Five Mile Beach weekly journal., 1921-08-05

thereto and of acquiring land or ands.
rights and easements, insofar as such
costs are necessary in connection with the
construction or equipment Of existing
State institutional buildings, railroad spur
tracks and sidings, power houses, heating
and lighting plants, water supply and sew
age disposal plants, industrial and manu-
featuring plants and appurtenances
thereto or any other construction ineces-
sary for the proper erection, operation, con-
StrUction or recOnconstruction of existing
institutions. as now or hereafter consti-
tuted and three million seven hundred and
seventy-six thousand and twenty-five
(S3, 776, 025.00) dollars is hereby appro-
priated to pay the cost of constructing,
developing, extending and equipping the
State Training School for Feeble-Minded
Males, State Training School for Feeble
Minded Females, State Institution for
Defective Males, and State P~sychopathic
Hospital or a-ppurtenances thereto and of
acquiring land or lands. rights and ease
ments, insofar as such costs are necessary
in connection with the construction of the
aforesaid additional State Institutions i'm
GLIDING buildings, railroad spur tracks
and railroad sidings, power houses, heat
ing and lighting plants, water supply and
sewage disposal plants, industrial and
manufacturing plants and appurtenances
thereto or any other construction neces-
sary for their proper erection, operation,
construction, or reconstruction as here
after constituted.
10. The term existing charitable, hos
pital, relief, training, correctional refOr-
matory and penal Institutions as used
in this act shall be construed TO mean any
existing Institutions of this description as
tuted in accordance with this or any other
law, and it shall in each case be deemed
to include all the approaches or appur-
t~enances to such institutions, improved
or unimproved, artificial or natural, which
are found to be necessary for the proper
development and management or the
proper care and treatment of the patients
or inmates of any of the aforesaid insti-
/ tntiOng but If shall not he deemed m in
clude public school buildings.
IA. The term additional charitable, hos
pital, relief, training, correctional, refor-
matory and penal institutions" as used in
this act shall be construed to mean such
additional institutions Of this description
as may be developed in accordance with
this or any other law and it shall in each
case be deemed to include all the APP
proaches and a-ppurtenances to any such
proposed additional institutions, whether
improved or unimproved, artificial or
for the proper construction, development
and management or proper care and treat
ment of the patients and inmates of any
of the said additional institutions, but it
shall not be deemed to include public
school buildings.
Is. The term CONSTRUCTION as used in
this act shall be construed to mean the
construction of additional charitable. hos
pital, relief, training, correctional, refor-
matory and penal institutions, the recon-
struction of such existing institutions and
AAi1 u ~ ~ 50SA SAha ~
provements in the proposed additional in
situations and in existing institutions as
cannot be classed properly as repairs /;
provided, however, that none of the mon
eys realized from the sale of bonds au-
thorized in accordance with this act shall
be used to pay the cost of the replacement of
any object purchased with the proceeds of
the sale of bonds authorized by this act.
Is. The term equipment as used in
this act shall be construed to mean the
provision of proper facilities for the oper-
a n a ~ M n fGf1n nr 0A-
ditional charitable, hospital, relief, train
ing. correctional, reformatory and penal
institutions for the purposes for which
they are created, including heating, light
ing, water supply, power and sewage dis
posal plants and fixtures, and other sani-
tary facilities, manufacturing, industrial
and other machinery used in the produce
ton of goods, but shall not be construed
to include live stock, vehicles, farm tools
and machinery, other machinery, tools and
equipment, materials, office equipment,
furniture, ordinary household equipment,
and other ordinary supplies, materials and
equipment which are consumed in use OF
which are ordinarily used up or worn out
through use or deterioration in less than
fifteen (15) years.
II. A sinking fund is hereby established
for the retirement of the principal of said
bonds. Beginning with the year after the
date of issue of each series of bonds, and
in each year thereafter, an amount shall
be paid as hereinafter provided, into the
said sinking fund, which would, if there
after annually contributed 10 Salu Iunu,
with the fund in hand, and interest on
said fund and on such annual contribu-
tons at the rate of three and one-half
per centum, compounded annually, be
sufficient to pay the principal of the out
standing bonds of each series at their
maturity. and such fund is hereby appro-
priated for such payment. The said
amounts required to be contributed in each
year on account of all series of bonds are
sometimes herein referred to as the Sink
ing Fund requirement"
IS. A Sinking Fund Commission is here
by created, which shall consist of the Gov
ernor, the Comptroller of the Treasury and
the State Treasurer. The commission
shall be governed by such rules and regu-
The commission shall have the care and
management of the sinking fund which is
hereby established, and custody and con-
troll of all sinking fund moneys securities,
papers and records appertaining thereto.
The State Treasurer shall be treasurer OF
the commission and shall deposit all mon
eys. received as hereinafter prescribed in
such depository or repositories as he shall
determine. He shall give a bond in such
sum as shall be determined by the Sinking
Fund Commission, premium for which
provided. The Sinking Fuh Commission
shall also pay from the sinking funds all
bonds authorized hereunder as same shall
become due and payable. The Sinking
and keep invested all moneys coming into
its control only in the securities or invest
ments authorized by this act. 1t shall
have power to sell or convert into cash
such securities or investments. as may be
necessary, from time to time, to provide
funds for the payment of said bonds upon
maturity, or for the purpose of protecting
the sinking fund from loss or for lettering
the investment. 1t shall be the duty OF
the commission to keep accurate and de-
tailed books of account covering all mon
eys coming into its custody, and the in
vestment, return on investment, increase
or loss thereon and the expenditure thereo-
of to make reports as and when required
and to permit access to and inspection OF
accounts and records by any person duly
authorized by the State. The Department
of Municipal Accounts shall audit said
sinking fund each year and it's certificate
of audit shall the annual re-
ports.
10. Investment of sinking fund moneys
shall be limited to the bonds of the Gov
eminent of the United States, bonds of the
State of New Jersey, including bonds is
sued hereunder, and the bonds Of any
county, school district or municipality OF
this State. and the negotiable notes of any
county. school district or municipality Of
this State. IL shall be lawful for the Sink
ing Fund Commission to purchase at Dri'