The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1894-09-06

officer having in charge the collection Of
taxes, upon receiving the said trans
Immediately give notice thereof by
mail to each person against whom there
shall be any such assessment, II his adj
dress can be ascertained, and by pub
fishing the same in two newspapers cir
culating in said city and published in
the county wherein said city shall be sftu-
ated, for two weeks successfully, once
a week. which notice shall require pay
ment of the moun assessed by the
owners of said land respectively, to be
made to said collecting officer, the one
half thereof within sixty lays after the
date of the first publication of the said
notice, and the remaining one-half there
of within ninety day after thedate of
said first publication.
g. And be it enacted, That If any such
assessment shall not be paid within said
of first publication, the said collecting
| officer shall proceed to collect the same,
together with interest on said assess
ment at the rate of six per centum per
annum from and after ninety lays from
the said date of first publication and the
expenses of sale, by selling the said
term, upon the like advertisement and
with the like EJECT as in case OF sales
for taxes in said city,,
6. And be it enacted That the said
common council or other legislative
body shall have power to issue bonds
bearing interest at not more than SIX
per centum per annum in anticipation OF
the aymen of the assessments, and
when such assessments are paid they
shall be credited to the street improves
ment account in any city where such an
account exists. or other proper account,
and where such accounts do not exist
then and in that case such assessment
when SO paid, shall be held inviolable
for the payment of the bonds men
toned in this section.
Z. And be it enacted, That the balance
of such costs and expenses of such i'm,
P Provement, F F a lrey RETAINING sngdma D gnas 5 Wsdi
shall be a debt upon and paid by the
city in manner following; the common
council or other legislative body of said
city may issue bonds of the said city
to the amount of the balance of the
costs and expenses of said Improvement,
which bonds shall be made payable at
periods of time not exceeding thirty
years from the date of issuing the same,
and shall draw such rate of interest,
not exceeding six per cent per annum,
I common council or other legislative
body of n such city shall by ordtn-
ance or resolution determine, which
bonds shall be of the denomination of
not less than fifty dollars nor more than
one thousand dollars, and shall be exc
cuted under the corporate seal of said
other proper financial officer or officers OF
said city; the bonds issued by virtue Of
this section of this act shall be called
road construction bonds, and shall have
coupons attached for every half years
interest until due, or may be registered,
at the option of the holder, which
coupons, if attached, shall be signed by
the said mayor or other proper financial
officer or officers of said city and num-
bered to correspond with the bond to
which they shall be respectively at
tached, and all the bonds issued under
this section of this act shall be num-
bered and a register of such numbers,
the date of issuing and the time OF pay
ment shall be made by the said mayor or
the propr financial officer or officers of
said city in the book to be provided for
that purpose, which bonds shall be re-
ceived by the city authorities for their
face value and accrued interest In pay
ment of any assessment imposed Tor
the same Improvement; provided, that
in order to redeem the bonds isued under
the provisions of this section OF this act
at maturity it shall be the duty OF the
common council or other legislative body
of said city to establish a sinking fund,
which shall be created by a special tax
of not less h one and one-haiI per
centum per annum on the issue Of bonds
herein provided for in this section, to be
raised in the annual tax levy.
s. And be it enacted, That the interest
on the bonds authorized to be issued un-
der this act shall be raised by a special
tax annually levied and collected as other
city taxes are 10Y or may hereafter pc
levied and collected, and the whole OF
each years interest shall be so raised,
levied, collected and paid within each
wear and the common council or other
legislative Eody of said city may dispose
of said bonds at either public or private
sale for the best price that can pc oo-
tanned for the same, but not at a less
price than par value, and all moneys de,
rived from the sale of said bonds shall
be in violably applied and used for pur-
poses connected with aid Improvement.
8. And be it enacted, That this act ShaH
take effect Immediately.
Passed May %, 1894.
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