Section 7 amended. By whom road maintained. CHAPTER 100. An Act to amend an act entitled "A supplement to an BE IT ENACTED by the Senate and General Assembly of the State of New Jersey: 1. Section seven of the act to which this is an amendment be and the same hereby is amended to read as follows: 7. After the completion of the said improvement, the 2. This act shall take effect immediately. ป CHAPTER 101. An Act to amend an act entitled "An act to amend an act entitled 'An act authorizing the incorporated cities, towns, townships and boroughs of this State to fund their floating indebtedness and their matured and maturing bonds,' approved March twenty-third, one thousand eight hundred and ninety-nine," and which said amendment was approved February eleventh, one thousand nine hundred and one. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey: amended. I. Section one of the act entitled "An act to amend an Section act entitled 'An act authorizing the incorporated cities, towns, townships and boroughs of this State to fund their floating indebtedness and their matured and maturing bonds, approved March twenty-third, one thousand eight hundred and ninety-nine," be and the same is hereby amended to read as follows: 1. Whenever any incorporated city, town, township or borough of this State shall have incurred or shall incur indebtedness, commonly known as floating indebtedness, of any kind whatsoever, whether incurred as hereinafter stated or in any other manner, that is to say, by reason of the setting aside of assessments, or by reason of the removal from the State of persons taxed before the payment of their taxes, or by reason of a portion of the cost of any public improvement having been assessed upon such municipality, or by reason of the reduction or cancellation of taxes, real or personal, cr by reason of money borrowed to meet payments required by law to be made but not included in any assessment or tax levy, or by reason of more than one of the above causes, or otherwise, it being the intent hereof Incurrence of floating indebtedness enumerated. Lawful to issue bonds. Amount. to include floating indebtedness of every kind and howsoever incurred; or whenever any such city, town, township or borough shall have purchased, or may hereafter purchase, real estate and buildings subject to mortgage and has assumed the payment thereof, and the sum secured by such mortgage is payable; or whenever any such city, town, township or borough shall have borrowed, or shall hereafter borrow money to enable it to pay, and shall have paid or shall hereafter pay any of the interest or principal of any matured bonds with the money so borrowed and shall not have theretofore included the amount, or any part of the amount of the money so borrowed in any tax levy or levies, assessment or assessments; and whenever any such city, town, township or borough shall have issued, or shall hereafter issue, any bonds, improvement certificates, certificates of indebtedness, or other obligations for money honestly loaned to it in good faith, or for work performed or materials furnished, or has become lawfully chargeable with bonds or other obligations issued by the board of education or any other local board, and such bonds or other obligations are due or are to fall due within one year, and such city, town, township or borough is without funds to meet the same, it shall be lawful for, and the power is hereby expressly conferred upon, the governing body of any such city, town, township or borough to issue bonds or other obligations for the purpose of paying off said floating indebtedness and extending the time when the several amounts thereof shall be discharged, by virtue of any proper ordinance, to be passed at a regular meeting of such governing body, to the amount of ninety-six and two-thirds per centum, or to any less part of the amount of the said floating indebtedness, matured bonds not included in any tax levy, other bonds, improvement certificates, certificates of indebtedness or obligations due or to become due as aforesaid, issued for money honestly loaned to such municipality in good faith, or for work performed or materials furnished, or such bonds or other obligations lawfully chargeable thereto (within the time aforesaid), issued by any board of education or other local board, which bonds shall be made payable at periods of time not ex- Time; rate. ceeding thirty years from the date of issuing the same, and shall draw interest at a rate not exceeding five per executed. centum per annum; which bonds shall be for not less Denomination. than one hundred dollars nor more than ten thousand dollars each and shall be executed under the corporate seal of said city, town, township or borough, and shall be signed by the mayor, chairman or other head execu- How tive officer or officers thereof, and by the principal financial officer thereof (if any), and attested by the clerk; and which said bonds shall have coupons attached for every half year's interest until due, or may be registered, at the option of the holder; which coupons, if attached, shall bear the names of the said head executive officer, principal financial officer (if any) and clerk of the said city, town, township or borough, and shall be numbered to correspond with the bond to which they shall be respectively attached; and all the bonds issued under this act shall be numbered, and a register of such numbers, the date of said bonds, the date of issuing and the time of payment shall be made by or under the direction of the principal financial officer (if any), otherwise by or under the direction of the clerk of such municipality, in a book provided for that purpose; all such bonds shall recite that they are issued in pursuance of this act and of the aforesaid ordinance, and shall set forth the date upon which such ordinance was adopted, which recital shall be conclusive evidence of their validity and the regularity of their issue; provided, that in order to re- Proviso. deem the bonds issued in pursuance of this act at their maturity, it shall be the duty of the governing body of such city, town, township or borough to establish a sinking fund, which shall be created by a special tax of not less than three per centum upon the issue herein provided for, to be raised in the annual tax levy, or from the collections of assessments for improvements in cases where the indebtedness was originally incurred to pay for local improvements assessable upon lands particularly benefited, or both, at the option of the governing body thereof; and provided further, that the cou- Proviso. pons attached to the said bonds may, at the option of Bond to set thority of forth au issue. Repealer. the governing body of any such city, town, township or borough, bear the name of the treasurer or principal financial officer only without the name of any other officer. 2. All acts and parts of acts inconsistent with this act be and the same are hereby repealed. 3. This act shall take effect immediately. Time for reporting extended. CHAPTER 102. A Further Supplement to "An act to provide for the appointment of a commission to revise and codify the law relating to master and servant," approved April third, one thousand nine hundred and five. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey: 1. The commission, which was appointed under the provisons of the act to which this act is a supplement, is hereby given until the session of the next Legisla. ture to file its report, revision or codification of the laws relating to master and servant, and for the necessary clerical help and other expenses of the said com Appropriation. mission there is hereby appropriated the sum of seven hundred dollars, or as much thereof as may be needed. 2. This act shall take effect immediately. Approved April 25, 1907. |