The Lambertville record. [volume] (Lambertville, N.J.) 1872-1968, 1894-07-11
CHAPTER ccxxIx.

An act for the grading, curblng tagging aud
paving of streets I'm cities OF the third class.
/. BE IL enacted by the Senate and General
Assembly of the State OF New Jersey, That
In all the cities of the third class II shall he
lawful to make improvements OF streets, and
90 pay for the same by general tax ana the
council or other governing body of any city
of the third class having authority to Inn
prove streets, shall decide by resolution or
ordinance how any street Improvement shall
be made, and shall decide how each street
shall be paved
z. And be 1t enacted, That In each year
after the passage of this act the council or
other governing body at some convenient
time during the fiscal year, shall fix the
amount which said city Will expend for
street improvements during the next fiscal
| year. to be raised by general tax, and the said
| amount shall be placed In the tax levy OF the
next fiscal year. by the board having the
right TO fix the tax levy for said city. or II
snall be lawful for said council or other gov
erning body TO issue bonds of said city, said
bonds TO be issued by the board having au-
thorlty 10 issue bonds IN said city In payment
| for street iupi oyenents.
| 3. And be &c enacted. That all bonds issued
| by any CITY OF the third class for any and all
street improvements shall have twenty years
| 10 run and bear interest mt rate not to ex'
coed six per centum per annum; said inter
est to be paid Semi annually, and said bonds
to be either registered or coupon or such de-
nomination as the council or other gov
| erning body shall by resolution direct; and
that as soon rs any bonds are Issued under
| this act n sinking fund shall be started for
their redemption; and In said cities of the
third class, where no sinking fund commits
sion Is In existence, the mayor, city treasurer
and city clerk, ex-oiiiciO, shall constitute ~
sinking fund commission under this act, and
shall have power to invest moneys raised un-
der this act in such securities as they may
elect and hold the same for the redempt lon
of the bonds Issued under this act, and TO re.
deem said bonds ms they shall fall due; and
said sinking FUND commissioners sholl cause
each year an amount equal TO one-twen,
tieth OF all the outstanding bonds, and
the annual interest on all outstanding
bonds TO be placed In each years TAX
levy; and IT shall be the duty OF the
board in said city having the right TO ix
the tax levy. to place said amount In the ax
levy of the next fiscal year; provided always
that II, at the expiration of the time for the
redemption of any of the bonds issued under
this act the sinking fund commission shall
not have sufficient funds on hand TO redeem
said bonds. and no adequate provision has
been made for redceming the same by tht
general tax levy. 1t shall be lawful for the
board or said city having authority to make
the annual tax levy TO issue temporary loan
bonds 10 redeem such maturing bonds FOL
such length of time IA said board shall elect
and to redeem said bonds and the Interest
thereon by future levies OF taxes to pay ths
same; and that all bonds issued under Thu
act shall be signed by the mayor and cltJ
clerk, and have the corporate seal OF the city
Issuing the same fixed to said bonds.
f. And be it enacted, That before any bond
can be issued under the provisions of this act
that the council or governing board shall sub
init by resolution the question whether or no
bonds shall be issued to the electors OF sucl
city of the third class, at either IL special cleo
ton to be called by such council or governing
board. or at the annual charter election OF suc
city; that the notice, election and returns o
election shall be conducted in the manner tina
the annual charter election OF the city h no,
conducted In such city; that the eleetor desiI
ing to vote for the issuing OF bonds shall cast
ballot with the words " for bonds TO be issue
for street improvements" and any electOr dc
l string the contrary shall cast ballot with tn