New Jersey § 40:14B-58 Disposal or encumbrance of utility

New Jersey Statutes

§ 40:14B-58 — Disposal or encumbrance of utility

New Jersey § 40:14B-58

Title 40MUNICIPALITIES AND COUNTIES

This text of New Jersey § 40:14B-58 (Disposal or encumbrance of utility) is published on Counsel Stack Legal Research, covering New Jersey primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.J. Stat. Ann. § 40:14B-58 (2026).

Text

Neither the municipal authority nor any local unit shall have power to mortgage, pledge, encumber or otherwise dispose of any part of the utility system, except that the municipal authority may dispose of such part or parts thereof as may be no longer necessary for the purposes of the municipal authority. The provisions of this section shall be deemed to constitute a part of the contract with the holder of any bonds. L.1957, c. 183, p. 674, s. 58, eff. Aug. 22, 1957.

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Neither the municipal authority nor any local unit shall have power to mortgage, pledge, encumber or otherwise dispose of any part of the utility system, except that the municipal authority may dispose of such part or parts thereof as may be no longer necessary for the purposes of the municipal authority. The provisions of this section shall be deemed to constitute a part of the contract with the holder of any bonds. L.1957, c. 183, p. 674, s. 58, eff. Aug. 22, 1957.