N.J. Stat. § App.A:4-35
Such bonds may be issued from time to time in such amounts as may be determined by the governing body of such municipality. Each issue of said bonds shall mature in annual installments or series, beginning not later than five years and ending not later than forty-five years after the date of the bonds of such issue. Such annual installments or series may be equal or unequal in amount. Said bonds shall bear interest at a rate which shall not exceed six per cent (6%) per annum, payable semiannually. Said bonds shall be issued in such form and with such provisions as to time, place and medium of payment as said governing body may determine, subject to the limitations and restrictions contained in this act. Said bonds either shall be sold upon sealed proposals, or at public auction, after seven days' notice of such sale published once in a newspaper published in such municipality, or if no newspaper is published therein, in a newspaper published in the county in which such municipality is located and circulating in such municipality, and also once in a financial newspaper published in New York City or in the city of Philadelphia, or, in the discretion of such governing body, may be sold and delivered without previous public offering in exchange for the bonds or notes to be funded or refunded by the issuance thereof, whether or not such bonds or notes be then due and payable and irrespective of any higher or lower rate of interest borne by such bonds or notes. Such bonds may be sold and delivered at such price or prices, computed in the manner or mode of procedure prescribed by Montgomery Rollins' "Tables of Bond Values" (twenty-first edition, published by The Financial Publishing Company, Boston, Massachusetts), as will yield to the purchasers income at a rate not exceeding six per cent (6%) per annum to the maturity dates of the several bonds so sold and delivered on the money paid to the municipality therefor. If no legally acceptable bid is received for the bonds advertised to be sold at such public sale, said bonds or any of them may be sold without further advertisement at private sale and without further public offering within ninety days after the advertised date of such public offering. The issuance of said bonds shall be authorized by ordinance, which need state only the principal amount of bonds to be authorized, the maximum rate of interest to be borne by the bonds, and the maturity dates of the bonds, and shall describe the outstanding notes or bonds to be funded or refunded in such manner as to identify them; and any other action required by this act to be taken by such governing body, including that of designating the officials to execute said bonds, preliminary to the issuance of such bonds, shall be taken by resolution adopted by the votes of not less than a majority of all the members of such governing body.
N.J.S. § App.A:4-35