The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1892-06-10

partly printed and partly written. on
which shall he either the words, For
the resolution to purchase las the case
may be) lands for public parks n places
of public resort" or against the resoiu-
ton to lease or purchase Gas the case may
beg lands for public parks and PLACES OF
public r%esort"; that the polls shall open at
seven o'clock in the morning and shall re-
main open until seven O'Clock in the even
ing 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 Dor
ough election officers, who shall return
a statement of the result Of said election
to the governing 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 Dor
ough.
8. And be it enacted, That II a majority
of the legal votes cast at said election
shall be in favor of said resolution then
the covering body of said town or bor-
ough shall have the power and authority
to lease or purchase lands for the pur-
poses designated in said resolution, ana
shall have the power and authority to
Issue the bonds of said town or borough
of the sum designated In said resolution,
| said bonds To bear Il rate of interest not
exceeding the legal rare, payable semi
, annually. the principal thereof to be pay
able, in fifty years. or sooner, at the option
of said town or borough, and 1t shall be
the duty OF the governing body OF such
town or borough to maxi sale OF the
bonds so issued, ut not less man their par
value.
A. And be it enacted, That for the pur-
pose of paying the principal and interest
| Of said bonds, as the same shall become
due, aud for the further purpose of erect
ing, constructing and maintaining build
i-v ,oxtl{nna rnnnyVnVG NynIkQ and IOf
the general Improvement of said puolic
parks and places of public resort. said
towns and boroughs are hereby author
lied to lease, rent or hire for any specified
time, any part of said property so ac-
quired not necessary Tor pubic use eX-
clusively, as In their Judgment they deem
proper, for such sum or sums OF money
as they may dem to the best interests OF
said town or borough; that the money re-
ceiyed for such leases and privileges ms
are granted shall first be applied in pay
ment of such necessary improvements
and repairs rs the governing body or SAIL
town or borough shall have made. from
time TO time, and the balance snail be
npplied TO the payment of the interest
and principal of said bonds IA the same
shall become due; said tax to ne assessed
at the same time and collected IN the
same manner IN all respects as the num-
cipal tax OF said town or borough ID us
scssed ana collected.
s. Aud be it enacted, That at least one
twentieth OF the principal sum of sale
bonds shall be raised each year by specla
tax on ali the taxable property III SAID
town or borough. and shall be applied IL
payment of the principal anu interest u
said bonds as the same shall falldu aud Iol
no other purpose; that should no bonds o.
interest be due on which TO apply sui
money as the same shall he raised, then II
that case the said town or borough au'
thorities shall appoint three responsiol
persons as sinking fund commissioners
who shall give bonds for the faithful per
Torrance of their duty; that said commits
sioners ishul have power and authority Y
invest said money in such manner ana 10
such time as they shall deem for tn
best interests of said town or Dor
ouCh; subject. however, to the approYu
of the town or borough authoritie
and in sucn securities as the trustees TO
the support of public schools are author
lied to invest the moneys of the state.
s And it be enacted. That this act shal
take effect Immediately.
Approved March Z, lS92.