27:11-9 - Act of 1930 - New Jersey Statutes

27:11-9.  Act of 1930    L.1930, c. 228, p. 1022, entitled  "An act authorizing the creation of a debt of the state of New Jersey by the issuance of bonds of the state in the sum of eighty-three million dollars for highway improvements;  providing the ways and means to pay the interest of said 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,"  approved April eighteenth, one thousand nine hundred and thirty, saved from repeal.  [This act provides for the raising of money for highway purposes and for grade crossing elimination, and the issuance  of bonds of the state therefor in the amount of eighty-three million dollars.   The amount was reduced to sixty-three million dollars by L.1932, c. 250, p.  550, and was further reduced to fifty-eight million dollars by L.1933, c. 397,  p. 1100.  It prescribes the time and manner in which the bonds shall be issued.   Payment of principal and interest is provided for from the receipts of the tax  on motor vehicle fuels, supplemented by a general property tax if the motor  vehicle fuel tax proves insufficient for the purpose.  The act was submitted to  the voters of the state at the general election held in November 1930, and was officially declared adopted on December 2, 1930.]