N.J. Stat. § 40:62-4
If the governing body of any such municipality shall deem it advisable to lease or sell any such plant or system it shall by resolution so determine and shall set forth therein a general description of the property, and such terms and conditions as it shall deem advisable, and shall advertise for bids for the rental or sale. The advertisement shall be published at least six times, once a week, in one or more newspapers circulating in the municipality, and at least once, not less than thirty days prior to the date advertised for the receipt of bids, in a newspaper or magazine devoted wholly or partly to municipal matters. Each bid shall be accompanied by a certified check, or a sufficiently secured bond of the bidder, to be approved by the governing body, guaranteeing the fulfillment of the contract if the bid is accepted. The bids shall be in all other respects in accordance with the provisions of the charter or other law relating thereto effective in such municipality. All advertisements for bids shall plainly state the amount of check or bond required and that such plant or system will not be leased or sold, as the case may be, until the legal voters of the municipality shall authorize the same.
N.J.S. § 40:62-4