The Jersey City news., 1892-06-15
Z ftttOVAys
Approved March 10, 1892.
CHAPTER LII.
CAAP1E Llll.
An Act authorizing the cities of this sta
to issue bonds to exchange for pt

An Act authorizing the cities of this state
to issue bonds to exchange for pay
matured water bonds.
l. Be it enacted by the Senate and
General Assembly of the State of New Jel-
sey, That whenever any water bonds here
totore issued by any board Of water com
missioners. or other competent board
in tie corporate name of any city of this
state under the authority of law, ,snall have
mutured, the board of water commission
ers OF said city. may issue bonds equal to
the whole amont of said maturei bonds, or
any part thereof, in the corporate name
of the said city, to be denomnated on
their face (name Of cityJ city water bonds,
bearing interest at Il rate not exceeding
five per centun per annum, and the said
interest shall be paid semi-lnnually; and
the principal of said debt shall be pay
able ut periods not less than ten nor more
than fifty years from date; and the
water commissioners. or other competent
board as aforesaid, may sell the said
bonds for the Test price that can lie Oh
tained: provided. such Lrice is sufficient
to cancel the whole amount OF such
matured bonds. for which purpoe it
shall be applied: or the new bonds may
be exchanged Tor the maturea bonds upon
the best terms that can be obtained,
which bonds shall be of the denomination n
of fifty dollars and multiplies thereof.
and shall be execute under the corpor-
ate seal Of said city anu Shall be signed
by n majority OF the members OF the
Goald OF water commissioners. or other
competent board, and shall be counter
signed by the mayor OF said city;
aud record of all bonds issued
or disno, ed of shall be kept by
said commissioners, or The board isSuing
the same, ard copies o. such rec ,rd shall
be made and delivered to the treasurer,
or other Iru er fnalcial officer of said
,i+ piI INnI 10 cho1 ~
tao ed scr eveay half years interest until
due Or may be registered or the rrinci al
of the cou OF may be registered, at the
oatiou of the holder.
2. A, d be it acted, That in case the
revenue received from water sup lied
shalt not in a " year be sufficient to ay
the interest, and all the necessary ext e ses
of the o GRAFTON of the water works and
sun ly, az amount equal to such deficiency
shall be provided for, AID aid by the said
city, a d the ro er authorities thereof are
hereby authorized and required to assess
and raise for that / ur. ose, by tax, such
amount as may be necessary, in addition
to the other taxes authorized by law.
g. And be it ena ted, That the water
commissioners of said city, or other board
having charge of the water supply, shall
HX the water rents, or I ceS for water,
with reference to aying from the roceeds
thereof the interest and lripcil al of the
bo dis as they RESPECTIVELY fall due; aud
such rortio of the money received as
may remain after raying all ex' e ses for
mai tai the wor~s and ralsi' e AID
distributing the water and salaries, wages,
AID incidental charges shall be applied
hrst, to payment of intere,t u on the
b nd issued under authority of this act,
and next, to the purchase of aid bonds if
tue same con be obtained at reasonable
rates, or if tnat cannot he effected tnen to
bn safely invested and allowed To remain
as sinking fund to be asblied to the pay
ment # t e b nds at maturity
4. Al d be it euacted, hat this act shall
be public act and shall take effect i'm
mediatcly.
Approved March 10, 1899.