New Jersey § acts:saved-40 - (5)

§ acts:saved-40. (5)

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

this [is] a further supplement, for the acquisition, development and improvement of

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

in force and in which the sum limited in said act and in any supplement thereto shall

have been already 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 three hundred thousand

dollars over and above the total amount theretofore issued, 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 accumulation 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 the issue and sale,

shall be paid over to the said park commission; provided, however, that the board

of chosen freeholders shall not be governed by the provisions hereof in any county

of this state until after the approval of this act by a majority of the votes cast

at a general election, which shall be held in such county upon the question of the

approval of this act, which question shall be submitted to the voters of such county,

in the manner provided by law, wherever a request in writing for such submission shall

have been filed with the county clerk of such county at least thirty days before the

day of such general election by the commission, board or other authority having the

control and maintenance of the county parks.