The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1891-05-25
Cvm

An act authorizing the cities of this state
to renew maturing water bonds.
l. Be it enacted by the Senate and Cen
eral Assembly Of the State Of New Jersey,
That whenever any water bonds hereto
fore issued by any board Of water CON-
m~issioners or other competent board. in
the corporate name Of any city Of this
state, under the authority of law, shall
hereafter mature, and shall be held By
any savings Institution Of this state which
is now under the control of the chancellor
Of this state under and by virtue of an
order or decree made under
the authority Of an act approved
April dflh. one thousand eight him.
dred, and seventy eight, entitled "a
supplement 10 an act entitled An act
concerning savings banks approved
April twenty-drst, one thousand eight
hundred and seventy-six," the board of
water commissioners Of said city. or any
other board of said city, if there be no
board of water commissioners. having
charge of the finances Of said CITY, may
renew the whole amount OF said matur-
ing bonds, or any less part thereof, by the
issuing in the corporate name of said city.
bonds to be denominated on their face
lname.ot city city water bonds. bearing In
terest at a rate not exceeding dive per
centum per annum. and the said in
teres1 shall be paid semi-annually, and
the principal Of said debt shall be payable
at periods not less than ten nor more than
fifty years from date; and the water COM
mlssiones, or other competent board as
aforesaid, may exchange the same tor
said maturing bonds upon such terms
as the chancellor may direct. which bonds
shall be Of the denomination of
fifty dollars aud multipies thereof.
and shall be executed under the cor
porate seal OF said city and shall be
signed by a majority of the members Of
tho hoard nf Wafar eprn nfcafnnaru ~
board having charge OF the finances of
the city, If there be no said board of
water commissioners, and shall be coun-
tersigned by the mayor OF said city: and
a record of all bonds issued or disposed
Of shall be kept by said commissioners,
or the board having charge Of the finances
Of the city, il there be no board of water
commissioners. and copies Of such record
shall be made and delivered to
the treasurer or other proper flnan-
ciaI officer of said city; said bonds
shall have coupons attached for every
half years interest until due, or may be
registered, or the principal OF the coupon
bonds may be registered, at the option Of
the holder.
2 And be 1t enacted, Thatin case the rev.
nue. received from water supplied shall
not in in u year be sufficient TO pay the
interest and all tue necessary expenses OF
the operation of the water works and
f4VDA4s Ill 6AlOQAl CQ4dA " euC4 IT.
deiency shall be provided for and paid By
the said city, and the proper authorizes
thereof Of are hereby authorized and re-
Quired 10 assess and raise for that pur-
pose, by tax, such amount as may be
necessary in addition to the other taxes
authorized by law.
8 And be it enacted. that the Water
Commissioners Of said city, or other
Board having charge Of the water supply,
shall fix the water rents or prices for
water. wilh reference TO having from the
proceeds thereof the interest and princi-
pal Of the bonds as they respectively fall
due: ana such portions of the money re-
ceived as may remain after paying all ex-
penses for maintaining the works and rails
ing and distributing the water, and salar-
les, wages and incidental charges shall be
applied first 10 the payment of interest
upon the bonds issued under authority of
this act. and next 10 the purchase of said
bonds if the ann can be obtained a.
reasonable rates. or if that cannot be eff
fecte then to be safely invested and al
lowed 70 remain as a sinking tuud TO be
applied TO the payment Of the bonds at
maturity.
4 And be it enacted, That this shall be
a public act. and shall axe effect imme-
distely.
Approved March Il, 1891.