The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1892-02-18
HUDSPBTH'S WATER BILL
What 1t Provides and What
May Be Done In Pur-
SuanCe of 1t.
FULL TEXT OF THE MEASURE.
A Matter That Interests Every
One Who Believes In A
Pure and Wholesome
Beverage.
FULL TEXT OF THE MEASURE.


NEWS to the new water bill introduced by
mir. Hudspeth as supplement- to the bill
first introduced by him looking to con-
.demnation proceedings AS the matter
is one of great Importance to Jersey City
the full text of the bill is given below
a further supplement to an Act entitled
"An Act to enable cities to supply in
hdabt0ntS thereof aUttit pure and WlOte-
some lUdter. GppraUed April 81, 1876"
l. Be it enacted, &C., that where any
city shall PROCEED under the act to which
this is n supplement-, or under any of the
acts amendatOry thereof or supplemental
thereto, to procure new or additional
water supply for it's inhabitants by the
condemnation, either of a joint interest
in and use of an aqueduct and storage
reservoirs, dams aud works, or any OF
them, for collecting, storing, diverting
and conveying the water of any stream,
river, pond, or lake of potable water in
this State, or of the right to connect with
and draw water from any such aqueduct,
storage reservoirs, dams OF works
as aforesaid, or from such stream,
river, pond or lake by an independent
pipe or otherwise, it shall be lawful for
the Board having control OF the finances
of such city to borrow money for the
purpose of defraying all the expenses
and the cost of acquiring such rights. or
a joint interest in and use of an aqueduct
and works as aforesaid, and to detray the
expenses and the cost of such other lands,
waters or rights, and of the purchase of
materials. and of the construction or ac-
QUESTION of all structures, apparatus and
works necessary to the full accomplish
ment of the purpose or providing such
new or additional water supply; and as
security for the payment of such money
said Board may issue bonds therefor un-
der the seal of such city, bearing interest
not to exceed five per centum per annnm.
payable seml-annually, and pledge the
property of SUCH city for the payment
thereof, which bonds shall be signed by
the Mayor and such other officers or said
city as are required by law to sign water
bonds and shall be known as Aqueduct
Stock, and shall mature and become
payable not more than thirty years from
the date thereof, and shall be sold at not
less than their par value.
Q. That where bonds are issued under
the authority conferred by this act. the
net amount Of the bonded indebtedness
of such city shall not be increased by
such issue SO as to exceed 10 per centum
of the aggregate value OF the real and
personal property therein returned and
assessed for taxation, including the real
estate (other than the main stem) of any
Railroad or Canal Company separately
assessed in such city by the State Board
of Assessors; and for the purpose
of this act the net amount
of bonded Indebtedness of such
city shall be determined by deducting
from the aggregate amount of bonds Of
such city, of every kind outstanding, in
Guiding temporary loan bonds and i'm
Drovement certificates, first, the full
amount of cash and securities (at the par
value thereof held in the sinking fund,
or sinking funds, of such city; second,
the full amount of adjusted arrearages of
unpaid taxes, assessments and water
rates or water rents remaining unpaid,
whereof the net proceeds are ap-
plicaDle, according to law, eXclu-
sively to the payment of the bonded in
debtedness of such city while any of its
bonds remain unpaid; third, two-thirds of
the amount of Indebtedness due such
city on account of other unpaid assess
ments and taxes, except taxes for city
purposes which have become due within
the fiscal year in which such Aqueduct
Stock shall be issued; fourth, two-thirds
OF all amounts due the city on account of
unfinished street and sewer improve
ments.
8 That all the revenue received by
such city from water rents and sales Of
water. in any fiscal year. after deducting
Jherefrom the amount that may be re-
quired to meet the current expenses of
the water department. for maintenance
and operation of the water works (but not
for extensions thereof. or of the pipes and
water mains) shall be devoted and set
aside, first. to the payment of the interest
on it's bonded water debt, including the
bonds authorized in this act; second, to
the creation of Il sinking fund for the
payment of the principal of the bonded
water debt, of two per centum
per annum of the whole amount
of water bonds outstanding; which sink
ing fund shall be administered by the
Sinking Fund Commissioners of such
city, or if there be no Sinking Fund Com
missioners, then by the board having con-
troll of the finances of such city; third to
the creation of a surplus water fund, to
be drawn upon only for the purpose OF
making such extensions OF the water
works as may be authorized by law, or to
meet future deficiencies in water revenue;
and such surplus fund shall be
held and managed by the same
| board, and in the same manner
| as the sinking fund aforesaid; and in case
! the water revenue in any year shall not
be sufficient, together with the balance in
hand of such surplus fund, to pay the
| current interest on the water debt. Ind
provide the annual sinking fund herein
required, it shall be the duty of such city
to include in the next annual tax levy a
sum equal to such deficiency, which sum
so raised by taxation shall be set aside
and used exclusively for said purposes;
provided, however, that where, in any
such city, any other fund or rev.
enue, not being pledged to
available to MAKE up such deficiency, if
any there be, of the water revenue, it may
be used, in whole or in part. to pay cur
rent interest on the water debt and pro-
vide the annual sinking fund herein re-
quired; and to the extent that such other
fund or revenue is so used, such city shall
not be required to supply such deficiency
by taxation; and provided further, That
any sinking fund heretofore created in
such city for the payment or redemption
of the whole or any portion of its bonded
water debt shall be continued and main
tanned as a separate sinking fund accord
ing Co the terms of any lawful obligation
OF such city relating thereto, instead of at
the rate of two per centum per annum lis
herein directed.
4. That nothing in this act contained
shall be construed to deprive any board
of such city of any concurrent power pos
sessed by it in the expenditure OF money,
or in making contracts relating thereto.
s. That all acts and parts of acts incon-
sistent herewith be and hereby are re-
pealed; and that this act shall take effect
Immediately.
Board OF Trade Indorses the Bill.
There was a lively meeting OF the
Board of Trade last night. The principal
subject of discussion was Senator Hud-
speeds Water Bill, which will give to Jer-
sey City new aud wholesome supply of
water,
Mr. l.ebbeus b Wart explained the
Ibill and repeated many interviews " ith