New Jersey § acts:saved-40 - (1)

§ acts:saved-40. (1)

1. That to meet the further expenses to be incurred under the provisions of the act

to which this is a supplement, for the acquisition, development and improvement of

parks and parkways or boulevards, in any county in this state in which said act shall

be in force, and in which the sum limited in said act shall have been appropriated,

the board of chosen freeholders of the said county shall, from time to time, on the

requisition of the said board of park commissioners, in the name and on the credit

of the said county, borrow money by issuing the bonds of the said county to a sum

not exceeding, in the aggregate, one million five hundred thousand dollars, over and

above the sum provided in the act to which this is a supplement; such bonds to run

for a term not exceeding fifty years, to bear interest at a rate not exceeding four

per cent, payable semiannually; such bonds shall not be sold or disposed of at less

than their par value, and may be made payable at any place which the said board of

chosen freeholders may determine, and they shall also determine the form of the bond;

a sinking fund shall be established by the said board of chosen freeholders on the

issuing of any such bonds sufficient, with the accumulations thereof, to extinguish

the principal of the said bonds so issued, when due; the interest and principal of

the bonds issued under the authority of this act shall be the debt or obligation of

the county wherein they are issued, and the payment thereof shall be provided for

by taxation in the same manner that other debts and obligations of the county are

provided for by taxation; the proceeds of the sale of said bonds, after deducting

expenses for negotiating the same, and for engraving and all other expenses connected

with their issue and sale, shall be paid over to the said park commission.