New Jersey § acts:saved-40 - (9)

§ acts:saved-40. (9)

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 hereafter

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 one hundred and fifty thousand

dollars ($150,000) 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 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.