The Sunday tatler and Jersey City express. (Jersey City, N.J.) 1883-1886, 1886-08-01
LAWS OF NEW JERSEY.
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BY AUTHORITY

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me CITY c1erH, ana shall De nr suun uYm Us sale
governing board shall fix and determine and may
be either registered or coupon bonds; said bonds
hall bear interest at rate not exceeding five pc
centum per annum, and shall be made payable at
such periods of time as said board shah deter
mine not exceeding thirty years from the date
thereof; that 1t shah be the duty of the city treas
urer of said city to sell said bonds for the purpose
of meeting the payments aforesaid, at not less
than their par value; and that all bonds hereto
fore issued by any city for the purposes aforesaid
are hereby ratified and validated to the same ex-
tent if said bonds were issued after the passage
And be It enacted, That all Moneys received
by such city for water rents and penalties thereon
shall be applied first TO the payment of the water
furnished by the city authorities owning and con-
trolling its own water works 70 the city making
the contract therefor provided in the first sec
ton of this act; next. to the payment of the in
expenses of repairing and maintaining the water
pipes, hydrants and other apparatus distributing
the water and the salaries, wages ard incidental
ance, which shall not be less than three per cen
tum of the water bonds then outstanding, shall
be applied to the purchase and retirement of said
bonds, if the same can be obtained at reasonable
rates. or if that cannot be effected then such bal
anee shall be safely invested by the commissioners
of the sinking fund of said city, if any there BE-
and If none, then by the said governing body,
and allowed to remain as a sinking fund, to be
applied to the payment of said bonds at maturity.
To- And be it enacted. That the board of coun-
on or before making up the annual ordinance
providing for the tax levy for municipal purposes,
careful estimate 10 be made of the interest
on the water debt and the retirement of three per
centum of the water bonds then outstanding, and
the cost of purchasing water supply under said
contract. of managing aud Keeping In repair and
operation said water department for the ensuing
year, and of any deficiency from former years in
said water department, and of the amount likely
to be received during the siae year for water
rents, and of the deficiency. if any, of such re-
ceipts for the payment of such expenditures and
said estimated deficiency said city shall raise by
tax as other taxes assessed, levied and col
lec:ed that it shall be the duty of said board of
councilmen or other governing body of said city
10 add TO the deficiency 81 reported five per CEN
tum to cover losses and contingencies and TO
assess such deficiency so increased upon oil the
taxable property in said city in the same manner
as other taxes are assessed; and said taxes shall
be collected by the collector and other officers of
said city who are by law required to collect taxes
and if not paid at the time required by law for
the payment of other city taxes shall be collected
by warrant and in the same manner as other taxes
are collected in said city, and shall be lien upon
the property wherein the same are assessed in
like manner.
IL And be it enacted, That whenever the word
city is used in this act 1t shall be construed to
refer to the city obtaining water supply. as pro-
vided in the first section of this act except where
otherwise stated
II. And be it enacted, That this act shall take
effect Immediately.
Passed April o. 1886.