Gloucester County Democrat. (Woodbury, N.J.) 1878-1932, 1886-08-05
I CHAPTER. xv
An act to provide for the issue of bonds by
school districts to take up matured or MAJ
turing bonds

school districts to take up matured or ma
turing bonds.
/. Be It enacted by the Senate and General
Assembly of the State of New Jersey, That
whenever 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 renewals 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 or any part there
of should be renewed by the execution of new
bonds, the trustees or 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
provided such renewal issue shall be author
lied 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 a majority of them and at
tested by the clerk of the said district, which
bonds shall be made payable at periods Of
time not exceeding fifteen years from the date
OF issuing the same, and they shall bear inter-
est at a 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 de-
ter1mine, and which bonds shall have coupons
attached for current payments of interest
which coupons shall be atteSted by the clerk of
the district and bear its seal and shall be num-
bered to correspond with the bond to which
they shall be respectively attached and any
bonds SO issued shall be numbered and proper
registry thereof be kept by the said clerk and
such bonds may be sold at public or 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 cancella-
ton OF such outstanding bonds; or said re-
newal bonds may be exchanged on an equal
basis of principal and interest for such out
standing bonds; and the said bonds SO re-
deemed shall be forthwith Cancelled by the
said trustees.
2 And be it enacted, That the bonds Of the
several school districts of this state, SO issued
70 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 districts as well as the property of
the said districts; and the property of the in
habitants as well as the property of the dis
trictS shall be liable for the payment Of the
same; provided, that IN all cases copies Of all
resolutions, papers and proceedings authoriz-
ing the issuing Of sIlch bonds shall be submit
ted to the attorney general for his approval of
the legality of the same, who shall receive
such compensation for the examination there
OF as shall be fixed by the trustees for the SUD-
port of public schools, which sum shall be paid
by the districts issuing such bonds
.. And be it enacted, That whenever any
district shall order and authorize the issue Of
bonds for the purpose aforesaid, it shall be the
duty of the district clerk of such district, each
and every year next before any such bond
shall mature, to issue the warrant of the dis
tr1ct, signed by the trustees and attested by
the clerk under the seal of the district, to the
assessor or assessors of the township or town
ships in which such district is situate, direct
ing him OF them to assess upon the inhabi-
tants of said school district, and their estates
and the taxable property therein, an amount
sufficient to pay the bond or bonds of the dis
trict then next maturing, together with the
interest accruing upon the whole issue of the
unpaid bonds of such district which warrant
so issued as aforesaid shall be duly executed
by him and the moneys be assessed, levied and
collected; and the collector shall pay over, on
the written order of the district clerk of said
district, all moneys SO collected by him.
A. And be it enacted, That on the taking
up of such outstanding bonds, or on the pay
ment of any bond of any school district, now
issued or hereafter to be issued, the trustees of
the same as Cancelled; and when so marked
and Cancelled they shall be deposited in the
office of the state superintendent of public in
struction.
s. And be it enacted, That the treasurer of
this state, under the direction of the trustees
for the support Of public schools, is authorized
to invest the funds for the support Of public
schools in this state in such renewed bonds of
the several school districts of this state, or to
exchange therefor other bonds of the same dis
trict
g. And be it enacted, That this act be
deemed public act and take effect immedi-
ately.
Approved February Is, 1885,