Statutes, codes, and regulations
New Jersey Statutes
Title 40 - MUNICIPALITIES AND COUNTIES
Chapter 40:60 - PROPERTY OF CERTAIN SOCIETIES TRANSFERRED IN TRUST TO MUNICIPALITY; PURPOSES
Section 40:60-12 - Purchase of lands adjoining trust lands; bonds; use of income and proceeds

N.J. Stat. § 40:60-12

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Current through L. 2023, c. 256.
Section 40:60-12 - Purchase of lands adjoining trust lands; bonds; use of income and proceeds

Any society or organization designated in section 40:60-10 of this title may sell to the municipality any lands owned by it and adjoining the lands conveyed in trust as provided in said section 40:60-10. The municipality may purchase such adjoining lands for the purposes aforesaid, and may issue bonds not to exceed ten thousand dollars in payment therefor; provided, that the interest accruing upon said bonds shall be used and devoted for the purpose of maintaining said trust and carrying out the purposes thereof.

N.J.S. § 40:60-12