The Pleasantville press. (Pleasantville, N.J.) 1912-1929, 1922-09-20
CHAPTER 2e2, LAWS OF 1922.

STAF IN <o<p LAWS OF lS<<'
AN ACT for the construction, improve
ment, reconstruction and rebuilding of
the State Highway System; providing
for the defraying of the cost of the
same by the taxation of real and per-
sonal property in this State, and by the
creation of a debt of the State in an
amount not exceeding forty million dol
lars by the ISSUANCE of bonds therefor,
and for the submission of this act to
the people at a general election.
Be 1t enacted by the Senate and Cen
eral Assembly of the State of New Jer-
sey:
l.. Bonds of the State of New Jersey
are hereby authorized in principal amount
not exceeding forty million dollars, for
the purpose of paying the cost of con-
structing, improving, reconstructing and
rebuilding the State Highway System, as
now authorized by law, or portions there
of. including bridges thereon, which are a
part thereof. Said bonds shall be known
as State Highway Bonds, and shall be
payable in not to exceed fifteen years
from date of issue for such portion as
may be issued for constructing, improv-
ing, reconstructing and rebuilding of
highways. and not to exceed thirty years
for such portion as may be issued for the
constructing, improving, reconstructing
and rebuilding of bridges on said high
ways, but may be issued in whole or in
part for a shorter term, as the issuing
officials may determine.
2. Bonds issued in accordance with
the provisions of this act shall be a di-
rect obligation of the State of New Jer-
sey. and the faith and credit of the State
Is pledged for the payment of the interest
thereon as same shall become due, and
the payment of the principal at maturity.
The principal and interest of such bonds
shall be exempt from taxation by the
State. OF by n county, municipality.
school district or other taxing district
within the State.
9. The Governor, State Treasurer and
Comptroller of the Treasury, constituting
the State House Commission, or any two
CI1Ch nfTinialC (hnrain Cnmafin1nG 1afartal
to as the issuing officials'), are hereby
authorized to carry out the provisions of
this act relating to the issuance of said
bonds, and shall determine all matters in
connection Herewith subject to the pro-
visions hereof. In case any of said off,
cials 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
name of the State by the Governor, or by
his fac-simile signature, under the great
seal of the State, and attested by the
Secretary of State or an Assistant Secre-
tary of State, and shall be countersigned
by the Comptroller of the Treasury or the
Deputy Comptroller. Interest coupons
attached to such bonds shall be signed by
the facsimile signature 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 cOu-
pons, have ceased to hold office at the
time of such issue or at the time of de-
livery of said bonds to the purchaser.
B.. (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 month of November. one thousand
nine hundred and twenty-five, and that ii
receivedthe sanction of a majority of the
votes cast for and against ii 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.
(b) Said bonds shall be in such form
and in such denomination as may be de-
termined by the issuing officials. Said
bonds may be coupe bonds, or may be
registered as to principal only with In