The Sunday tatler and Jersey City express. (Jersey City, N.J.) 1883-1886, 1886-08-01

purchased and the buildings erected, By virtue Of
the provisions Of this act
7. And 1t enacted, That the commissioners
to be appointed by the said Judge Of the circuit
court shall receive such compensation for their
services as the said Judge shah order and direct,
and the same shall be paid, as well rs all other
expenses incident to the condemnation proceed
ings. from the funds provided as herein directed,
for the purchase Of lands and the erection Of
buildings.
s. And be it enacted. That to pay forthe land so
purchased or condemned, and for the damages for
the taking thereof and for the cost of such build
ings and other expenses connected Herewith, the
said city or place may, from time to time, issue its
temporary loan bonds or certificates of indebted,
ness, on which shall be indicated the purpose for
which they we're issued and the proceeds thereof
shall be used only to defray the expenses afore-
said and upon the final completion OF the duties
hereby imposed upon the said commissioners,
they shall report to the said common council or
other governing body TIER proceeding. and shah
make fun and detailed statement OF the eutire
cost OF the lands purchased the buildings erected,
ana of all the expenses incurred by them in the
execution of their duties, and the said common
council or other governing body, upon the ascer-
tainment OF such cost and expenses, are hereby
authorized to issue the bonds of such city or place
for an amount not to exceed three hundred and
nifty thousand dollars, which bonds shall be Of
sueh denomination as the said common council
or other governing body shall direct, and shall be
made payable within not more than thirty years
nor less than ten years from the date of their ISSUE
and Shall bear such rate OF interest not exceeding
hve per cenlum per annum, and be made payable
as The said body may determine, and may be ne
gotated and sold at hot less than their par valie
such bonds shall be denominated market
bonds" and the proceeds thereof shall be used
to retire the temporary bonds or certificates here
by authorized, and for no other purpose whatever.
9. And he II enacted. That the net revenues
from all lands and buildings used for market
purposes in every such city or place shall be de-
voted exclusively to the payment of the interest
which may accrue upon the said bonds and TO
sinking fund for their redemption and payment
when due where not otherwise appropriated by
existing laws and shall, where sinking fund COM
missioners exist in any such city or place, be an
nually paid over TO them for this purpose and
where sinking fund commissioners do not exist,
shall be kept separate and apart from the other
funds Of such city or place and exclusively de-
voted to this purpose.
10. And be it enacted That if after the lapse of
hYe years from the time when said bonds are
issued ii shall be ascertained that the said reve-
nues are insufficient in any such city or place TO
provide fund sufficient to meet the annual inter-
est due upon the said bonds and furnish sinking
fund for their payment and redemption when
due, that it shall be the duty of the common
council or other governing body of such city or
place annually thereafter TO place in the tax
levy and collect such sums in addition to the rev.
enue aforesaid as will be sufficient to provide
fund TO pay such interest aud redeem and pay
such bonds at their maturity.
IL. And be it enacted, That this act shall take
effect Immediately.
Passed April q, 1856.