The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1898-08-20
RoArsp OF
lOmcial Proceedings.)

lAOIlllldCtst
| OF the city: they shall be sold at public or
| private sale for not less than par and ac-i
| crued interest; said bonds may be regis
| tered or coupon as said board may direct;
| proyided that no bonds shall be issued in
| pursuance Of this act after the expiration
Of six months from and after the approVai
thereof ~
| subject, it was proposed by the Messrs:
Rollins that the city should reimburse
them for legal expenses. ! lntorInea tne nd
they waived this claim in a telegram, ana
sent the communication hereWith SUD
mitted. The price offered By. them + on
the same basis as their bid, and ! re-
| spectfully advise the acceptance OF their
offer. The statute under which action IS
proposed was approved by the GoyeTI 70
will see by the quotations above made it
will be necessary to have the bonds QenV-
cred to the Messrs. Rollins on or before
Since I received the enclosed communi-
cation from Messrs. Rollins. the lily
Comptroller has suppressed doubt whether
the bonds proposed could be prepared and
delivered before the 23d inst, and | nave
therefore drawn a resolution accepting
the offer in such terms that there will not
be any liability on the part OF the CITY II
the engraving cannot be done in time.
If YOU conclude to accept the offer the
accompanying resolutions should be
adopted in the numbered order.
Respectfully.
ALLAN L. MeDERMoTT,
Corporation Counsel
Referred to the Committee on FL
nance
On motion of Mr.. Midlige the Board
then took a recess of fifteen minutes.
Upon reassembling of the Board, the
following members were present.
Messsrs. MidIige. Ringle and Simpson
REPORT OF STANDING COMMITTEES.
MI. Midlige. on behalf q tne Gommitt s
adoption of the following resolati9n-
Resolved. That the offer of f. II.
Rollins and Sons to purchase one hun
bred thousand dollars of bonds, to be is
sued under ard by virtue of an act 0f the
Legislature of New jersey. entitled An
act to authorize cities to issue bonds fer
the construction and furnishing Of public
schools and the requirement of lands
therefor" approved February q, 1888 be
and the same is hereby accepted. pro-
vided. however, that it shall be found
practical to issue such bonds on or before
the twenty-third of August instant. II,
for any reason, such bones shall not pc
issued within the time when their issue IS
authorized by law this resolution snail
be null and void. and shall not in such
case be taken or held to affect the rights
of either party existing at the date OF the
adoption hereof.
The report was received and the resolu-
ton adopted by the following vote, on the
call for the yeas and nays by the Presi-
Yeas-Messrs. Midlige, Ringle and Simp-
sons.
NdyS7NOfc.
Absent-President Heppenheimer and
Mr.. Bailey-2.
Mr.. Midlige. on behalf of the Committee
on Finance. further reported. recommend
ing the adoption Of the following resolu-
tom
Resolved, That in accordance with the
provisions of an act of the Legislature of
the State of New Jersey entitled An
Act to authorize cities to issue bonds for
the construction and furnishing of public
schools and the requirement OF lands
therefor" approved February 24th. 1898.
negotiable coupon bonds of the city to the
amount<of one hundred thousand dollars
be issued in the name of the Mayor and
Aldermen of Jersey City. Said bonds shall
be signed by the Mayor. countersigned
by the City Comptroller, and attested by
the City Clerk under the seal of the city.
and the coupons on the said bonds shall
bear the engraved or autographed sigma
ture of the City Treasurer. Said bonds
shall be of the denomination Of one
thousand dollars each. and numbered
from one to one hundred inclusive; and
said bonds shall bear date August l, 1898,
shall be payable August 1, 1918.
shall bear interest at the rate of
four per centum per annum, paya-
BILE semi-annually, February !, and August
/. of each year, and principal and interest
Of said bonds shall be payable in gold
coin of the United States of America of
the present standard of weight and fine
ness at the office of the City Treasurer
of Jersey City. Said bonds and coupons
shall be substantially in the following
form, to wit
81 mn