New Jersey Acts Saved from Repeal ACTS SAVED 32 § 7-1(13)

13. A sinking fund is hereby established for the payment of the principal of said bonds. Beginning with the year after the date 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 per annum, compounded annually, be sufficient to pay the principal of the outstanding bonds of such 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 “annual amortization requirement”, and shall be computed by the sinking fund commission immediately after the first day of July of each year. For the purpose of determining the amount of the fund in hand at any time the sinking fund commission shall value the securities and investments thereof at the market value, but not exceeding their par value.