The Sunday morning news. [volume] (Jersey City [N.J.]) 1886-1891, 1890-07-20
CHAPTER Cxxx.

An Act TO authorize Incorporated town
ships to fund obligations incurred for
public Improvements.
1. Bo it enacted BY the Senate and
General Assembly OF the State OF New
Jersey, That hereafter 1t shall be lawful
for the board OF township committee or
other governing body OF any Incorporated
township in this state, for the purpose OF
meeting any obligation or obligations
that may be contracted In the proseeu-
.ft0n Of any public improvement author
I1zed by law in such township and the
costs, damages and expenses Of which are
sassessabie In whole or in part upon the
lands specially benefited thereby, TO is
sue either the registered or coupon bonds
lof such township, TO be styled Township
lof Improvement bonds, to
such an amount as such board or govern
ing body shall by ordinance determine.
mot, however. to exceed in the aggregate
Ethe whole cost OF such improvements; such
Ehonds shall be sealed with the corporate
seal OF such township, signed By the
chairman or said board Of township com
IInittee or other governing body, and
lcuuntersigned and registered by the clerk
thereof, and made payable in not less
than one, nor moro than ten years from
the date thereof, and shall bear interest
at rate not exceeding six per eentum
per annum. payable semi-annunlIy.
2. And be IL enacted, That any bonds
1saued under the provisions Of this act
shall be negotiated or sold at public or
private sale at not less than the par or
face value thereof, and the proceeds of
such negotiations or sales promptly APP
propriated and applied to the payment
and liquidation of the obligations in
Cured Tor any public improvement for
which such bonds are issued, and to no
other purpose whatever.
3. And be it enacted, That all moneys
collected and received as principal and
interest for and on account of assess
ments for any public improvement for
which such bonds are issued, are here
by pledged aud appropriated for the
payment Of the principal and interest OF
the bonds hereby authorized 60 be issued
: and all sums of money or balance over
and above the amount necessary TO pay
the principal and interest OF said bonds at
maturity, as aforesaid, or that cannot be
vested in the purchase of said bonds at
par before maturity. shall be safely in
vested in some readily convertible securi-
ties and applied to the payment of said
bonds when the same shall become due
and payable.
4 And be It enacted. That it shall be
the duty of the board OF township com
mitfee or other governing body of said
township. and such board of township
committee or other governing body Of
said township Is hereby authorized and
empowered. by resoiuron, to Tx and de-
termfne annually, on or before the second
Tuesday in May in each year, how much
money is necessary to be raised by taxa
tion to pay the interest on such bonds and
the principal OF such bonds as fall due
within one year from the time of adopt
Ing such resolution. and to order such
sum 10 be assessed and collected for the
purpose aforesaid, copy of which
resolution shall be served by the
township clerk on the township assessor
OF such township. and thereupon the
sum so ordered to be raised shall be as
sessed upon all the ratable and taxable
property in such township, and collected
in the same manner and at the same
time that other township taxes are as
sessed and collected; and the money SO
raised shall be applied to the payment OF
such principal and interest falling due on
said bonds, aud to no other purpose.
s. And be it enacted, That all acts and
paris of acts, whether general, public,
local or special, inconsistent with this act,
be and the same are hereby repealed.
9. And be il enacted. That this act shall
take effect Immediately.
Approved April z, 1890