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

borough shall cause public notice to be given,
by the clerk thereof, of time and place
when said election shall be held; that said
notice shall be given, at least thirty days be-
! fore said election shall be held and shall be
| published in at least one of the newspapers
published and circulating in said town or
| borough and In addition thereto shall be
| posted in at least five public places in said
municipality; that said notice shall also desig-
nate the lands to be leased or purchased las
the case may be- and the price to be paid
| thereforD that the clerk of said town or Dor
/ ough shall provide ballots for each elector
partly printed and partly written, on which
| shall be either the words. % For the resolution
| to purchase tas the case may be) lands for
public parks and places of public resort" or
| against the resolution to lease or purchase
| (as the case may be- lands for public parks
and places of public resort" that the polls
shalt open at seven o'clock in the morning
| and shall remain open until seven O'Clock in
| the evening with the exception of from one
O'Clock to two O'Clock in the afternoon, when
| the same may be closed; that said election
shall be conducted by the town or borough
election officers, who shall return a state
ment of the result of said election to the gov
erning body OF said town or borough as soon
as the same can be made. which shall be
entered in the regular book of minutes of
said town or borough.
3. And be it enacted, That il a majority of
the legal vo ses cast at said election shall be in
favor OF said resolution then the governing
body of said town or borough shall have the
power and authority to lease or purchase
lands for the purpose designated in said res
olutfon and shall have the power and author
ity to issue the bonds of said town or borough
OF the sum designated In said resolution, said
bonds to bear a rate of interest not exceeding
the legal rate, payable semi annually the
! principal thereof to be payable in fifty years,
| or sooner, at the option of said town or bor-
| ough, and IL shall be the duty of the govern
| ing body of such town or borough to make
sale of the bonds so issued, at less not than
| their par value.
4. And be 1t enacted That for the purpose
| of paying the principal and interest of said
| bonds, as the same shall become due, and for
| the further purpose of erecting constructing
and maintaining buildings pavilions road
ways, walks, and for the general Improve
ment OF said public parks and places of pub
lie resort said towns and boroughs are here
by authorized to lease, rent or hire for any
specified time, any part of said property SO ac-
qutred not necessary for public use exclusive
| ly as in their Judgment they deem proper for
such sum or sums of money as they may deem
to the best interests of said town or borough
that the money received for such leases and
privileges us are granted shall first be applied
in payment of such necessary improvements
and repairs rs the governing body of said
town or borough shall have made, from time
i to time. and the balance shall be applied to
: the payment of the interest and principal OF
a said bonds as the same shall become due; said
i tax to be assessed at the same time and col
r iected in the same manner in all respects az
/, the municipal tax of said town or borough IL
= assessed and collected.
5. And be IL enacted, That at least one
II twentieth of the principal sum OF said bond
she taxabIe nroperty i'm said M spWn or borough
I and shall be applied in payment of the prin
d cipal and interest of said bonds as the Sam
t shall fall due and for no other purpose; tina
= should no bonds or interest be due on whicl
/ to apply said money as the same shall be rails
q ed, then in that case the said town or borough
$ authorities shall appoint three responsible
persons as sinking fund commissioners VIII
= shall give bonds the faithful Performance
Z of their duty; that said commissioners shal
> nave power and authority 70 invest sal
Z money in such manner and for such time a
they shall deem for the best interest of sat
town or borough; subject however, to tn
approval of the town or borough authoritie
l aud in such securities as the trustees for tn
D support of public schools are authorized Il
0 invest the moneys of the state
a Q. And be 1t enacted, That this act sha
+ take effect Immediately.
II Approved March T. 1892.