The Pleasantville press., 1924-09-20

This Statute is to be subhitted to ths
voters of the State of New Jersey at ths
General Election to be held on Tuesday
the 4th day Of November. 1924.
THOMAS f. MARTIN,
Secretary of State.
CHAPTER 262.
An ACT authorizing the creation OF 9
debt of the State of New Jersey by ths
issuance of bonds of the State in ar
amount not exceeding eight million dol
Of 1s extending a tn. the p system Of State high
ways by the construction of bridges ano
tunnels for vehicular or other tra1he
sacross the Delaware and Hudson rivers
or either of them: providing the ways
and means TO pay the interest Oh such
debt and also to pay and discharge tne
principal thereof; and providing for the
submission of this law TO the people III
a general election.
Be it enacted by the Senate and Gener-
al Assembly of the State of New Jersey:
l. Bonds of the State of New Jersey are
hereby authorized in principal amount moi
exceeding eight million dollars FOR the
purpose of supplementing the amount OF
money raised or to be raised oy tne lssu
ance of bonds authorized by an act enti-
tied IAN act authorizing the creation OF
a debt of the State of New Jersey py the
issuance of bonds OF the STATE IN an I1i1l,, Am,
dollars for the purpose OF paying the cost
of extending the system OF state hgh,
ways by the construction OF Drldses ano
across the Delaware and HUDSON rivers
or either of them; providing the ways and
means to pay the interest OF sueh dep'
and also to pay ana discharge the primer
nal thereof: and providing for the sub
mission of this law to the people at a
general election, passed May eleventh,
one thousand nine hundred and twenty,
for the purpose of paying the further cost
OF extending the system of state hlgh-
ways by the construction OF bridges ana
tunnels for vehicular or other traiho
> Ila,le exxrs4f. "a an
or either of them. or so much OF said
cost as shall be payable by the State OF
New Jersey.
Comptroller of the Treasury; or any two
of such officials hereinafter sometimes
referred to as 1.-The issuing officials are
hereby authorized TO carry out the pro
visions of this act relating to the issu-
ance of said bonds, and shall determine
all matters in connection therewith sub
1ect 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 shal pe
exercised and performed by such person
as shall be authorized by law to act IN
3. said bonds shall be signed in the
name of the State by the Governor or by
his facsimile 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 counterslgned
hy the State Comptroller or deputy
Comptroller Interest coupons attached
to such bonds shall be signed by the rae
simile signature of the State Comptroller.
Such bonds may be issued notwitnstahmgo the,,,
or whose facsimile signatures appear on
= the bonds or coupons have ceased TO hold
Office at the time of such issue.
L. (a) Said bonds may recite that they
are issued in pursuance of this act, and
that this act was submitted to the people
at the general election held in the month
OF November. one thousand nine hundred
and twenty-four. 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 regularity of the issue OF
said bonds and of their validity.
(b) Such bonds shall be in such form
as may be approved by the issuing OH
ciaIs They shall be of the denomination
of one thousand dollars or multiples
thereof. They may be coupon bonds, or
may be registered as to principal only,
with interest coupons attached, or may
be registered as to both principal and IN
terest, as said officials shall determine.
(c) The holders of coupon bonds may
be given the privilege of surrenderlng
such bonds and receiving in lieu thereof
registered bonds without coupons, or hav-
ing such coupon bonds registered as 10
principal only. The holders of registered
bonds may be. given the privilege OF sur
rendering such bonds and of receiving IN
lieu thereof either coupon bonds or new
registered bonds of larger or smaller de-
nomination. Upon the transfer of regis
tered bonds the bonds to be transferred
shall be surrendered for cancellation and
new registered bonds shall be issued to
the transferee.
fd) The issuing officials are hereby au-
thorized to make rules and regulations
relating TO the exchange and registration
4 said bonds may be issued at one
time or from time to time, as money is
required for the purpose for which they
are authorized -as- ceFtsfe6~by the OFFICIALS,
commission. board or body, having charge
or control of the expenditure OF such
moneys. If issued from time to time, the
bonds of each installment shall constitute
a separate series, the first series being
marked Series A, of 1924. and each
succeeding series being marked in a sim
liar manner with one of the letters of the
alphabet succeeding A. The bonds OIL
each series shall be dated as of the first
day of January or the first day of July
next preceding the issuance thereof, and
shall mature in thirty years from their
date. The bonds may be made subject TO
previous cali for redemption at such time
or times and after such notice as may be
therein provided Each series of bonds
shall hear such rate of interest not ex-
ceedine six per centum per annum as
may be determined by the issuing OIL
cials. Such interest shall be payable on
the first days Of January and july OF
each year until the bonds shall be paid
Any expense incurred by the Secretary
of State or the issuing officials for adver-
tising, 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
the proceeds of the sale of bonds by the
State Treasurer upon the warrant OF the
Comptroller of the Treasury in the same
manner as other obligations of the State
6. Said bonds shall be sold at not less
than par and accrued interest, after no.
tice of sale published at least once not
less than ten days previous to the sale,
in at least six newspapers published in
the State OF New Jersey and in one finan-
cial paper published in the city of New
York. The said notice of sale may con-
tain provision to the effect that any OF
all bids made in pursuance thereof may
be rejected In the event of such reJec-
ton, the issuing officials are authorized
TO give further notice Of sale, in the man.
ner above described. as many times as in
their judgment may be necessary to effect
a satisfactory sale.
T. Until deiinitive bonds can be prepar-
ed the issuing officials may in their dis
cretion issue in lieu of such definitive
bonds temporary bonds in such form and
with such privileges as to registration and
exchange as they may approve. which
shall be exchangeable for deflnitive bonds.
s. Ia The proceeds of the sale of the
bonds. including all premiums received,
shall he paid into a separate fund, which
shall constitute the state Highway Ex-
tension Fund" of which the State Treas
urer shall be custodian. and the said fund
is hereby specifically appropriated for the
purpose Of paying the further cost of eX-
tending the system of highways by the
construction of bridges and tunnels for
vehicular or other traffic across the Della
ware or Hudson rivers, or either of them,
or so much of said further cost as shall
he payable by the State of New Jersey,
(bj Nothing contained in this act shall
prevent or limit the appropriation from
time to time for the said purpose, OF