New Jersey Revised Statutes § 30:3-4 - State Institutional Construction Fund; Bond Issue

30:3-4. State institutional construction fund; bond issue
L.1930, c. 227, p. 1015, 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 ten million dollars for state institutions; providing for 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, as amended by L.1935, c. 215, p. 509, saved from repeal. [This act permits the issuance of bonds in the sum of ten million dollars; limits the bonds issued in any one year to three million dollars; bonds are to be issued from time to time as money is required by certification of the state board to the state house commission; principal and interest are exempt from taxation; the state house commission shall determine all questions in connection with bond issues; other provisions are made for rate of interest, temporary bonds or certificates; separate series, registration, maturity, payment, dedication of proceeds, appropriation of necessary funds from receipts of tax on motor vehicle fuels, and levy of general tax to meet deficiency.]

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Last modified: October 11, 2016