The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1892-07-27
CHAPTER CLxII.

S1&6A1 4G1b SdAl1
An act to authorize cities of this state to
issue bonds to provide for the payment
OF indebtedness heretofore incurred for
street and sewer improvements, in an
~ticipation of the collection of assess
ments.
/. Be it enacted by the Senate and Gen.
eral Assembly of the State of New Jersey,
That it snail be lawful for any city
in this state, not having power in its
charter or otherwise to issue bonds for the
purpose hereinafter mentioned, by and
through les common council or other gov
erning board having control of the fin
ances thereof. from tune to time to bor-
row money for the use of said city ia such
sums as they may think best, in anticipa-
ton OF the collection of assessments here
tOfore or hereafter to he imposed, for
work heretofore done aud c0mulated Tor
street aud sewer improvements In such
city, aud the money 50 borro wed shall
net at any time exceed the costs of such
improvements. or where an assessment
for benefits has besn or shall hereafter
be laid, the amount OF such assessment
aud the same shall be secured By the
issue of bonds, payable in not exceeding
ten years. Il drawn in such form aud
payable in such manner as ths said COM
mon council or other governing board
may fix and determine, and shall be
either registered or coupon bonds and
shall bear interest at not exceeding six
per centum per annum, and shal not be
sold at less than par.
Q. And be it enacted, That all moneys
received as principal and interest on ac-
count of the said assessments for street
and sewer improvements, in anticipation
of which bonds shall be issued by virtue
of the provisions of this act. are hereby
pledged and appropriated to the commits
sioners of the sinking fund of said cities
fop 10 r,rr @rf ~ rl.o s--s- .-.I T.
terest of the bonds hereby authorized to
be issued, and in any city where there are
no com missioners of the sinking fund.
such board shall be created by said city
before issuing any such bonds.
3. And be it enacted, That it shall tie
the duty of the said commissioners of the
sinking fund, or such board or depart
ment of any such city, to pay the interest
on the above mentioned bonds as the
same may fall due, aud all surplus money
that may come into their hands above the
amount needed to paw the interest as
aforesaid shall be safely invested by them
as now or may hereafter be required by
Law in Such CITY q applied to the pay
ment of the said bonds as they shall fall
due.
4. And be it enacted, That the amount
for which bonds sba | be issued by any
city under the provisions of this act, may
be in excess OF any limitation In its char
ter or supplements thereto us to the
amount of its bonded Indebtedness.
s. And be it enacted, That in any case
where the courts shall determine that no
assessment can be legally imposed, for
such improvement, and the expense
thereof would have to be paid by general
tax. that 10 such case one-;euth Of all
such expenses that cannot be assessed
shall be levied each year by a tex upon
the ratabies Of said city, and the money
thus collected shall 90 into said sinking
fund to pay the bonds issued under this
act.
6. And be it enacted, That this act shall
be Il public act and take effect immsdi-
ately.
Approved March 90. 1892.