The Sunday tatler and Jersey City express. (Jersey City, N.J.) 1883-1886, 1886-07-25
CHAPTER XIV.

An Act to provide for the issue of bonds by school
districts to take up matured or maturing bonds.
/. Be it enacted by the Senate and General
Assembly of the State of New Jersey, That when
ever any bonds shall have been legally issued for
the purpose of purchasing land and building
school houses by any school district in this state,
under authority of law, or any renewal or renew
ais thereof, and the same shall be due or unpaid
or outstanding, and whenever it may be desirable
for the interests of the district that the same
any part thereof should be renewed by the exc
cution of new bonds, the trustees a majority of
them of such district are hereby empowered to
renew such outstanding bonds or any part thereof
by the issuing of new bonds for that purpose in
the name and under the seal of said district, pro-
yided such renewal issue shall be authorized by
said district at meeting specially called to vote
thereon and such bonds shall be in the general
form and manner of the bonds heretofore issued,
signed by the trustees of said district or majority
of them and attested by the clerk of the said dis
trict which bonds shall be made payable at peri
DDS of time not exceeding fifteen years from the
date of issuing the same, and they shall bear in
terest at rate not exceeding six per centum per
annum, and be issued in such sums of not less
than one hundred dollars nor more than one
thousand dollars as the said trustees may deter
mine, and which bonds shall have coupons at
tached for current payments of interest, which
coupons shall be attested by the clerk of the dis
trict and bear its seal, and shall be numbered to
correspond with the bond to which they shall be
respectively attached; and any bonds so issued
shall he numbered and proper registry thereof
be kept by the said clerk and such bonds may be
sold at public private sale for the best attainable
price, but at not less than par, and the money so
realized shall be at once applied to taking up and
cancellation of such outstanding bondss or said
renewal bonds may be exchanged on an equal
basis of principal and interest for such outstand-
ing bonds; and the said bonds so redeemed shall
be forthwith cancelled by the said trustees.
Q And be it enacted, That the bonds of the sew
eral school districts of this state, SO issued to
renew bonds heretofore or hereafter legally issued
for the purpose of purchasing land and building
school houses shall be lien upon the real and
personal estates of the inhabitants of the said dis
tricts well as the property of the said districts
and the property of the inhabitants as well as the
property of the districts shall be liable for the
payment of the same provided, that in all eases
copies of all resolutions, papers and proceedings
authorizing the issuing OF such bonds shall be
submitted to the attorney general for his approval
of the legality of the same, who shall receive
such compensation for the examination thereof
as shall be fixed by the trustees for the support
of public schools, which sum shall be paid by the
districts issuing such bonds
8. And be it enacted, That whenever any dis
trict shall order and authorize the issue of bonds
for the purpose aforesaid il shall be the dutytof
the district clerk of such district each and every
year next before any such bond shall mature, ito
issue the warrant of the district, signed by the
trustees and attested by the clerk under the seal
of the district to the assessor ofsthe
township or townships in which such district is
situate, directing him or them TO assess uponlthe
inhabitants of said school district and their estates
and the taxable property therein, an amount suf-
Gent to pay the bond or bonds0f the district then
next maturing, together with the interest accrulng
upon the whole issue of the unpaid bonds of such
district which warrant SO issued aSaforesad shall
be duly executed by him and the moneys be
assessed, levied and collected; and the collector
shall pay over, the written o1derofthe district
clerk of said district ali moneys so collected by
him.
4. And be it enacted, That on the taking up OF
such outstanding bonds or on theipayment of any
bonds of any school district now issued or here
after to be issued, the trustees of the district shall
forthwith stamp and mark the same as Cancelled
and when SO marked and Cancelled they shall be
deposited in the Office of the state superintendent
of public instruction.
s. And be it enacted, That the treasurer of thi.
state under the direction of the trustees for the
support of public schools is authorized to inves
state in such renewed bonds of the several schoo
districts of this state or to exchange therefor oe
bonds of the same district.
8. And be it enacted, That this act be deemed G
public act and take effect Immediately
Approved February Is, 1885.