The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1892-07-29
CHAPTER CXCvI.
An Act concerning boroughs.

&ASS NV 4aAAE
l. Be it enacted by the Senate and Cen
eral Assembly of the State of New Jer-
sey, That 1t shall be lawful for the coun-
Gil or other governing cody of any bor-
ough In this state to issue bonds of the
said borough under the signature Of the
mayor aud Borough clerk, with the cor
porate seal affixed, TO be styled Improve.
ment bonds" the aggregate of which
said bonds shall not at any tins exceed
ten per centum of the amount of the a.
sessed valuation Of the property In the
said borough as shown by the assessors
duplicate for the preceding year.; the said
bonds to be issued in such sums, payable
at such time or times. not longer than
twenty years, and bear inter. EST payable
semi-annually ut a rate not exceeding SIX
per centum pei annum, as the council
shall by ordinance direct
2. And be 1t enacted, That the proceeds
Of said bonds shall be appropriated, by
council only. to the payment aud cancal-
lation of such Indebtedness as shall have
been previously incurred or may be in-
Cured by such borough. by ordinance
duly passed. for street or other improve
ments, for protection of property from
encroachment of the sea-, for lighting, for
water. for drainage, for protection of
property from, fire. or for laying out, open
ing, widening, vacating, altering. grading
or extending Of streets, avenues, roads,
CANA@ a. NAN 1905 " VIZ Lex q
Ing. paving. graveIing, curling. cleaning
and Keeping 10 repair of the am aud for
such other u necessary public improve
ments as shall be within the pow ers of
the council of said borough by virtue of
the acts under which the same are incor-
porate |, or suen other and further acts
applicable thereto as may be now or here
after enacted.
3. And be it enacted, That no such issue
bonds shall be made uutil the people Of
such borough shall vote upon the issue of
such bonds, and If u majority of such le-
gal voters voting at such election shall
vote against such issue then no sue issue
of bonds shall be made.
4. And be it enacted, That whenever in
the Judgment CT the council it shall be
necessary to issue bonds as Aforesaid,
they may by resolution fix the amount
thereof necessary to be issued, and upon
resolving and fling In the Office of the
borough clerk a petition or consent, in
writing, signed by the owners of more
h one-half in value of the taxable
property in said borough, as shown by
the assessors duplicate for the preceding
year. which petition or consent shall, as
TO each property owner, specify the loo l.
ton and assessed value of his or her said
property as shown by said duplicate, may
direct a special election held to determine
the question OF such issue, of which special
election at least thirty days notice shall
be given by advertisements signed by the
borough clerk aud posted 10 at least three
public places In such borough, and print
ed once each week for at least three
weeks in a newspaper printed and pub
lished in said borough, IL any such exist,
or if not, then In the county wherein said
borough is situate.
5. And be it enucte1, That at such spec
ial election the only question submitted
shall be lin favor of issue of improve
ment bonds" or against issue of im-
provement bonds.n which election shall
be by ballot, shall be held by the election
officers of such borough upon the day aD-
pointed by ordinance, and the polls shall
be kept open the time provided by law.
g.. And be it enacted, That when the
council of any borough shall issue bonds
as herein provided, it shall and may be
lawful for the said council to order and
cause to be assessed aud raised by tax
every year such sums of money in addi-
ton to other moneys to be raised by said
borough, as may be requisite to pay the
interest on said bonds and so much of the
principal thereof as they may deem
necessary and expedient. and to provide
for the payment of said bonds when due.
Z. And be it enacted. That this act
shall be II public act and shall take effect
immediately.
Approved March %. 1892.