The Mount Holly news. [volume] (Mount Holly, Burlington Co., N.J.) 1891-1942, 1895-05-21
CHAPTER CLXX.

CHATTEh CLA4.
A Further Supplement- to an act entitled Gar
act TO establish system of public instruc
ton" (RevistOn), approved March twenty
seventh, one thousand eight hundred and
Seventy-fOur.
l. Be it enacted by the Senate and General
Assembly of the State of New Jersey, Thai
the board OF education, board of school trus
tees, or other body having charge and control
OF the public schools in any school district in
this state acting under special charter, is
hereby authorized and empowered for the
purpose OF building or enlarging any school
house or houses in said district, to borrow
such sum or sums OF money as may be neces
sary Tor that purpose provided the legal vot
ers OF said district shall have first authorized
and determined the amount that may be Dor
rowed for said purpose, by q majority OF the
votes cast at an annual election or at a special
election called by said board or said other
body for that purpose, ana provided, further
that the SAID board or said other body shall
have made an estimate of the amount neces
saly to be borrowed for such purpose and no
tice in writing of such estimate shall have
been set up by the district clerk in seven OF
the most public places in said district at least
ten days before the time for holding said cleo
ton.
3 And be it enacted, That the money Dor
rowed by virtue of this act shall be secured
by bonds issued in the corporate name of the
said school district, to be known as district
school bonds, which bonds shall bear interest
at a rate not to exceed five per centum pei
annum, payable semi-annualIy; and the said
bonds shall and are hereby declared to be the
first lien upon the schoOl-hOuse and the lot on
which the same is erected, and for the cree.
ton, charging or repair of which they shall
have been issued that such loan may be paid
at such times and in such amounts as said
board OF education, board of school trustees OF
other body borrowing money under the pro-
visions OF this act may direct; provided that
the first payment on any such loan shall be
come and be payable not later than five years
from the date of said loan.
8. And be it enacted, That if any charter OF
any Incorporated school district in this state
shall limit the amount of the Indebtedness
that may be incurred or shall limit the amount
OF tax or the rate of taxation in any incorpo
rated school district or by its terms prevent
the carrying out OF the provisions OF this act
the said charter shall not hereafter be held to
apply to the raising OF money under the pro
visions of this act any public, local, special oil
other law to the contrary Notwithstanding.
4. And be 1t enacted, That it Shall be the
duty of the officer or board charged with the
raising, levying and assessing of taxes IN any
school district issuing bonds under the pro
visions OF this act TO assess upon the inhabi-
tants thereof and their estates and the tax.
able property therein, an amount sufficient
to pay the bonds of the said district matur-
ing in each year, together with the interest
accruing upon the whole issue OF the unpaid
bonds of such district, and the tax thus or
dered shall be assessed, levied, collected and
paid over in the same manner other taxes
for school purposes are assessed, levied, col
lected and paid in said school district.
8. And be it enacted, That all acts and
parts of acts inconsistent with the provisions
of this act be and the same are hereby re.
pealed, and that this act shall take effect in
mediately.
Approved March Is, 1895,