27:11-7 - Act of 1922 - New Jersey Statutes

27:11-7.  Act of 1922
    L.1922, c. 262, p. 634 (1924 Suppl. s.s. 179-821 to 179-839), entitled "An act for the construction, improvement, reconstruction and rebuilding of the state highway system;  providing for the defraying of the cost of the same by the taxation of real and personal property in this state, and by the creation of a debt of the state in an amount not exceeding forty million dollars by the issuance of bonds therefor, and for the submission of this act to the people at  a general election,"  passed March seventeenth, one thousand nine hundred and  twenty-two, saved from repeal, together with the following supplement thereto  passed March fourteenth, one thousand nine hundred and twenty-four (L.1924, c.  249, p. 660;  1924 Suppl. s.s. 179-840 and 179-841).  [This act provides for the  raising of money for highway purposes and the issuance of bonds of the state in  the amount of forty million dollars.  It prescribes the time and manner in  which the bonds shall be issued and provides for the establishment of a sinking  fund and the investment of the moneys thereof, and the levying of a general property tax to pay the principal and interest of such bonds.  The act was submitted to the voters of the state at the general election held in November  1922, and was officially declared adopted on December 5, 1922. The supplement  passed March 14, 1924, provided for the repayment to the several municipalities  of excess taxes collected under the original act.]