N.J. Stat. § 30:9-20
Whenever the municipal board, body or authority having control of the finances of any city shall determine that new or additional hospital accommodations are required in such city, such board, body or authority may issue bonds, either registered or coupon, not exceeding an amount to be computed at the rate of three mills upon each dollar of valuation of real and personal property as last assessed in such city prior to the issue of such bonds, and sell such bonds, at private or public sale, to raise money to pay for the erection and construction and furnishing of new or additional hospital buildings and to purchase the land necessary for the same. All moneys received from the sale of such bonds shall be applied and used for the purposes herein enumerated, and for no other purpose.
The lands to be purchased and the buildings to be erected pursuant to this section shall be purchased, erected and furnished by the board, body or authority having charge and control of the finances of such city; but when such new or additional buildings are completed and furnished, the same shall be under the control and management of the board or body having the control and management of the public hospitals in such city.
N.J.S. § 30:9-20