Bonds authorized or issued pursuant to the provisions of this act shall be known as “Emergency Housing Bonds,” and shall bear interest at a rate not exceeding six per centum (6%) per annum, payable semiannually. All such bonds shall be authorized by an ordinance which shall state the maximum amount of bonds to be issued, the maximum rate of interest to be borne by such bonds, a brief and general description of the emergency housing for the financing of which the bonds are to be issued, and a determination of the period of usefulness of such emergency housing within the limitations of sections 40:1-34 to 40:1-36 of the Revised Statutes, and such ordinance shall be passed and adopted by the board or body having charge of finances of the municipality in the manner or mode of procedure prescribed by the Local Bond Law, constituting sections 40:1-1 to 40:1-88 of the Revised Statutes, and said bonds shall be issued in the manner and mode of procedure prescribed by said law, except that (a) no supplemental debt statement need be filed and said bonds may be authorized and issued notwithstanding any debt or other limitation prescribed by said law, and (b) no down payment shall be required. Said bonds shall mature within the period of usefulness determined in the authorizing ordinance, in annual installments commencing not more than one year from the date of said bonds, and no annual installment shall exceed by more than fifty per centum (50%) the amount of the smallest prior installment of such issue; provided, however, that notwithstanding the determination of a lesser period of usefulness in the authorizing ordinance, said bonds may mature in not more than ten annual installments. The amount of such bonds shall be included in computing the net debt in any supplemental or annual debt statement thereafter made or filed in connection with subsequent borrowing for other purposes. Said bonds shall be general obligations of such municipality and a tax sufficient in amount to pay the principal of and interest on such bonds shall be levied and collected by such municipality in the year in which the same shall become due. The powers herein conferred shall be in addition to the powers conferred by any other laws and bonds may be issued hereunder for the purposes herein provided notwithstanding that other laws may provide for the issuance of bonds for like purposes.

L.1950, c. 204, p. 448, s. 2.