Palisadian. [volume] (Cliffside Park, N.J.) 1906-current, 1916-04-15


annually, and shall be filed
with the Borough Clerk.
Section 3. Be it further ordained
that there shall be appropriated such
sums annually to be applied and paid
into the sinking fund, which sums
shall be levied and raised by taxation
in the manner required by law SUI
fcient with other available funds in
the hands of the commissioners, to
provide such amounts as from time
to time may be required to pay and
redeem the bonds Of the borough
whenever they become due, and which
shall be applied exclusively to
the extinguishment of the borough
bonded debt. Until such moneys are
needed for the payment and ex-
of any bonded debt, or
any part thereof, the same shall be
invested by said commissioners as
other funds in their hands shall be
invested, and it shall be the duty of
such sinking fund commissioners to
make and file with the borough clerk
before the fifteenth day of February
of each year, a financial statement
showing in detail the receipts, dis
bursements and investments of the
commissioners during the twelve
months next preceding such state
ment, and give and designate all
such securities as may be in their
hands for such funds as they may
have loaned or invested. 1t shall be
the duty of said sinking fund COM
missioners to receive sums of money
appropriated annually for the sink
ing fund, and also all moneys as here
matter directed as may be by law set
aside as a fund to pay any bonds
now or hereafter issued, and also to
receive any special tax which may be
hereafter raised for the payment of
any bonded Indebtedness of the bor-
rough, and also to receive all assess
the indebtedness of which or any part
thereof was included in any bond
issue up to the amount of any as
sessment actually included in such
issue, and also to receive any and all
other moneys which by law hereto
fore or hereafter enacted, may be set
apart for the paying in whole or
part of any bonded Indebtedness of
the borough.
Section 4. Be it further ordained
that it shall be the duty of the said
sinking fund commissioners to keep
an accurate account in proper books
of all moneys received and disbursed
by them That they shall pay so far
as the money comes into their hands,
as hereinafter directed, all matur-
ing bonds of the Borough of Cliff
side Park, provided, however, that
no money especially appropriated
or raised for the account of any
particular issue of bonds shall be
applied by such commissioners other
than toward the payment of such
particular issue of bonds, and that
the said sinking fund commits
sioners shall take and receive and
deposit the moneys received by it in
the name of said commission, and the
same shall not be withdrawn or dis
bursed except by check, draft, war
rant or other order signed by the
President of the Commission and an
other member thereof.
= Section S. Se5Jl,,t further ordained
commissioners may be invested in
United States Government bonds,
of the State of New Jersey, bonds of
any municipality or any school dis
trict of the State of New Jersey, and
upon proper note or notes, or GER
tificates of Indebtedness or improve
ment of the Borough of Cliffside
Park, or in the purchase of bonds of
said borough, and whenever any
bonds of the Borough of Cliffside
Park are purchased by the said COM
the said commissioners shall
report such purchase to the Mayor
and Council of the borough, giving
the number and value of the said
bonds, and thereupon the said Mayor
and Council shall by resolution direct
the cancellation of such bonds by
the commissioners of said sinking
fund, and said bonds so cancelled
shall be delivered to the Mayor and
Council, and the fact of said cancel
lation with full description of said
bonds, shall be entered in a book en-
titled Cancelled Bonds" and the
fact of such cancellation shall be
further certified to the assessor and
collector The bonds of the borough
shall not be purchased in any way
which will seriously affect or impair
the condition of the sinking fund
available for the redemp-
ton of the funds, and that the in
terest, dividends and profits of said
Indebtedness shall be invested in the
same mode as specified hereinbefore
Section 6. Be it further ordained
that it shall be the duty of the Dor
rough collector to pay over to said
commissioners all moneys raised by
taxation for the payment of the prin-
cipal of any bonds, together with all
moneys collected by him, upon ac-
count of the assessment upon the
property benefited by such improve
ment to the extent of the amount of
the Indebtedness of such improve
ment actually included in any bond
issue. That all investments and Sc
curities shall be made in the corpo-
rate name of the borough and when
ever the commissioners are required
by resolution, they shall pay the prin-
cipal of said fund into the borough
treasury, or any part thereof, as may
be necessary for the purpose of pay
ing off and retiring any bonded in
debtedness of the borough. All bonds
purchased by the commission shall, if