New Jersey § acts:saved-27 - (8)

§ acts:saved-27. (8)

8. That in order to raise money to pay the costs, charges and expenses in laying out,

opening, constructing and improving such road in accordance with the provisions of

this act, and all moneys required or necessary for any of the purposes of this act,

including money necessary to pay for awards of the commissioners or finding of the

jury as herein provided, it shall be lawful for such board of chosen freeholders from

time to time, either before or while the improvement provided for as aforesaid is

in progress, by resolution, to cause the bonds of such county, in the name of such

board of chosen freeholders, to be issued for the same, in such sums as the board

may deem proper; that the moneys realized from such bonds shall be paid to and received

by the county collector and be by him applied to the payment of the cost, charges

and expenses of, in and about the laying out, opening, constructing and improving

such road or the certificate of indebtedness issued thereon or therefor, as directed

by resolution of said board; that the bonds issued may be either coupon or registered

bonds as such board of chosen freeholders may determine, and the same may be made

payable, both principal and interest, at the office of the county collector of said

county; said bonds shall be sold by the board of chosen freeholders of said county

upon the orders and resolutions thereof, either upon bids for the same duly advertised

for or otherwise; provided, that said bonds shall in no case be sold less than par;

the director of such board and the county collector of such county shall sign said

bonds, and the same shall be sealed with the seal of the county; the county collector

shall number and register the same; the registered bonds may be exchanged for coupon

bonds and coupon bonds be exchanged for registered bonds, at the request of the holder

thereof; provided, that such board of chosen freeholders by resolution shall consent

to such exchange, and said bonds shall bear such interest as such board shall determine,

not exceeding five per cent per annum, and said interest shall be paid semiannually,

and the said bonds shall have such time to run as said board of chosen freeholders

may at the time of issue thereof by resolution determine, not exceeding thirty years,

and the costs, charges and expenses aforesaid, incurred in the laying out, opening,

constructing and improving said road as provided for by this act, shall be paid in

no other manner; and provided, that the issue of such bonds, in all, shall not exceed

the sum of one million dollars.