Gloucester County Democrat. (Woodbury, N.J.) 1878-1932, 1881-04-07
CHApTER OxvrT.

An act 10 auf orize the boards Of chosen hes-
holders of the respective counties Of this state
to issue bonds to raise money for state or
county purposes In anticipation Of the arrear-
ages Of state or county taxation,
/. Be 1t enacted by the Senate and General
Assembly of the State of New Jersey, That if In
any county of this state there shall now exist
or hereafter shall exist arrenrages Of state and
county taxes owing and unpaid to the county
collector by the different cities, towns or town
ships in said county, by reason of any appro-
priation and levy Of taxes for state or county
purposes, heretofore made or hereafter to be
made, then it shall be lawful al any time, and
from time to time, for the board of chosen free
holders of any county of this state to borrow
such sum or sums Of money IS they may deem
necessary for the payment Of any floating debt
of such county, or for the payment of any tenn
poTary loans based upon such arrearages or for
the payment Of any state or state school tax,
which may be due from such county 10 this
state, and to cause; by resolution, the bonds Of
such county in the name Of the board of chosen
freeholders Of such county, to be Issued for
the sane In such sums each as they may deem
proper; provided, that said board of chosen
freeholders of such county shall not, in all, ber-
row to an amount exceeding the amount Of ar
rearages of taxes owing TO the county collector
by the different cities, towns and townships in
such county, and such loans shall be made and
such bonds issued only In anticipation of the
collection Of such arrearages of taxation; pro-
vided, also, that the first moneys realized from
such bonds shall be paid into the state treas
urer in payment of such state taxes as may be
then due.
2. And be it enacted, That the bonds au-
thorized to be issued by the first section of this
act may be either coupon or registered bonds,
as the board Of chosen freehoiders may de
termine; and the same shall be made payable,
both principal and interest, at the Office of the
county collector of such county, and said bonds
shall be sold by the board of chosen freeeolders
of such county upon the orders and resolutions
thereof either upon bids for the same, duly
advertised for, or otherwise; provided, the
same shall In no case be sold at less than par
the director and county collector shall sign said
bonds, and the same shall be sealed with the
seal of the county, and the county collector
shall number and register the same, and
registered bonds may be exchanged for coupon
bonds, and coupon bonds exchanged for regis
tered bonds, at the option of the holder thereof:
provided, that the board of chosen freeholders,
by resolution, shall consent to such exchange
and said bonds shall bear such interest as such
board shall determine, not exceeding six per
centum per annum, and said interest shall be
paid semi-annually, and such bonds shall have
such time to run as said board of chosen free
holders may, at the time Of such issue thereof
years.
8. And be it enacted, That the said board Of
chosen freeholders shall, each year, place in the
tax levy for such county, for such year, so long
as such bonds shall run, sufficient sum to pay
all interest on said bonds during such year
and also sufficient sum to pay the principal OF
said bonds falling due within the year; the
same to be levied and raised in the same manner
as other county taxes are levied and raised.
4. And be it enacted, That whenever bonds
shall be issued by any board Of chosen free
holders under the provisions Of this act, it shall
be the duty of said board Of chosen freeholders
to first apply all sums thereafter received on
account of said arrearages of taxes, in anticipa-
ton of which any bonds have been issued, to
the final payment Of such bonds and for nc
other purpose whatever, until sufficient sum
has been provided for the payment Of said
bonds.
s. And be it enacted, That this act shall take
effect Immediately.
Approved March is, 1881.