The Pleasantville press., 1924-09-20

menf of revenues as provided in such
sections shall apply equally and fully TO
bonds issued hereunder.
4 10 IN case the bonds of any issue au-
, thorized hereunder shall be subject to
call for redemption before maturity, the
| Sinking Fund Commission shall nave
! newer i'm its discretion to call sald ponus
| for redemption whenever there shall be
funds in the sinking fund suff1cient Tor
| such redemption No bonds of any series
1 shall be called for redemption unless an
! the bonds of said series are called for
redemption If more than one series are
called for redemption at one time, the
bonds of the several series called shali De
/ redeemed in the order of their issuance.
49, (a) Bonds issued hereunder when
! purchased by the sinking fund for invest
ment shall be deemed outstanding; Bonus
! issued hereunder when held by the sink
ing fund may be cancelled only from the
surplus in the sinking fund which is over
and above the sinking fund REQUIREMENTS
When the amount OF sinking Iund TO the
credit of any series of bonds shall De
sufficient together with three and one
half per centum interest compounded an
nually to equal the principal OF the out
standing bonds of such series at maturity;
no further contributions shall be required
/ to be made thereto except to make good
any losses which may occur.
! Investments of sinking fund moneys
shall be limited to the bonds, notes ana
/ certificates of the Government OF the Onl-
/ ted States. bonds and negotlaple notes ol
4 county, school district or municipality or
|
fb) 1t shall be lawful for the Sinking
Fund Commission to purchase at private
sale the bonds or negotiable notes OF any
/ county, school district or municipality OF
! this State at the time of their original
issuance, any laws relating to the pubic
/ sale thereof to the contrary notwlth-
standing.
It shall be lawful for the Sinking Fund
Commission to purchase as. at priYaceI ncI,dine Sa,e
bonds issued hereunder) at the time OF
their issuance, any law relating to the
public sale thereof notwithstanding. 10
effectuate such purpose. the issuing offi-
cials may, by resolution, set apart por-
ton of the bonds of any series at the
time of issue and sell same to the sinking
fund and offer the remainder OF sald
bonds to the public.
Ia. The revenues of each year derived
from the operation of the bridges ana
tunnels constructed out OIL the proces;us p;eis
of the bonds herein authorized, exclusive
of the moneys required to maintain ana
operate the same by the officials, com,
mission. board or body having control
thereof (Which moneys they are hereby
authorized to retain for that purpose),
shall be paid into the sinking fund for
the payment of interest and for amortlz-
ing bonds issued hereunder, such moneys
to be apportioned between the interest
and sinking fund accounts as the Sinking
Fund Commission may direct.
Is (a) Upon the issuance of each series
of bonds authorized hereby the State
Treasurer shall pay to the Sinking tund
Commission an amount sufficient TO pay
all interest on said bonds, which shall pc
payable on or before the following first
day of July. Thereafter, Immediately az
ter the first day of July in each year the
State Treasurer shall pay to the Sinking
Fund Commission an amount Whlcn, IN
addition to moneys then in hand held by
the commission for the payment of inter-
est, shall be sufficient to pay all interest,"
on all bonds then outstanding which snail
be payable on or before the following hrst
day of July.
1b) On the first day of July, at the ex-
piration of three years following the Issue
and Immediately after the first day of
July in each year thereafter the State
Treasurer shall pay to the Sinking Fund
Commission an amount which, in addition
to the amounts credited to the. annual
amortization requirement of such year,
shall be equal to the amortization re-
quirement for such year.
lei Until such time as the revenue de-
rived from the operation of said bridges
and tunnels shall be sufficient to meet
the amount necessary to pay the yearly
interest on all outstanding bonds, as well
as the annual amortization requirement,
there shall annually be assessed. levied
and collected on all the real and per-
sonal property in every taxing district,
in the State, tax, at such rate upon the
valuation thereof. sufficient to realize the
sum required for said purpose; provided,
that when the amount received annually
from the operation aforesaid shall be
sufficient to meet the yearly requirements
or there shall be in the sinking fund suffi-
cient for the liquidation of said outstand-
ing bonds as herein before specified. then
and in such case. the said State tax shall
not be levied.
The amount of such tax required to be
raised by the several taxing districts of
the State shall be certified by the Comp
troller Of the Treasury and apportioned
by him a7i1SUe the sevefaf countries of rhe1
State. in proportion with their assessed
valuation of real and personal property
which is subject to taxation for municipal
purposes within such county as shown by
the then last corrected assessed Valua-
ton Such apportionment when made
shall besforwarded to the county treasur-
ers of the several counties, and by them
apportioned among the several taxing
districts in their county in proportion to
the assessed valuation of the several tax
ing districts as shown by the assessed
valuation for the current tax year Such
tax shall be included and made a part of
the levy in each taxing district in such
county, and shall be assessed. levied and
collected as other taxes 1t shall be the
duty of the collector or other officer hav
ing the custody of the collected taxes in
the several taxing districts OF the State.
on or before the fifteenth of December of
each year, to pay to the county treasurer
of the county in which such taxing dis
trict is located, such State tax required
to be assessed in his taxing district. and
the county treasurer shall pay the amount
Of such tax as has been assessed in the
taxing district of his county to the State
Treasurer on or before the twentieth day
OF december OF Such year, ana applled Dy
him to the purposes hereinbefore mem
toned.
Id The amounts required to be paid by
the State Treasurer shall be ascertained
/ and computed by the Sinking Fund Com
mission and the certificate of such COM
mission shall be conclusive and binding
upon the State Treasurer
16 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 four,
4 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
newspapers published in different coun-
ties of this State. 1t shall be the duty of
the Secretary of State to arrange, in ac-
cordance 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 of the State may at such election
vote for or against the sanction or rejec-
tion of this act in the following manner:
There shall be printed. on each official
ballot the following:
IF you favor the proposition written
4 below, mark an 4 or mark in the
square opposite the word Yes"
IF you are opposed thereto, mark an
4 or = mark in the SOuare ODDOsita the