32:7-2. Supplemental issue of 1924
308 words·~1 min read·
/nj/title-32/chapter-7/32-7-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
L.1924, c. 262, p. 677 (1924 Suppl. s.s. *216-152 to *216-168), 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 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 March fourteenth, one thousand nine hundred and twenty-four, saved from repeal. [This act authorizes the issuance of bonds of the state in an amount not exceeding eight million dollars, for the purpose of supplementing the bonds authorized by L.1920, c. 352, p. 863, which act is saved from repeal by section 32:7-1 of this title.
It prescribes the type of bonds and the method of issuance and sale and the purposes for which the proceeds shall be used. The provisions of said L.1920, c. 352, p. 863, as to the sinking fund commission and the sinking fund and the custody and disbursement of revenues is to apply to the bonds issued under this act. The revenues derived from the operation of the bridges and tunnels are to be used for the payment of interest and for amortizing the bonds, but until the revenues are sufficient for such purposes, 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 4, 1924, and was officially declared to be adopted on December 2, 1924, by the state board of canvassers.]