The Pleasantville press. (Pleasantville, N.J.) 1912-1929, 1922-09-20

Sinking Fund Commission the amount so
certified from the tax hereby imposed and
received by him, on or before the thirty
first day of December of the year follow
ing the date fixed for the certification.
For the purpose of determining the am
cunt of the fund in hand at any time the
Sinking Fund Commission shall value the
securities and investments of the sinking
funds at not exceeding their par value.
and for the purpose of calculating the
amount to be certified, any surplus i'm the
sinking fund over and above the require
ments as herein set forth, may be used
to reduce the amount to be certified.
IL. Ia To provide funds for the pay
ment of the interest and the principal of
the bonds herein authorized. a tax shall
be assessed, levied and collected as fol-
lows; beginning with the calendar year
one thousand nine hundred and twenty
three. and annually thereafter, there shall
be assessed, levied and collected in each
of the municipalities in the counties of
this state, a tax sufficient to meet the
interest on all outstanding bonds. and on
such bonds as it is proposed to issue I'M
der this act in the calendar year in which
the tax is to be raised, and for the crea-
ton of a sinking fund for the retirement
of such bonds all as h~ereinbefore set
forth. upon all the real and personal
property in every such municipality upon
which municipal taxes are or shall be
assessed, levied and collected; provided,
that in the year one thousand nine hun
dred and twenty-three, and annually
thereafter until and including the year
one thousand nlne hundred and twenty
seven such tax shall not be less than one
mill on each dollar of the value of such
real and personal property. The tax
hereby imposed shall be assessed. levied
and collected in the same name and at
the same time as other taxes upon real
and personal property are assessed. levied
and collected. The governing body of
each municipality shall cause to he paid
to the county treasurer of the county in
which such municipality is located. on or
before the fifteenth day of December in
each year, the amount of the tax herein
directed to be assessed and levied. and
the county treasurer shall pay the am
cunt OF said tax to the State Treasurer
on or before the twentieth day of Decem-
Der in each year.
OBJ The Sinking Fund Commission
shall, on or before the fifteenth day of
December in each year certify to the
Comptroller of the Treasury the amount
necessary for the interest and the sink
1ng fund payments as hereinbefore proyi-
ded, the same to be assessed, levied and
collected for and in the. ensuing calendar
year. The Comptroller of the Treasury
shall. on or before the first day of March,
following. calculate the amount in dollars,
or the millage on the dollar of valuation,
as the case may be, to be assessed. levied
and collected as herein set forth in each
eounty; il in a fixed amount in dollars,
such calculation shall be based upon the
ratables of the preceding year, as shown
by the then corrected assessed valuation
of such county; if by millage on the dol
lar of valuation, ii shall apply to the val
uation basis of the current year, and GER
tify said amount or the millage SO calcu-
lated to the county board of taxation and
the county treasurer of each county. The
said county board of taxation shall in
clude the amount in dollars or the mill
age on the dollar of valuation. as the case
may be, SO certified. in the current tax
levy of the several taxing districts of the
county in proportion to the ratables as
ascertained for the current year.
tc) Such portion of the tax imposed
under this section as shall be necessary
for the payment of interest, and the sink
ing fund requirements as herein directed
to be certified, shall be reserved and set
aside as collected by the State Treasurer
and paid to the Sinking Fund Commits
sion as hereinbefore directed. The re-
mainder of such taxes collected shall be
used first for reimbursing counties and
municipalities for moneys. borrowed or to
be borrowed by them for constructing,
improving, reconstructing, and rebuilding
such portions of the State Highway Sys-
tenn as may at the date of the approval
or passage of this act, as the case may
be, be allotted, authorized and confirmed
by the State Highway Commission under
the provisions of an act entitled A act
to authorize the counties of this State to
construct, improve and complete the
whole or any part of any State highway
within any such county now or hereafter
laid out by the State Highway Commits
sion, and to issue and sell the bonds or
other obligations of the county to provide
funds for such purposes" approved March
ioAii IL bllt NiloAhHtilu illit lNlililitd dll
eighteen; and "A supplement to an act
entitled An act to authorize the counties
of this State to construct. improve and
complete the whole or any part of any
State highway within any such county
now or hereafter laid out by the State
Highway Commission, and to issue and
sell bonds or other Obligations of the
county to provide funds for such Durpos-
es,' approved March fourth. one thousand
| nine hundred and eighteen, which supple
ment was approved April t%wenty-frst,
one thousand nine hundred and twenty;
and An act to authorize cities, boroughs,
towns, townships and villages of this
State to construct. improve and complete
any part of any State highway system
within such cities, boroughs, towns, town
ships and villages of this State, now or
hereafter laid out, OF taken over by the
State Highway Commission, and to issue
and sell bonds or other obligations of any
such cities, boroughs, towns, townships
and villages to provide funds for such
purposes" approved April eighth, one
thousand nine hundred and twenty-one;
and amendments thereof and supplements
thereto, as and when agreed to be paid by
said State Highway Commission, and the
balance remaining shall become part of
the State Highway Fund and used for
the constructing, improving, reconstruct
ing and rebuilding of the State Highway
System. including bridges thereof which
are a part thereof.
Is. 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-five,
be submitted to the people. In order to
inform the people of the contents of this
act it 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 least once in at least ten
newspaper published in 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 Civ
en- of said election, and the people of 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 taking effect of the act
entitled below, make an y or I mark in
the square opposite the word Yes"
If you are opposed to the taking effect
of the act entitled below, make an X or
7 mark in the square opposite the word
"No.'
An act for the construc-
ton. Improvement. recon- :