New Jersey § 32:7-1

§ 32:7-1.

L.1920, c. 352, p. 863 (1924 Suppl. §§ *216-123 to *216-139), entitled “An act authorizing

the creation of a debt of the state of New Jersey by the issuance of bonds of the

state in an amount not exceeding twenty-eight million dollars for the purpose of paying

the cost of extending the system of state highways by the construction of bridges

and tunnels for vehicular or other traffic across the Delaware and Hudson rivers,

or either of them; providing the ways and means to pay the interest of such debt

and also to pay and discharge the principal thereof; and providing for the submission

of this law to the people at a general election,” passed May eleventh, one thousand

nine hundred and twenty, saved from repeal. [This act authorizes the issuance of bonds of the state in an amount not exceeding

twenty-eight million dollars for the purpose of constructing bridges and tunnels across

the Delaware and Hudson rivers. It prescribes the type of bonds and the method of issuance and sale and the use

of the proceeds. A sinking fund commission is created, consisting of the governor, state comptroller

and state treasurer, which is vested with the custody and control of the sinking fund

moneys. A sinking fund is established for the payment of the bonds. The revenues from the bridges and tunnels are to be used for the payment of the

bonds, but until such revenues are sufficient to meet the yearly interest and amortization

requirements, a state tax on real and personal property is to be levied. The act was submitted to the people at the general election held on November 2,

1920, and was officially declared to be adopted on November 30, 1920, by the state

board of canvassers.]