Notwithstanding the provisions of the "Local Bond Law," N.J.S. 40A:2-1 et seq., or this subsection, to the contrary, each bond, note, or other obligation of the trust, and each bond, note, or other obligation of a local government unit, public water utility, or other person, issued to the trust to evidence the loan issued to the trust, or, if applicable, issued to the State, acting by and through the Department of Environmental Protection, to evidence a loan issued thereby, pursuant to subsection a. of section 9 of P.L.1985, c.334 (C.58:11B-9), and issued in connection with funding provided pursuant to the "Water Infrastructure Finance and Innovation Act of 2014" (WIFIA), 33 U.S.C. s.3901 et seq., as amended and supplemented, the "Transportation Infrastructure Finance and Innovation Act of 1998" (TIFIA), 23 U.S.C. s.601 et seq., as amended and supplemented, or the "Safeguarding Tomorrow Through Ongoing Risk Mitigation (STORM) Act," Pub.L. 116-284 (42 U.S.C. s. 5135), as amended or supplemented, shall mature and be paid not later than the maximum time period allowed by those federal acts.
All bonds of the trust shall be sold at public or private sale at the price or prices and in the manner as the trust shall determine, either on a negotiated or on a competitive basis. If competitively sold, bonds shall be sold after notice of sale, a summary of which shall be published at least once in at least three newspapers published in the State of New Jersey and at least once in a publication carrying municipal bond notices and devoted primarily to financial news published in New Jersey or the city of New York, the first summary notice to be at least five days prior to the day of bidding. The notice of sale may contain a provision to the effect that any or all bids made in pursuance thereof may be rejected. In the event of such rejection or of failure to receive any acceptable bid, the trust, at any time within 60 days from the date of such advertised sale, may sell such bonds at private sale upon terms not less favorable to the State than the terms offered by any rejected bid. The trust may sell all or part of the bonds of any series as issued to any State fund or to the federal government or any agency thereof, at private sale, without advertisement.
N.J.S. § 58:11B-6