New Jersey § acts:saved-40 - (8)

§ acts:saved-40. (8)

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,

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, after duly advertising the same, to a sum not exceeding in the aggregate

fifty thousand dollars over and above the total amount theretofore issued, such bonds

to run for a term of 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 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 said bonds sufficient, with the accumulation thereof, to extinguish

the principal of the said bond[s] issued when due; the interest and principal of

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

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.