The Lambertville record. [volume] (Lambertville, N.J.) 1872-1968, 1892-07-06
CHAPTER LII.

An Act authorizing the cities of this state to issue
bonds to exchange for or pay matured water
bonds.
l. Be it enacted by the Senate and General Assem-
bly, 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 of any city of this state under the
authority of law, shall have matured the board of
water commissioners OF said city, other compe-
ten; board of said city may issue bonds equal to the
whole amount of said matured bonds, or any part
thereof in the corporate of the said city, to be
denominated on their face (name of city city water
bonds, bearing interest at rate not exceeding five
per centum per aDnum, 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 or other competent board as afore-
said 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 denomination 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 competent board and shall
be countersgned by the mayor of said city, and
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, other proper nan-
cial 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
holder.
q And be it enacted That In case the revenue
received from water supplied shall not in any year
be sufficient to pay the interest and all necessary
expense of the operation OF the water works and
supply, an amount equal TO such deficiency shall be
provided for and paid by the SAID city, and the
proper authorities thereof are hereby authorized
and required to and raise for that purpose by
tax, such amount as may be necessary, In addition
to the other taxes authorized by law.
3. And be il enacted, That the water commits
sioners OF said CITY, other board having charge of
the water supply, shall fix the water rents or prices
for water, with reference to paying from the proceeds
thereof the interest and principal of the bonds as
they respectively fell 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, aud salaries wages and in
oidental charges shall be applied FIRST to the pay
ment OF interest upon the bonds issued under
authority of this act, and next to the purchase of
said bonds If the same be obtained at reason
able rates. 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 il enacted That this act shall be pub
lie act and shall take effect Immediately.
Approved March 10, 1892.