The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1894-08-13
WIS OF NEW JERSEY.
BY AUTHORITY.
CHAPTER LXII-Continued.
nnNyDZ

50. And be it enacted. That it shall be lawful
for the common council, in the name OF the
city, to issue its corporate bonds for any sum;
not exceeding twelve per centum of the taxable
value of the property raid for assessment; and
s9e ths op eltv snd i snan G is 's sopeora N t seal, ns and
shall be signed by the mayor and attested by
the city clerk. and countersigned by the city
treasurer; they shall be of such denomination
and bear interest at such rate, not exceeding
five per centum per annum, and be payable
at such times and place, not exceeding thirty
five years from the date of issue, as the COM
mon council may determine; they shall be
disposed of at not less than their par value;
the proceedings of such securittesmay be usee
for the purpose of making any of the i'm,
p~rovements authorized by this act and for
sand dollars at any one time shall be
made without the occurrence of two
thirds of al the members OF council; IN
every instance the issue OF bonds snaL
be authorized by ordinance, and the
purpose for which the bonds shal be USED
for no other purpose; whenever ponoS
are issued to provide funds for any OF
the purposes authorized by this act, any
authorized to be assessed upon the pro-
perty benefited, the assessment for the
benefit in. every such case Shal be exclu.
sively appropriated for the benefit OF
the bonds SO issued, and shall be kept
separate from the other funds OF such
city and devote exclusively to this use,
and it shall be the duty OF the common
annual tax levy of such city such sum, In
addition to the benefits so assessed, as
will besuficient in every case to provide
for the annual interest of the bonds so
Issued and a sinking fund for the edemp-
ton thereof, which shall not be less than
two per centum of the amount so issued.
10. And be it enacted, That the mayor,
comptroller and the city treasurer and
the city collector. ex-officio, shall CON
stitute a board of commissioners whose
duty it shall be to take charge of the
sinking fund of such city, and shall
have power to make investments theof
from time to time, and to pay them
for which such fund is provided, as they
may mature and the interest thereon
as it falls due; they shall annually re-
port to the common council the condl-
ton of the funds under their charge
and the investment thereof; and the
common council shall have the power
to direct the manner in which such in
vestment shall be made.
II. And be it enacted, That it shall be law
full for the common council of such city to
make temporary loans for a period not exceed
ing, with any rnewals thereof, two years.
which loans hsall only be in anticipation of
and opening Strengthening, altering OF wild
ening any street, road, highway or alley, and
for the construction Of sewers and drains, and
and sidewalks, and for fees imposed for Ii
censes, and shall not exceed the amount OF
such anticipated assessments, taxes and IL
cense fees; and all such temporary loans shall
be retired and paid when the revenues antici-
pated are received; and it Snail be lawful to
appropriate and use the moneys 50 obtained on
temporary loans in anticipation of revenues for
city purposes; and all moneys SO appropriated
and used shall be provided for in the amman
- And be it enacted, That whenever
any bonds shall be issued under the
authority of this act 1t shall be the
duty of the city clerk and the city
treasurer under the direction OF the