The Mount Holly news. [volume] (Mount Holly, Burlington Co., N.J.) 1891-1942, 1894-08-07
CHAPTER CoXXIX.

An act for the grading, curbing tagging and paving
OF streets in cities of the third class.
l. Be it enacted by the Senate and General Assem-
bly, of the State of New Jersey That in all the cities
of the third class it shall be lawful to make improve
ents OF streets ana 70 pay Tor the same by general
tax and the council or other governing body of any
city of the third class having authority to improve
streets, shall decide by resolution ordinance how
any street improvement shall be made and shall
decide how each street shall be paved.
,. An be it enacted, That in each year after the
passage Of this act the council or other governing
body at 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 said city
or 1t shall be lawful for said council other govern
ing body to issue bonds OF said CITY, said bonds to be
issued by the board having authority to issue bonds
in said city in payment for street improvements.
3. And be it enacted That all bonds issued by any
city Of the third class for any and all street improve
ments shall have twenty years to and bear inter
est at rate not to exceed six per centum per
said interest to be paid semi annually and said bonds
to be either registered or coupon Of such denom1na
ton the council other governing body shall by
resolution direct; and that as any bonds are
issued under this act sinking fund shall be started
for their redemption; and in said cities OF the third
class whore sinking fund commission is in exist
ence, the mayor, city treasurer and city clerk,
under this act and shall have power invest moneys
raised under this act in such securities they may
elect and hold the same for the redemption of the
bonds issued under this act and to redeem said bond
they shall fall due; and said sinking fund commits
to
twentieth OF all the outstanding bonds and the annual
interest all outstanding bonds to be placed each
years tax levy and 1t shall be the duty of the board
in said city having the right to fix the tax levy, to
place said amount in the tax levy OF the next fiscal
year provided always that if at the expiration of the
time for the redemption OF of the bonds issued
under this act the sinking fund commission shall
have sufficient funds on hand to redeem said bonds
and adequate provision has been made for redeem
ing the same by the general tax levy it shall be law
ful for the board Of said city having authority to
make the annual tax levy to issue temporary loan
bonds to redeem such maturing bonds for such length
of time said board shall elect and to redeem said
bonds and the interest thereon by future Ieves of
taxes to pay the and that all bonds issued I'M
der this act shall be signed by the mayor and city
clerk and have the corporate seal of the city issuing
the same affixed to said bonds
4. And be it enacted That before any bonds can
be issued under the provisions of this act that the
council or governing board shall submit by resolution
the question whether not bonds shall be issued to
the electors of such city OF the third class at either
special election to be called by such council gov
erning board or at the annual charter election of
such city; that the notice. election and returns of
election shall be conducted in the that The
annual charter election of the city is conducted
in such city that the elector desiring to the
issuing of bonds shall cast ballot with the words
'for bonds to be issued for street improvements y
and any eector desiring the contrary shall cast bal
lot with the words against bonds to be issued for
street improvements and if the result of said elect
ion is in favor of issuing such sonds then such
Gil governing board Of cities of the third class sha
be authorized to issue the bonds accordance with
the provisions of this act.
governing board shall have the right decide which
streets parts of streets shall be mproS ed first and
such improvements shall be made from time to time,
so as to best promote the general welfare of all the
inhabitants of said city.
6. And be it enacted That 1t shall be lawful for
any board having the right to fix the tax levy III any
city of the third class in order to carry any street
Improvement aud pay for the work done thereon, up
to the time when the proceeds from the tax levy or
sale OF bonds will provide for the payment of the
same, to issue improvement certificates at rate of
interest not to exceed six per centlm per annum for
such length of time said board shall elect, and to
pay and retire said improvement rtificates out of
the money raised by tax sale of bonds to pay for
said street improvements and the mayor OF the city
and the city clerk shall sign said improvement certf.
Gates and the city clerk shall ax the corporate seal
thereto.
T. And be it enacted. That Che bonds issued under
this act shall never exceed ten per centum of the
able value of the real and personal estate in said
city.
g. And be it enacted. That this act shall be pub
lie act, and shall take effect Immediately.
Approved May IS, 1894.