Gloucester County Democrat. (Woodbury, N.J.) 1878-1932, 1884-05-29
WOODBURY.. Nj. THURSDAY. My %, 1884


l. Be it enacted by the Senate and General
Assembly oi the State OF New Jersey, That it
shall be lawful for any board in any city Of this
State having the control OF the supply and dis
tributlcn of water in addition to the bonds
already issued, to issue water bonds in the name
and under the seal of the mayor and common
council of any such city aforesaid in any sum not
to exceed twohundred and twenty five Thousand
dollars, and to Lear interest ut rite not ex-
ceeding five per centum per annum, payable
semi-annually, and to make said bonds re-
deemable at the expiration OF thirty years from
the date Of issue The eof, which bonds such
board aforesaid may negotiate and sell for the
best pr1ce that can be obtained therefor, not
less than the par value thereof and it shall be
the duIy and such board is hereby required to ap-
ply the proceeds Of the sale Of such bonds to the
payment Of the iempor ry loans and floating
Indebtedness due or which may hereafter be
contracted by such board; and such bonds
shall be issued i'll the same manner and under
the sIme rules and regulations and the same
liability for the paym, mt of the same ON the
part Of such city as is prescribed b. law re-
specting water bonds heretofore issued by or on
behalf of such board.
2. And be it enacted, Thnt for the purpose
Of the ex ension oil re water mains by any
snch board Of any city of this state, II shall be
lawful Tor any such board to Issue bonds in the
name and under tbs seal Of the city af iresaid,
in addition to the bonds in the first section Of
this act authorized to be issue = to an amount
no; exceeding twenty thousand dollars per aA-
mum; such bonds shall bear rate Of interest
not exceeding five per cenrum per annum, ad
shall b. red emnbe at the expiration of thirty
years from the date Of thei sue thereof, which
bonds such board may sell for the best price
such ard can obtain for the same, but not
less than the par va ue tn reof, and such
b nds shall be issued in the same manner and
under the same rules and regul ,tions, and with
the same liability for the payment thereof on
the part Of any such city, as is prescribed by
law respecting water bonds heretofore issued
by such board; pro ided, that The annual issue
OF twenty thousand dollars of bonds by such
board hereby authorized, shall wholly cease
whenever the net revenne received by such
board from water rents sh II amount to the
sum of twenty thousand dollars annua ", in ex-
cess OF the annual running expenses of such
board and the interest necessary to be paid on
the bonds heretofore and hereafter issued by
or on behalf OF Bny such board and in sny event
shall cease In the year one thousand eight hun
dred and ninety two; and provided, further,
that whenever the net revenue received from
water rents by such board shall exceed the
amount OF the running expenses thereof during
any year, together with The interest aid during
su, h year, bs such board, on the bonds issued
by or on behalf Of such board, then during the
succeeding year thereafter such board shall is
sue only so much,t such annual sum Of bonds,
by this section authorized 10 be issued, as shall
be necessary, together with such excess in
receipts from water rents over the running ex-
penses and interest aforesaid 10 make up the
sum OF twenty thousand dollars for the purpose
aforesaid.
3. And be it enacted, that in order to create
fund for the payment 1T their maturity Of the
bonds by the provisions of the foregoing Sec
tons of this act authorized to be issued by said
board as aforesaid, it shall be the duty Of such
board, at the beginning Of each municipal year,
to make a careful and accurate estimate OF the
amount Of money, which will be necessary to
raise the sum of three per centum Of the
amount of the bonds issued under the provi-
sions OF this act, and to report the same to the
city board having the control Of the finance Of
such city at or before the first regular meeting
OF such board in The month of March in each
year; and such board aforesaid sh II thereupon
assess and levy the said sum by the tax ordi-
nance Or resolution Of tn year, and all pro
ceedings in relation to the collection of the
same, and the arrears thereof, shall be the same
rs those in relation to the other taxes of such
city aforesaid; the city treasurer Of such city
shall keep his account of the moneys so re-
ceiyed separately from his other accounts, and
shall pay over the moneys so by him received
to the sinking fund commissioners of such city,
and every year; and in case the amount so as
sessed and raised in any year shall be more than
sufficient or less than sufficient than the said
sum OF three per ceatum OF the amount Of
bonds issued by such boald under the provi-
sions of this act, then such excess or deficiency
as the case may be, shall be reported by such
board to the board having the control of the
finances Of such city in any annual stateme t
provided to be made by such board in the year
fHar1 axfa ar71f thu tn be
assessed and levied by such board as aforesaid
shall be increased diminished accordingly,
and such board of sinking fund commissioners
is hereby authorized and required to invest any
such sums so received from the treasurer of
such city as aforesaid, from time to time, as
such board Of sinking fund commissioners shall
think proper, as n sinking fund for he redemp-
ton OF the bonds issued under and by rtue OF
the provisions Of this act; and such board OF
sinking fund commissioners respectively shall
have the power to make such rules and regula-
tions respecting the care and management OF
the said fund as such board of sinking fund
commissioners respectively shall deem proper
and expedient, but in no other way shall any
part of such fund at any time bs used in any
manner inconsistent with the provisions Of this
act; and the said board of sinking fund COM
missioners respectively shall keep accurate
accounts of the said fund, in distinct and
separate books OF account, and shall annually
make full and detailed report OF the condition
and state Of such fund to the city board Of their
respective cities having the control OF the
finances thereof.
4. And be t enacted, That no city board
shall exercise any power under this act while
the bonded Indebtedness of such city exceeds
fifteen per centum of IFS ratables liable to
municipal taxation in such city.
5. And be il enacted, That such city
board shall require the board having the control
of the finances of any city, to raise by direct
tax any sum for interest or deficiency on water
account, exceeding eighty thousand dollars per
annum.
6. And be it enacted, That all acts and parts
of acts, public, general special, local or private,
inconsistent herewith, be and the same are hereby
repealed, and this oct shall be deemed, taken
and construed to be a general public act, and
shall take effect Immediately.
Approved March 6, 1884.