The Sunday tatler and Jersey City express. (Jersey City, N.J.) 1883-1886, 1885-06-14
CHAPTER ccxxIv.
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An act 10 authorize cities in this state to issu
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An act TO authorize cities in this state to issue
bonds for certain purposes.
l. Be it enacted by the Senate and General As
sembly of the State of New Jersey That it shall
and may be lawful for the cities of this state to
issue their corporate bonds for the following pur
poses
First-To pay any present outstanding indebt-
edness heretofore incurred for the purpose of pay
ing any judgment obtained against such city for
bonds of other places for which said city has be-
come liable for by annexation of territory, where
there does not now exist any other provision of
law for the payment of such bonds by said city;
said bonds TO be made payable not more than
twenty years from the date of their issue.
Second.-To provide for existing deficiencies
which have heretofore arisen by reason of the fail
of the city to collect from assessments made in
such city for street Improvements and sewers
enough money to pay the interest on the bonds of
the city issued for the payment thereof, this au-
thority only to be exercised by said city where
such assessments have been pledged or set apart
as fund for the payment and redemption of
bonds heretofore issued to raise money to pay for
said Improvements; and these bonds shall be
temporary bonds, and made payable not more
than ten years from the date of their issue.
. And be it enacted That such bonds shall be
issued by the authority of the mayor and common
council or the board having charge of the finances
of such city under its corporate seal from time 10
shall be used for the purposes aforesaid; such
bonds shall be of the denomination and be made
payable at such time and place as the mayor and
city shall determine, and shall bear interest at
rate not greater than six per centum per annum,
and may be disposed OF at any sum not less than
par
g. And be it enacted That any fund or funds
now pledged or set apart for the payment or re-
demption of the bonds or Indebtedness, in lieu of
which or in payment of which any of the bonds
hereby authorized are issued, shall be and remain
pledged and set apart as well for the payment
and redemption of the bonds hereby authorized
and issued in lieu thereof or in payment thereof
and the interest to accrue thereon.
T. And be it enacted That If at any time here
after sufficient sumshall not be received by such
city from the fund or funds so pledged or set apart
for the payment and redemption of the bonds
heretofore issued to meet and pay the annual in
teres which will accrue thereon, then it shall be
the duty of the mayor and common council or
other legislative body of such city to provide
therefor and supply the deficiency by placing the
amount thereof in the annual tax levy; and no
city availing itself of the provisions of this act
shall hereafter have power to borrow money to
meet deficiencies in interest or bond account I'M
less they shall have first placed money in the tax
levy sufficient to pay such deficiency; and the
money placed in said tax levy for such purpose
shall not be used for any other purpose.whatever
5. And be it enacted, That for all bonds issued
under the authority of this act a sinking fund
shall be created by placing in the tax levy of
such city, in addition to the annual interest on
the bonds SO issued, q sum not less than six per
centum to pay the ten-year temporary bonds and
year bonds, such per centum to be of the amount
of said bonds issued under this act annually,
which amount, when collected, shall be paid to
the commissioners of the sinking fund of such
city, to be by them invested and appropriated to
the payment of the principal of such bonds.
acts inconsistent with this act, be and the same
are hereby repealed and this act shall take effect
Immediately, ---...-..-..--..---
Approved April 90 1885.