Five Mile Beach weekly journal., 1921-08-05
Chapter 2O1, Laws of 1921
OF THE
State Of New Jersey

81 w anu nv AAAA46 A4AE
institutions of the State under the State
Board of Control of Institutions and
Agencies, by the issuing of bonds in an
amount not to exceed fourteen million
dollars providing the ways and means
for the payment of the interest accruing
on said debt and for the payment of the
principal of said debt at maturity. and
the expenses in connection Herewith, and
providing for the submission of this law
to the people at the next general cleo
ton.
BE IT ENACTED by the lena and
General Assembly of the State of New
Jersey:
1. Bond of the State of New Jersey are
hereby authorized in principal amount not
exceeding fourteen million dollars (S14,-
600, 000.00) for the purpose of paying the
cost of constructing, reconstructing. de-
veloping, extending and equipping existing
and additional charitable, hospital, relief,
training. correctional, reformatory and
penal institutions or appurtenances thereto
and of acquiring land or lands, rights and
easements, insofar as such costs are neces-
sary in connection with the construction
or equipment of such State institutional
buildings, railroad spur tracks and sidings,
power houses, heating and lighting plants.
water supply and sewage disposal plants,
industrial and manufacturing plants and
appurtenances thereto, or any other con-
struetion necessary for the proper erection,
operation, construction or reconstruction
known as State Institution Bonds" and
shall be payable in not to exceed thirty
years from date of issue, but may be is
sued in whole or in part for a shorter
term, as the issuing officials may deter
mine.
2. Bonds issued in accordance with the
provisions Of this act shall be a direct OBJ
legation of the State of New Jersey, and
the faith and credit of the State are
hereby pledged for the paymen of the
interest thereon when due, and the pay
ment of the principal at maturity. The
principal and interest of such bonds snail
be exempt from taxation by the State or
by any county, municipality, school dis
trlct, or other taXing district.
3. The Governor, State Treasurer and
Comptroller of the Treasury, constituting
the State House Commission, or any two
OF such officials (herein sometimes referred
to as the issuing offcials') are hereby
authorized to carry out the provisions Of
this act relating to the issuance Of said
bonds, and to determine all matters in con-
nection Herewith subject to the provisions
hereof. In case any of said officials shall
be absent from the State or incapable of
acting for any reason, his powers and
duties shall be exercised and performed by
such person as shall be authorized by law
to act in his place as a State official.
4. Said bonds shall be signed in the
nama of the State by the Governor or by
his. facsimile signature under the great seal
of the State, andattested by the Secretary
of State or an assistant Secretary eff State,
and shall be countersigned by the Comp
troller of the Treasury or the deputy
Comptroller. Interest coupons attached to
such bonds shall be. signed by the fac
smile s~ignaturei of the Comptroller of the
treasury. Such bonds may be issued
Notwithstanding that any of the officials
signing them or whose facsimile signatures
appear on the bonds or coupons have
ceased to hold office at the time of such
issue or at the time of delivery of said
bondg to the purchaser.
5. (a) Said bonds shall recite that they
are issued in pursuance of this act, and
that this act was submitted to the people
OF the State at the general election held
| in the T0nnfh of NnxroOohnr ono ID,,ro I
nine hundred and twenty-one, and that it
received the sanction of a majority of the
votes cast for and against it at such
election. Such recital in said bonds shall
be conclusive evidence of the authority
OF the State to issue said bonds and of
their validity.
OBJ Said bonds shall be in such form
as may be determined by the issuing Of
icials. They shall be of the denomination
Of one hundred dollars. or multiples
thereof, not exceeding fifty thousand dol
lars, as the issuing officials may deter
mine, and ma be coupon bonds, or may
be registered as to principal only with in
terest coupons attached, or may be regis
tered as to both principal and interest,
as the issuing officials shall determine.
(c) The holders of coupon bonds shall
be given the privilege of ~surrendering such
bonds and receiving in lieu thereof regis
tered bonds without coupons, or of having
such coupo bonds registered as to prin-
cipal only. The holders of registered
bonds may be given the privilege of sur
rendering such bonds and of receiving
in lieu thereof new registered bonds of a
larger or smaller denomination
cd The issuing officials are hereby au-
thorized to make rules and regulations for
the exchange, transfer, conversion and
registration of said bonds.
8. Said bonds shall be issued by the is
suing officials from time to time as money
is required for the purposes for which they
are authorized as certified by the State
Board of Control of institutions and
Agencies. If issued from time to time, the
bonds of each issue or installment shall
| constitute a separate series to be desi4-
mated by the issuing officials. Each series
of bonds shall be such rate of interest, not
exceeding six per centum per annum as may
be determined by the issuing officials, which
interest shall be payable semi-annually,
providing that the first installment of in
terest may be for a longer or shorter
period in order that later installments
may be payable at convenient dates.
Z. Said bonds shall be sold at not less
than par and accrued interest, after notice
of sale published at least three times, the
first publication not less than two weeks
papers published in the State of New Jer-
sey and in one financial paper published in
the City of New York and of Philadelphia
respectively. The said notice of sale may
contain a provision to the effect that any
or all bids made in pursuance thereof may
be rejected. In the event of such rejection,
the issuing officials are authorized to give
further notice of sale, in the manner above
described, as many times as in their judg-
ment may be necessary to effect a salts
factory sale. The issuing officials may
sell all or part of the bonds of any series
as issued to the sinking fund herein pro-
vided or to the sinking fund of any other
bonds issued by the State at. private sale
without advertisement.
8. Until permanent bonds can be pre-
pared the issuing officials may, in their
discretion issue, in lieu of such perma-
nent bonds, temporary bonds or certif-
Gates in such form and with sue privi-
leges as to the registration and exchange
for permanent bonds as they may deter
mine.
9. The proceeds realized from the sale
of the bonds, including all premiums re-
ceived together with interest from deposits
received from repositories. shall be paid
TO the State Treasurer and held by him
in a separate fund which shall be known
as the State Institution Construction
Fund.-" which fund is hereby specifically
dedicated for the purposes for which the
said bonds are authorized as herein emu
merated.
10. In case any coupon bond and the cou-
pons thereunto ap~pertaining, or any regis
tered bond, shall become mutilated or de-
stroyed, a new bond shall be executed and
delivered, of like tenor, amount. date and
series in exchange and substitution for