No local improvement shall be undertaken by any municipality where objections thereto in writing are filed with the clerk of the governing body before the final passage of the ordinance providing for such improvement, by the owners of two-thirds in value of lands proposed to be assessed for benefits accruing from such improvement as determined by the governing body which shall use for that purpose the last preceding valuation for the purpose of taxation.
If, however, the governing body shall determine that such local improvement is a public necessity, the municipality may undertake such local improvement notwithstanding such objection, subject to the provisions of section 40:49-8 of this title.
N.J.S. § 40:49-7