Gloucester County Democrat. (Woodbury, N.J.) 1878-1932, 1883-05-24
CHAPTER cLxxyn

An act relating to sinking funds in cities.
]. Be it enacted by the Senate and General As
sembly Of the State Of New Jersey, That when
ever in any city in this state a sinking fund has
been created or the redemption of a particular
series class of bonds of such city, and the fund
SO created has accumulated to amount in excess
of the sum needed to redeem all bonds now out
standing against said fund, it shall be the duty Of
the commissioners of such sinking fund to transfer
such excess to such other sinking fund for the
demption of other bonds Of said city as the said
commissioners shall direct, and to place the same,
when 80 transferred, in said fund.
2. And be it enacted, That whenever in any city
the income accruing from the market fees, license
fees or any source other than from the annual taT
levy has been or may be appropriated by law to the
formation or increase of sinking fund for the pay
ment of any class, issue, denomination series OF
bonds heretofore issued in such city, and there
exists no authority to increase such ISSUE and 1t
shall appear to the common council OF such city
that the amounts of moneys annually received from
the sources indicated do largely exceed the needs Of
said fund for the necessary provision for
said bonds at their maturity, and that the
interest on the said bonds can, with safety,
be required to be paid out of the income to said
fund as well as ample provision be made to pro-
vide for the principal long before it is due that in
such caseit may be lawfufo the common council to
provide annually, by resolution, for the use of such
part all of the license and market fees coming
into said fund for the payment of such interest and
other city purposes as in their judgment may be
necessary and proper; provided that not less than
three per centum Of the amount of the outstanding
bonds shall be annually carried to the sinking fund
TO redeem the principal Of the said bonds until the
1unu lOr the redemption OF Sucn ponds snail aggre
gate the full amount of the outstanding bonds,
g. And be it enacted, That where by law specific
special tax is required to be raised annually, and
set apart and invested by the sinking fund COM
missioners of any city in this state, to meet the
bonds provided to be paid by SAID specific fund at
their maturity and it shall appear by the report of
said commissioners to the common council for the
fiscal year of one thousand eight hundred and
eghty-two, that the principal sum Of all the bonds
required to be met and paid for at that date or
thereafter is already in the hands of such commits
sioners in securities or cash, or that the annual
addition to the fund in the hands OF such commits
due will, from the annually paid specific tax, equal
or exceed the principal of all of the bonds to be paid
out of such fund without the retention by the
missoners of the annual addition of interest on the
securities held by them security for the payment
of the principal of said outstanding bonds then it
shall be lawful for the common council to which
such annual report Of the commissioners shall be
made, to order and direct, by resolution, that the
interest on the securities held by the sinking fund
commissioners, or so much thereof as they may
deem wise shall be used by the said commissioners
for the payment of the interest on the bonds out
standing and which to be paid out of and by any
particular sinking fund in any city of this state and
to forbear to assess and collect by taxation the
amount Of interest so directed to be paid.
4. And be it enacted, That said commissioners
shall make report of their action under the first
section hereof to the common council of said city
within thirty days after the approval Of this act and
levy for the payment of said principal to which said
transfer is made amount equal to the said excess
so transferred by said commissioners
5. And be il enacted, That this act shall take
effect Immediately
Approved March %, 1888.