The news., 1885-06-30

appointment, take and subscribe the oatis OF
office prescribed by law for officers OF said town
ship.
8. And be it enacted, That it shall be the duty
of the assessor or assessors OF said township, OF
the receiver of taxes or other proper officer, in
preparing the notices of taxes required by law
to assess. specify and keep separate and distinct
from other items, the amount assessed for the
payment OF the interest upon the bonded debt OF
said township; which amount shall be specially
assessed and collected and described as inter-
est on sinking fund debt;" the said receiver or
other proper officer shall keep his accounts OF
the same in separate and distinct columns, and
shall designate the same specifically in his re-
turns to the township treasurer; all proceedings
in relation to the collection of the same and of
the arrears thereof shall in all other respects be
the same as those in relation to the other t0Wn-
ship taxes; and the said township treasurer
shall set apart out of the first moneys received
by said township under the provisions OF the act
entitled q An act for the taxation of railroads
and canal property" approved April tenth, one
thousand eight hundred and eighty-four, such
sum or sums of money appropriated by said
township committee to the sinking fund under
the provisions of this act and said treasurer
keep an account separately from his other ac-
counts OF all moneys collected and received by
him as principal and interest on account of any
assessments, for which bonds OF said township
shall have been issued and which are a charge
upon said sinking fund; and the said treasurer
Shall keep his account of all moneys and
revenues specified in this section and in this act
separately from his other accounts and shall
hold and keep the said moneys and revenues to
the credit of said commissioners, separate and
distinct from the moneys and revenues of said
township, and shall pay over the same to the
said commissioners of the said sinking fund.-
whenever the same shall be demanded OF him by
them or a majority Of them; and all the moneys
and revenues specified in this act upon the
establishment OF said sinking fund as herein pro-
yided, are hereby pledged and appropriated to
the sinking fund OF said township for the pay
ment of the principal and interest OF the bonded
debt OF said township.
4. And be it enacted, That the said commits
sioners shall have the entire control and man
agement of the bonded debt of said township;
they shall pay the interest thereon as it becomes
due; all the surplus moneys that shall come into
their hands above the amount needed to pay the
interest as aforesaid, shall be safely invested by
them, and applied towards the payment of the
principal of the said debt; provided, however,
that such part Of the above debt, which may be
redeemed or purchased by said commissioners,
shall be thereupon cancelled by them until the
maturity and final redemption thereof; but all
the interest accruing on such redeemed and can
celled debt shall continue to be regularly assessed
evied and collected, and carried to the credit of
no part of the debt shall be purchased or re-
deemed at price above the par value thereof
the said commissioners shall have power to
make such rules and regulations from time to
time respecting the management of said fund,
not inconsistent herewith. as they shall deem
expedient; they shall annually make to said
township committee on the first day of Decem.
ber, or at such other time as the said township
committee shall direct, a full and detailed re-
port of the state OF said fund; in case the said
township committee shall desire to pay any por-
ton of the bonded debt of said township before
its maturity, from other funds in their control
the same shall be done through the said COM
mssioners, who shall receive the said moneys
from the township committee and redeem and
cancel such of said bonds as they may direct,
provided the same can be procured, and render
report thereof to the said township committee
8. And be it enacted, That in case said COM
missioners find, at any time before the maturity
of the said bonded debt, that the amount OF
moneys in their hands viii enable them to pay
said bonded debt at their maturity, together with
the interest thereon, they shall immed there
upon report the said facts to said township
committee, who shall thereupon cause to be
levied the tax authorized for the payment of the
interest upon said bonded debt, and shall re-
peal all ordinances or resolutions, raising anv
other moneys for the use OF said sinking fund
and the said commissioners shall take such
MEASURES W cdH III anu Teucci S;ilu DOnuS as
they may deem eXpedient.
6. And be it enacted, That the said township
committee shall, by ordinance or resolution fix
the yearly compensation Of said commissioners,
which shall include and cover all the expenses
of said Office; and shall also from time to time
determine the amount in which said commits
si0ners shall give bond, and the number of their
sureties; and the said commissioners, before
entering upon or discharging the duties Of their
said Office, shall execute a bond to the said town
ship, in the corporate name thereof, in such an
amount and with such number of sureties as
aforesaid, conditioned for the faithful perform.
ance OF all the duties OF their said Office which
bond shall be eapproved by the supreme court OF
this state, or any justice thereof
Z. And be it enacted, That all acts and parts
of acts, general, public, local or Special incon-
sistent with this act, be and the same are hereby
repealed, and that this act shall take effect
Immediately.
Approved April 90 1880