Perth Amboy evening news., 1921-08-03

7 menfS, as may De neCGSSdTy, ITUII tTTIt U
| time, to provide funds for the payment
OF said bonds upon maturity. or for the
purpose of protecting the sinking tunu
from loss or for lettering the investment.
1t shall be the duty of the commission
to keep accurate and detailed books OF
account covering all moneys coming into
its custody. and the investment return
on investment, increase or loss thereon
and the expenditure thereof; to make re-
ports as and when required and to per-
NIT access to and inspection of accounts
and records by any person duly author
lied by the State. The Department of
Municipal Accounts shall audit SAID
sinking fund each year ana It's certlIcaee
Of audit shall accompany 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
issued hereunder, and the bonds OF any
county, school district or municipality OF
this State. ard the negotiable notes or
any county, school district or municipality
of this State. 1t shall be lawful for the
Sinking Fund Commission to purchase at
private sale the bonds issued by the state
Gncluding bonds issued hereunder) at the
| time of their issuance. any law relating
to the public sale thereof to the contrary
Notwithstanding. To effectuate such pur-
chase. the issuing officials may, by resolu-
ton, set apart a portion of the bonds or
any series and sell same to the sinking
fund and offer the remainder to the pub
lie. Bonds issued hereunder, when held
by the sinking fund created hereby, may
be cancelled after the calendar year one
thousand nine hundred and thirty from
surplus in the sinking fund only, which Is
over and above the requirements herein
set forth. When the sinking fund of any
series of bonds shall equal the amount of
the uncancelled bonds of such series, no
further contributions shall be required to
be made thereto and when the amount in
the sinking fund to the credit of any
series of bonds shall be sufficient with
three and One-half per centum interest
compounded annually to equal the prin-
| riDal Of the outstanding bonds of such
series at maturity no further contributions
shall be required to be made thereto ex-
cept to make good any losses which may
20. On or before the fifteenth day OF
December in the year one thousand nine
hundred and twenty-one, and annually
thereafter. the Sinking Fund Commission
shall certify to the Governor and to the
Comptroller of the Treasury who shall
deliver same to the chairman of the APP
preparation Committee next appotnted),
the amount necessary for the interest on
all outstanding bonds for the State fiscal
year next ensuing, and the interest on
| bonds it is proposed to issue before the
end of such State fiscal year, together
with the amount necessary for the sink
ing fund requirement for the next ensu-
Ing calendar year; provided, however. that
to and including the year one thousand
nine hundred and twenty-eight, such in
terest and sinking fund requirement shall
not be less than eight hundred and fifty
thousand ($S50, 600 00) dollars annually.
and such portion Of said eight hundred
| anu MY ilpuSdI . ub4ldln wien 81 &
tilted as not needed for interest for sucn
State fiscal year shall be turned over to
the sinking fund. The amount herein dl-
re cted to be certified is hereby specifically
appropriated for interest and sinking fund
purposes and shall be first and
lien on the revenues of the State. The
sinking fund requirements shall be paid
to the Sinking Fund Commission during
the month of December of the year for
which they are to be certified. The amount
to be certified for interest and sinking
fund requirements as herein set forth shall
be included in the budget message sent
by the Governor to the Legislature and
by the Appropriation Committee in their
appropriations for the ensuing state fiscal
year; provided, however, if the amounts
necessary for the payment of the interest
en- such bonds when due or the sinking
fund requirements when due for payment
to tho Sinking Fund Commission. shall
not be included in the appropriations made
State is directed 10 pay forthwith such in
terest out of the funds in the general
treasury, when due. and the sinking fund
requirements as directed herein.
81. For the purpose of complying with
the provisions of the State Constitution,
this act shall, at the general election to
be held in the month of November. one
thousand nine hundred and twenty-one. be
submitted to the people. In order to the
inform the people of the contents of this
act. 1t shall be the duty of the Secretary
Of State, after this section shall take effect
and at least thirty days prior to the said
election, TO cause this act to be published
at tdS NANt III II GU Nv ~ hNAo
published in different counties of the State.
1t shall be the duty of the Secretary of
State to arrange, in accordance with the
statutes of this state in such case made
and provided. for such submission. of
which submission the same notice shall
be given as is required by law to be
given of said election, and the people or
the State may at such election vote for
and against the sanction or rejection OF
this act in the following manner:
There shall be printed on each official
ballot the following. If you favor the taxi
ing effect of the act entitled below, mark
an \ in the square opposite the word
If you are opposed to the taking effect
OF the act entitled below, mark an y in
the square opposite the word No
creation of a debt of the
State of New Jersey for the
construction. extension and
concerning the institutions
of the State under the
Yes 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 or
said debt and for the pay
ment of the principal o
said debt at maturity, and
the expenses in connec
tion Herewith, and pro-
No viding for the submission
of this law to the people
at the next general cleo,
tion." approved .........,
one thousand nine hun
bred and twenty-one, bt
adopted.
The date of the approval of this act
shall be inserted in the appropriate place
In said ballot.
The said ballots so cast for and against
this act shall be counted and the result
thereof returned by the election officer
and a canvass of such election had in tn,
same manner as is now provided for by
law in the case of the election of a Gov.
ernor, and the sanction or rejection of thii
act so determined shall be declared in thu
same manner as the result of an election
for a Governor. and If there shall be q
majority of all the votes cast for and
against it at such election in favor Of the
sanction of this act, then all of the pro
visions Of this act shall take effect forth.
with.
%. This section and the preceding sec.
| tim Of this mt shnll tnI-n nfnnt irar,nii