58:14-23 - Contracting municipalities may borrow money and issue bonds; limit of indebtedness

58:14-23.  Contracting municipalities may borrow money and issue bonds; limit of indebtedness
    For the purpose of defraying the cost and expense of the construction of any  such intercepting sewer, plant and works, and the appurtenances thereof, and of  making the payments which shall be designated and required to be made by such  joint contract, the governing body or board in charge of the finances of each  contracting municipality may borrow the money necessary to make such payments  upon the notes or other temporary obligations of such municipality, which notes  or obligations may be renewed from time to time until permanent bonds shall  have been issued by such municipality to take up and pay for the same.    Each contracting municipality may, from time to time, issue its bonds for the purpose of raising money necessary to pay its notes or other temporary obligations, including interest, issued and outstanding for the purpose hereinbefore stated, or to make any of the payments required by said contract, which said bonds shall be in such amounts and bear interest at such rate, not exceeding six per cent per annum, and shall be payable at such time and place, as the governing body or board having charge of the finances of such municipality shall by resolution duly adopted determine.    The total amount of indebtedness incurred and of bonds issued by any municipality under the authority of this chapter shall not exceed five per cent  of the tax ratables within such municipality, as shown by its official books of  the last assessment for taxes therein, but said indebtedness and bonds shall be  held to be authorized in addition to the amount of indebtedness and bonds fixed  by the charter or any general law as a limitation beyond which the municipality  may not incur indebtedness or issue bonds, and said indebtedness and bonds  authorized by this chapter shall not be taken to be included within or governed  by any such limitation;  nor shall the method of issuing bonds authorized by  this chapter be governed or determined by any provisions of any other special  or general law.