32:7-1. Original issue of 1920
292 words·~1 min read·
/nj/title-32/chapter-7/32-7-1A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
L.1920, c. 352, p. 863 (1924 Suppl. s.s. *216-123 to *216-139), entitled "An act authorizing the creation of a debt of the state of New Jersey by the issuance of bonds of the state in an amount not exceeding twenty-eight million dollars for the purpose of paying the cost of extending the system of state highways by the construction of bridges and tunnels for vehicular or other traffic across the Delaware and Hudson rivers, or either of them; providing the ways and means to pay the interest of such debt and also to pay and discharge the principal thereof; and providing for the submission of this law to the people at a general election," passed May eleventh, one thousand nine hundred and twenty, saved from repeal. [This act authorizes the issuance of bonds of the state in an amount not exceeding twenty-eight million dollars for the purpose of constructing bridges and tunnels across the Delaware and Hudson rivers.
It prescribes the type of bonds and the method of issuance and sale and the use of the proceeds. A sinking fund commission is created, consisting of the governor, state comptroller and state treasurer, which is vested with the custody and control of the sinking fund moneys. A sinking fund is established for the payment of the bonds. The revenues from the bridges and tunnels are to be used for the payment of the bonds, but until such revenues are sufficient to meet the yearly interest and amortization requirements, a state tax on real and personal property is to be levied.
The act was submitted to the people at the general election held on November 2, 1920, and was officially declared to be adopted on November 30, 1920, by the state board of canvassers.]