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

terest coupons attached, or may be regis
tered as to both principal and interest.
Co The issuing officials are hereby
authorized to make rules and regulations
for the issuance. sale. exchange, transfer.
conversion and registration of said bonds.
6. Said bonds shall be issued from
time to time as money is required for the
purposes for which they are authorized.
as certified by the State Highway Com
mission, in no greater amount than eight
million dollars in any calendar year. If
issued from time to time, the bonds of
each installment or maturity (when
bonds of differing maturities are issued
at the same timeD shall constitute a e
arate series, to be designated by the issu-
ing officials. Bonds running for differing
maturities may be issued at the same
time and sold at the same sale. Each
series of bonds shall bear such rate of
interest, not exceeding five per centum
per annum, as may be determined by the
issuing officials, which interest shall be
payable semi-annually, provided that the
first and last installments of interest may
be for a longer or shorter period in order
that intervening installments may be paw
able at convenient dates.
Z. Said bonds shall be sold at not less
han par and accrued interest and under
such regulations as the issuing officials
may prescribe. after notice of sale pub
lished at least three times, the first pub
location to be not less than ten DAVIS pre-
vious to the sale, in at least six newspa-
pers published in the State of New Jer-
sey and in one financial paper published
~ th& lily Vi NJ" ~ HAio VI L iilldu0i-
phia, 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 n above described. as many
times as in their judgment may be nee
essary to effect a satisfactory sale. The
issuing officials may sell all or part of
the bonds of any series as issued, to the
sinking fund herein created and provided,
or to the sinking fun OF other bonds
issued by the State, at private sale with
out 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 certih-
Gates in such form and with such privi-
leges as to the registration and exchange
for permanent bonds as they may deter
mine.
8. The proceeds realized from the sale
of the bonds. exclusive of accrued inter-
est and premiums received and interest
from deposits received from repositories,
shall be paid to the State Treasurer and
held by him in a separate fund, and de-
posted in such repositories as may be
selected by him, which shall be known
as the State Highway Fund.- which
fund is hereby specifically dedicated to
the purpose of constructing, improving,
reconstructing and rebuilding the State
Highway System, as now authorized by
law, or portions thereof, including bridges
thereon which are a part thereof. All
accrued interest and premiums from the
sale of bonds. excepting as hereinafter
directed. together with interest received
from deposits of such funds, shall be
paid into the sinking fund hereby created
and classed as earnings of such sinking
fund for the year in which they are
received.
10. The moneys in the State Highway
Fund shall be used by the State Highway
Commission for the purposes for which
bonds are hereby authorized and are to
hA ,Ant11nfA1 aaafpNllA1 aNI 1tH1.a-al -.
moneys in the State Road Fund for con-
structing, improving, reconstructing, and
rebuilding the State Highways are regu-
lated, controlled and disbursed.
IL. In case any coupon bono and the
coupons thereunto appertaining. or any
registered bond, shall become mutilated
or destroyed, a new bond shall be exc
cuted and delivered, of like tenor, am
cunt. date and series in exchange and
substitution for the mutilated or Destroy
ed bond or coupons. In case of destruc-
ton. the applicant for a substituted bond
shall furnish to the State House Commits
sion evidence satisfactory to it of such
destruction, and also such security and
indemnity in equal amount as may be
required.
~. Any expense incurred by the issu-
ing officials for advertising, engraving,
printing, clerical. legal or other services
necessary to carry out the duties imposed
upon them by the provisions of this act,
shall be paid from accrued interest and
premiums from sale of bonds or from the
proceeds of the sale of said bonds by the
State Treasurer upon the warrant of the
Comptroller of the Treasury in the same
manner as other obligations of the State
are paid.
10. A sinking fund is hereby establish
ed for the retirement of the principal of
said bonds. Beginning with the calendar
year after the date of issue of each series
of bonds, and in each year thereafter, an
amount shall be paid as hereinafter pro-
vided, into the said sinking fund, which
would II tharaaftar ann1la1lV contributed
to said fund. with the FUND in hand, and
interest on said fund and on such annual
contributions at the rate of three and
one-half per centum, compounded annu-
ally, be sufficient to pay the principal of
the outstanding bonds of each series at
their maturity, and such fund is hereby
appropriated for such payment. The said
amounts required to be contributed in
each year on account of all issues are
sometimes herein referred to as the
Sinking Fund Requirement"
IA. A Sinking Fund Commission is
hereby created. which shall consist of the
Governor, the Comptroller of the Treas
ury and the State Treasurer. The COM
mission shall be governed by such rules
to time, adopt. The commission shall
have the care and management of the
sinking fund which Is hereby established
and custody and control of all sinking
fund Moneys, securities, papers and rec
ords appertaining thereto. The State
Treasurer shall be treasurer of the COM
mission and shall deposit all moneys re-
ceived as hereinafter prescribed in such
depository or repositories as he shall de-
termine. He shall give a bond in such
sum as shall be determined by the Sink
ing Fund Commission, premium for which
shall be paid from the tax revenues here
in provided. The Sinking Fund Commits
sion shall pay from the sinking funds the
interest on all bonds authorized hereun-
der as same shall become due and paya-
BILE. The Sinking Fund Commission shall
also pay from the sinking funds all bonds
authorized hereunder as same shall be-
come due and payable. or at an earlier
time if funds are available as herein pro-
vided. The Sinking Fun Commission
shall invest, reinyest and keep invested
all moneys coming into its control only
in the securities or Investments authoriz-
ed by this act. 1t shall have power to
sell or convert into cash such securities
or investments as from time to time may
be necessary. 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 in
vestment. 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 invest
ment. return on investment, increase or
loss thereon and the expenditure thereof;
to make reports as and when required
and to permit access to and inspection of
accounts and records by any person duly
o,thopfza1 nv tho Gfata The nanarf-