The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1891-03-27
BOND REDEMPTION.
The Finance Board Prepar-
ing for Two Millions
Worth Maturing
May 1.
ALDERMAN ALIENS PLAN.
Important Resolution Adopted Last
Night-Water and Assess
ment Scrip.

last evening and authorized the issuance
OF over s., ,000, 900 Of bonds to refund gen
eral and assessment bonds which become
due May 1. The old bonds bear interest
at the rate of seven per cent. with few
exceptions aud the new ones will bear
five per cent. The issuing of the bonds
was authorized by this resolution intro
duced by Mr.. Allen
whereas. General bonds to the amount Of
SlO0, 600 heretofore legally issued by the Mayor
and Aldermen Of Jersey City "a a municipal
corporation under the provisions Of section ~ OF
an act of the legislature Of thu State Of New
Jersey. entitled IAN act to reOrganizs the Local
Government Of jersey City" lassed March 81.
1871. and
Whereas Assessment bonds to the amount OF
S1.76g. OO0 heretofore legally issued under the
provis ons Of section f56 OF the same act OF
Marcn Il, 1871, will become due and payable
Whereas fhe Sinking Fund Commission of
Jersey City have by resolution Of said Board
made p oyision for the pay meut Of the 100000
Of the said general bonds and S3oO,Ooo Of the
said assessment bonds. and
Whereas This Board desires TO review the
balances Of said bonds, amounting to .4jl 900,
50 falling due by the issuing Of assessment bonds
In aceordance with the provisions of an act en-
titled San Act 10 Authorize Cities TO Renew
Maturing Bonds, " approved June 9, 1890; there
fore
Resolved, That this Board issue for the re-
newal OF said balance OF indebtedness amount
ing to 81, 400, ,O0O assessment bonds to bs issued
10 the name Of the Mayor and Aldermen Of Jsr-
sey CRY. signed by the Mayor aad City Clerk Of
Jersey City, aud eountersigned BY the Comp
troller.
Resolved, That said assessment bonds shall be
dated April /, 1891. payable in twenty five years
from date. with interest at the rate OF five per
cent. per annum, p ~ able semi annually on the
first days of October and April.
Rsso.veI. That said assessment bonds hereby
authorized to / issued under sad act OF Jun c y,
1890 shall be sold b. the Board OF Finance al
public sale for the best price that can be OBJ
tanned therefor; but at not less than their par
value and accrued interest
Resolved, That sinking fund be and the same
is hereby created to pay oil the principal OF said
81 46g 200 of asses slIent bonds hereby autaor-
lied TO be issued under said act OF June y, 1890.
by deductlng from the collection OF assessments
the sum OF $4,000 per aunum, said sum to be
placed in a sinking fund to be used exclusively
TO ray OF said new assessment bonds when due.
Whereas, Water scrip 10 the amount Of 500
900. heretofore legally issued by the Water COM
missioners OF Jersey City undar the provisions
OF an act Of the Legis ature 4 the State OF New
Jersey, entitled an act TO authorize the construe-
tion OF works tor supplying Jersey City and
places adjacent with pure and wholesome water,
approved March 25, 1882 and the supplements
thereto became due and payable January ],
Whereas, The Sinking Fund Commission OF
Jersey City have a ready purchased all said
bonds tnat have been presented for pay
ment (and are ready 10 purchase those
outstanding as soon as presented) and TO
hold said bonds until ths proper bonds to re-
fund the same can be engraved and sold TO ad-
vantage under the act Of June 8, 1880; and
Whereas, Mater script 70 the amount Of $3.50,
900, heretofore legally issued by the Mayor aud
Aldermen OF Jersey City as municipal cOrpor-
alton underfthe provisions of Section ~ OF an act
OF the Legislature OF tue stat; Of New jersey,
entttled An Act to Reorganize the Local Gov
ernment Of Jersey City. passed March 81, 1871.
will becoms due and payable May ], 1897; and
Whereas, This Board desires to renew all Of
said Indebtedness of $3.50, OOO by the issuing of
Water Bonds in accordance with the provisions
R9Nna AM fh.Ft
Renew Maturing Bonds, approved June 8, 1890
Resolved. That this Board issue for the
newal of said Indebtedness of S5s6, 90 Water
Bonds 10 be issued in the name OF the Mayor
and Aldermen OF Jersey City, signed by the
Mayor and City Clerk of Jersey City and coun-
tersi2ned by the Registrar OF the Water Works,
Resolved, That said water bonds shall be dated
April l. 1891 payable in twenty five years from
that date with interest at the rate OF per cent.
per annum, payable semi annually on the first
day of October and April
Resolved That said water bonds hereby au-
thorized 10 be issued under the said act of June
8. 1890 shall be sold by the Board of Finance at
public sale for the best piice that can be OBJ
lained therefor, but at not less than their par
value and accrued interest.
Resolved, That a sinking fund be and the
same is hereby created TO pay on the principal
of the S5S60O0 Of said water bonds hereby auth
oriz=d to bs issued under said act Of June g.
1890. by deducting from the collection of water
rents Sl40D0 per annum; said sum TO be placed
in a sinking fund to be used exclusively TO pay
of said new water bonds when due.
Resolved That ths Clerk OF this Board be and
is hereby directed 10 advertise in the EUentn0
Journal and the JERSEY CITY NEWS of Jersey
City, and the New York FinaRcidt Nelcs OF New
York city, for proposals for sosd0OO of water
bonds and s., ,469. coo Of assessment bonds
directed TO be issued at this meeting, March %,
1891 sal advertisements TO be inserted in the
papers named for the perioi of three days in
form as herewith annexed, aud that the Comp
troller be and is hereby directed to procure loo
slips o. sad advertisement and mail the same 10
banks and brokers of New York and Jersey City
The Board will meet at two D. m.
Wednesday, when sealed proposals for
the purchase of the same will be re-
ceived. The greater part of the bonds
which are TO be thus refunded pay seven
per cent. interest.
The Adjustment Commissioners were
given $500 for the expenses of their
office, and on the advice of the Cooperation
Counsel the request of Mrs. Sarah ].
Schopp for the return of money paid for
water rents was refused.