The Sunday tatler and Jersey City express. (Jersey City, N.J.) 1883-1886, 1885-06-14
CHAPTER cxcv1I1.

An Act to enable townships to maintain sinking
fund.
l. Be 1t enacted by the Senate and General As
sembly of the State of New Jersey, That the
township committee or other governing body. by
Whatever name II may be called of any township
OF this state, is hereby authorized to appropriate
by ordinance or resolution, such sum or sums of
money as they may deem expedient, that may be
paid to said township in pursuance of the pro-
visions of an act entitled IAN act for the taxation
Of railroads and canal property" approved April
tentn one thousand eight hundred and eighty
iour. to constitute sinking fund for the payment
ana redemption of the principal of any otliga-
forthe payment of which said township is law
1ully bound and after the passage of said ordi-
nance or resolution by said township committee,
lne revenues or sum or sums of money so appro-
prlated shall not be diverted to any other purpose
or use until the said obligations shall have been
p PAID OF until there shall have accumulated sufh
cient money to pay the obligations to which said
sinking fund was pledged
2. And be it enacted That after the passage of
SAG ordinance or resolution by said township
committee; and the two resident freehoideYs to be
chosen by said township committee, upon the
nominauon OF said presiding officer shall con-
sutute and be denominated the commissioners
OF the sinking fund of the township of :"
as the case may be; they shall have power to fill
their own number. except in the case of the pre-
siding officer of said township, who shall be q
member of said board ex oficio; each of the COM
mHsIoners shall. within thirty days after his ap-
pointment. take and subscribe the oath of Office
prescribed by law for officers Of said township.
:. AND be 1t enacted. That it shall be the duty
oI the assessor or assessors of said township of the
receiver eftaxes or other proper officer in prepar-
ing tne 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 specifically assessed and
collected and described as interest on sinking
1und debit" the said receiver or other proper
ofncer shall keep his accounts of the same in
separate and distinct columns, and shall desig-
nate ne same specifically in his returns 70 the
township treasurer; all proceedings in relation to
tne collection OF the same and of the arrears there
OF, snail IN all other respects be the same those
said township TREASURER shall set apart out of the
hrst moneys received BY said township under the
provisions of an act entitled IAN act for the tax
ation OF railroads and canal property" approved
April tenth. one thousand eight hundred and
eighty four, such sum or sums of money appro-
prlated by said township committee to the sinking
| iund under the provisions of this act; and said
treasurer shall keep an account separately from
his other accounts Of all moneys collected and re-
ceived by him as principal and interest on account
OF ana assessments, for which bonds of said town
ship shall have been issued and which are o
charge upon said sinking fund: and the said
treasurer Shall Keep his account of all the 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
dlstncl from the moneys and revenues of said
township. and shall pay over the same to the said
commissioners fthe said sinking fund, whenever
the same shall be demanded OF him by them or q
majority oftheln ;and all the moneys aud revenues
specified IN this act, upon the establishment of
said sinking fund as herein provided are hereby
| pledged aud appropriated to the sinking fund Of
said township for The payment of the principal
and interest or The bonded debt of said township
A. And lie it enacted That the said commission
ers shall have the entire control and management
of the bonded debt OF said township; they shall
pay the interest thereon as it becomes DUE all tho
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 there
upon Cancelled by them until the maturity and
final redemption thereof; but all the Interest
accruing OH such redeemed and Cancelled debt shall
continue TO be regularly ASSESSED. levied and col
lectsd and carried this credit lGE said coin