New Jersey Acts Saved from Repeal ACTS SAVED 27 § 11-8(13)

13. A sinking fund is hereby established for the retirement of the principal of said bonds. Beginning with the calendar year after the date of issue of each series of bonds, and in each year thereafter, an amount shall be paid as hereinafter provided into the said sinking fund, which would, if thereafter annually contributed to said fund, with the fund in hand, and interest on said fund and on such annual contributions at the rate of three and one-half per cent, compounded annually, be sufficient to pay the principal of the outstanding bonds of each series at their maturity, and such fund is hereby appropriated for such payment. The said amounts required to be contributed in each year on account of all issues are sometimes herein referred to as the “sinking fund requirement.”