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

troll Of the water supply in such city. to make
and tile with the clerk of such city 81 atement
OF the entire cost and expense of construction
including the costs OF the land acquired and
all other expenses and the said city shall
thereupon issue permanent bonds, negotiable
In form, to run for a period not less than
twenty nor more than thirty wears sufficient
in amount to pay the entire expense connect
ed with the construction of the said reservoir
or reservoirs, and to take up and redeem the
temporary loan bonds or certificates from
time to time issued for the purpose of raising
the money necessary to carry on such work;
sucn bonds shall bear interest at q rate not
exceeding hve per centum per aunum and
shall be of such form as such common council
or other governing body or board having con-
troll of the finances may determine; the inter-
est thereon shall be payable semi annually
and they shall not be disposed of at less than
par; the proceeds thereof shall be used exclu-
sively for the purpose hereinhefore set forth.
.. And be IL enacted That for the purpose
of providing fund to pay the interest on the
said bonds while outstanding, and the princi-
pal when due, there shall be set apart from
the net revenue received from water rents
and water rates in the said city not otherwise
pledged such sum as shall be sufficient TO pay
the interest as II falls due and the principal
OF the said bonds at maturity; provided how
ever, that IL IL shall be found that the receipts
thus pledged are insufficient to furnish fund
from which to pay the annual interest on the
said bonds, and to provide sinking fund of
not less than two per centrum of the principal
OF the said bonds per annum. then 1t shall be
the duty of the common council or other gov
erning body or board having control of the
finances of such city to raise a sum sufficient
for this purpose in the annual tax levy of
such city ana to apply the sum raised for in
terest to the payment of annual interest on
the said bonds, and to pay over the sum raised
as sinking fund to the sinking fund COM
nissioners OF such city for the redemption of
the said bonds when due.
6. And be it enacted, That In case it shall be
found necessary to condemn lands for sites
Tor Such reservoir or reservoirs, proceedings
for such condemnation, and the method OF
procedure in such condemnation proceedings
snail be the same provided for in the act en-
titled An act to empower cities to acquire
lands for public use by coudemnation,n APP
| proved March seventeenth. one Thousand
| eight hundred and ninety one.
T. And be it enacted, That all work and ma
! terials required in the building and construct
| ing OF sucn reservoir or reservoirs shall be oh
tanned by contract, and public notice shall bG
| given by the board having control of suct
work, by proper public advertisement so thai
| ample time may be given for the reception o.
| sealed proposals for the doing of the worl
| and furnishing the materials; contracts shall
| in all cases be awarded to the bidder who ii
| in the Judgment of the board offers the term
most advantageous to the city, aud such boart
may reserve the right to reject all bids. TIT
| bidder or bidders to whom such contracts
| shall be awarded shall give bond with ampl,
| security for the faithful performance of thu
| contract; all such bonds shall be executes
| to such city in its corporate name, aud afte
| being Only recorded in the office of the count,
clerk of the county in which such city is stu
ated, shall be deposited for safe keeping witt
the comptroller or like financial officer oil
such city, and in case any such bond shall bl
lost or destroyed then therecord or "a certified
copy thereof may be used IN evidence an,
shall have like effect the original bond
provided that such board shall not make any
contract or perform any work In any city
under the authority of this act when the APP
prevail or concurrence of the board or body
having control OF the finances therein is now
required until sucn approval or concurrence
has first been obtained
g. And be 1t enacted, That this act shall be
deemed public act and shall take effect i'm.
mediately: and that all acts and parts of acts
inconsistent with this act be and the same
are hereby repealed.
Approved February %, 1892.