§ 48:12-80 — Taxes or bonds by municipalities to pay their share of expenses

Whenever the proper municipal authorities of a municipality shall enter into a contract with a railroad company pursuant to section 48:12-79 of this title, the municipality shall provide its lawful share of the money necessary to do the work and make the payments required by the contract and its lawful share of all the moneys necessary to pay for the changes and improvements authorized by said section 48:12-79, by the levy of a general tax for one or more years or by the issue and sale of bonds of such municipality. The governing body of a municipality within which a highway crosses or is crossed by a railroad and which municipality shall have been ordered by the board of public utility commissioners to bear and pay part of the cost and expense of altering, changing or removing such crossing, may issue bonds of the municipality to pay for the whole or any part of the amount so ordered to be paid. All bonds authorized by this section to be issued by any municipality shall be issued and disposed of in the manner prescribed by article 1 of chapter 1 of the title Municipalities and Counties (s. 40:1-1 et seq.).