Perth Amboy evening news., 1906-07-07
CITIES CAN NOW
BUILD OWN PLANT
(Continued from Page I'D

or generated by 1t upon Sucn cOndl-
tions, according to such rules and
regulations and for such rates or
rents as the governing body of said
city may from time to time prescribe.
Sit shall and may be lawful for
the governing body of any city taking
advantage of the provisions of this
act to elect or appoint any and all
officers, agents, engineers, employees,
OF committeeman that they may deem
necessary to be employed in and
about the maintenance and opera
ton Of any such light, heat and pow
ersplants or works as aforesaid; to
define their duties, regulate their
compensation and provide for their
removal; and said governing body of
any city as aforesaid shall have pow
err. and they are hereby authorized to
make, ordain and establish all such
ordinances, resolutions, rules and
regulations as said body may deem
necessary and proper for the trans
mission, distribution, use and supply
of said light, heat and power, and for
the safety, security and protection of
the buildings, machinery, apparatus,
wires, poles, subways, and copduits
and other works and appurtenances
used in connection Herewith, and for
fixing and collecting all rates, rents
or charges for furnishing and supply
ing light, heat or power for private
or commercial use in such city and
for imposing penalties for the ION
payment thereof; and such rates,
rents or charges shall be and remain,
until paid, municipal liens against
the property and premises where such
light, heat or power is furnished, and
if. allowed, to remain unpaid shall
draw interest at the rate of twelve
per centum from and after the time
when they shall become due, and
may, in addition to the other reme-
dies herein provided, be collectible in
the same mode and manner as other
municipal liens are nov or may here
after be by law collected in such
city.
Cities May Issue Bonds.
"4=In order to supply the funds
necessary to carry into effect the pro-
visions of this act, the governing
body of any city desiring to avail it,
self of the provisions herein contain
ed is hereby authorized and empow-
cred to issue the bonds of said city
to an amount not exceeding one per
centum of the ratables of such city,
as shown by the last assessment for
taxes therein, which bonds shall be
sold at public sale for not less than
par and accrued interest; and all
moneys received from the sale of
said bonds, including any premium
or premiums, shall be used exclusive
ly for such purposes.
"5-The bonds to be issued under
the provisionsc his act shall be pay
able in not more Ian thirty years
from the date thereof, shall be inter-
I est at a rate not exceeding four per
Ieentum per annum, be of such denom-
ination as said governing body shall
determine, and shall be executed by
the mayor under the corporate seal
of said city and signed by the city
treasurer, and attested by the city
clerk and countersigned by the city
comptroller, and may be either regis
tered or coupon bonds, as said gov
erning body may direct; and said
governing body may from time to
time, at the request and expense of
the holders thereof, exchange cou-
pom bonds for registered bonds or
change the denomination of said
bonds.
s6-In order to redeem such
bonds at maturity there shall be es-
tablished in such city a sinking fund,
into which it shall be the duty of
said governing body to pay or cause
to be paid annually, a sun amounting
to not less than two per centum of the
amount of the principal of the bonds
issued under the provisions of this
act, which sinking fund shall be APP
propriated, raised and provided, by
annual taxation or otherwise, by said
governing body, and shall be under
the charge and control of the sinking
fund commissioners of such city by
whatsoever name they may be called.
s7-The interest on said bonds
shall be paid semi-annually out OF
funds to be provided for that pur-
pose, by way of taxation or otherwise,
BY said governing body.
"8-This act shall take effect i'm
mediately."
The governor also signed assembly
bill $50, by Mr.. Martin, a revision
concerning the mode and manner of
committing Insane persons for care
and treatment to the insane institu-
lions of the state.
Several VetOes.
The governor vetoed a number OF
other bills today, Is follows:
Assembly 70, by Mr.. Elvins, au-
thorizes towns to purchase electric
light plants.