each such participant or contracting municipality.
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