The Penn's Grove record., 1892-06-17

An Act authorizing the cities of this state 10 issue
bonds to exchange tor OF pay matured water
bonds.
/. Be IT enacted by the Senate and General
Assembly Of the State of New Jersey, That
whenever any water bonds heretofore issued by any
board Of water commissioners, or other competent
board, in the corporate name of any city of this
state, under the authority of law, shall have ma
tured, the board of water commissioners of sad city,
or other competent board of said city, may issue
bonds equal TO the whole amount OF said natured
bonds, or any part Thereof, in the corporate name Of
the said city, to be denominated on their face (name
of city city water bonds, bearing interest at a rate
not exceeding five per centum per annum, and the
said interest 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 commissioners, OF other COM
petent board as aforesaid, may sell the said bonds
for the best price that can be obtained; provided,
such price is sufficient to cancel the whole amount
of such matured bonds, for which purpose it shall
be applied or the new bonds may be exchanged
for the matured bonds upon the best terms that can
be obtained, which bonds shall be of the denomina-
ton of fifty dollars and ~multiples thereof, and shall
be executed under the corporate seal of said city
and shall be signed by a majority of the members
of the board of water commissioners, or other COM
petent board, and shall be- ceuntersigned 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 issuing the same, and copies of such
record shall be made and delivered to the treasurer
or other proper financial 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 he regis
tered, at the option of the holder.
2. And be it enacted, That in case the revenue re-
ceived from water supplied, shall not in any year
be sufficient TO pay the interest, and all the neces-
sary expenses of the operation If the water works
and supply, an amount equa. to such deficiency
shall lie provided for, and paid by the said city, and
the proper authorities thereof are hereby authorized
and required to assess and raise for that purpose, by
tax, such amount as may be necessary, in addition
to the other taxes authorized by law.
s. And be it enacted. That the water commission
ers of said city, or other board having charge of the
water supply, shall fix the water rents, or p.ices for
water, with reference 10 paying from the proceeds
thereof the interest and principal of the bonds as
they respectively fall due; and such portions OF the
money received as may remain after paying all ex-
penses for maintaining the works and raising and
distributing the water, and salaries, wages and
Incidental charges shall be applied first, to the pay
ment oil interest upon the bonds issued under au-
thority of this act, and next, to the purchase OF said
bonds if the same can be obtained at reasonable
rates, or If that cannot be effected then to be safely
invested and allowed to remain as a sinking fund to
be applied to the payment of the bonds at maturity.
4. And be in enacted, That this act shall be a
effect Immediately.
Apnrnynd March IN 1909