The Sunday morning news. [volume] (Jersey City [N.J.]) 1886-1891, 1890-08-10
CHAPTER CcxLvIrF.


An Ac5 authorizing cities 10 renew ms
turing bonds
l. BE It enacted by the Senate and Gem
eral Assembly of the State of New jersey.
That whenever any bonds heretofore
legally issued by any Incorporated city in
this state under authority OF law. shall IL
any time or times hereafter prior to tha
urst day Of January, one Thousand eight
hundred and ninety-four, become due.
the board OF aldermen. common council
or other board having charge and
control OF the finances Of such city.
with the approval Of the mayor
Of such city, may renew said IN
debsedness or any part thereof By the
Issuing Of the bonds Of said city for that
purpose; provided, however. that no such
bonds shall be renewed IN cases where
tnere are moneys or securities IN any
sinking fund of such city specifically aD-
propriated Tor the redemption of said
maturing bonds until after the moneys
and securities Of said sinking fund 70
specifically appropriated shall have
been exhausted ia the payment OF ma
turing boRds
2. Aud be it enacted, That the bonds 70
be issued under the provisions OF this act
shan De made payable at periods not ex-
ceedlng thirty years from the date Of is
suing tbs same. and shalt draw such rate
Of interest not exceeding thirty years
from the date Of issuing the same, and
--4e~-A ItsftN EAkNA AeApr VI lUlSEE8t 4OL &X
ceeding i've per centnna per annum. aud
be IL such sums as the board having
charge and control of the finances Of said
city shall determine, which bonds shall
be executed under the corporate seal OF
said city, and the signature Of the mayor,
comptroller OF other proper financial
aIflcef thereof, and may be either regis-
tered Or coupon bonds as said board may
direct, provided that In order to redeem
the bonds Issued under the provisions Of
this act at maturity, it shall be the duty
Of the board having charge and control
Of the finances of such city to establish q
sinking fund, which shall be created
either by special tax OF not less than
two per centum on the issues herein pro-
vided for, 70 be raised n each annual tax
levy, or from collections OF assessments
for improvements In cases where tho
bonds hereby authorized to be reissued
were originally issued to pay Tor street
and sewer Improvements in such city, or
from the collections Of water rents in
cases where the bonds hereby authorized
10 be reiss1ed were originally issued for
the water department of such city, or by
taxation and from such collections at the
option of said financial board.
8. And be it enacted, That the interest
on the bonds hereby authorized to be is
and paid by a special tax or appropriate
ton. to be annually levied and collected
as other taxes IN such city are now or
may hereafter be levied and collected and
the whole q each year's interest shnII
be so raised, levied. collected and paid
within each year, provided, that the in
teresl on all bonds re-issued in place or
maturing water bonds shall be paid out
of the collections for water rents in such
city for said year.
1 And be It enacted, That the board Of
aldermen common council or other board
having charge and control Of the finances
Of such city, mar dispose Of the bonds
hereby authorized at public sale for the
best prices that can be obtained for the
same, but for not less than par, which
issues aud sales may be MADE Ia anticipa-
tion Of the retirement OF said maturing
bonds, aud the said bonds aud all moneys
derived from the sale thereof shall be in
vioiably applied and used for the payment
of said maturing bonds p; and provided,
that no Increase in the bonded indebted
ness Of such city shall be made under this
act.
). And be itenaeted, That this act shah
take effect Immediately.
Approved june 8, 1900.