The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1898-01-20
A LIBRARY BUILDING.
Board of Finance Resolves
to Raise Sl50,000 on
Bonds for the
Work.
CITY OWNS A FINE SITE
Dr.. Gordon Says the Money Is
Sufficient for a Structure
Worthy of the City.
CITY OWNS A FINE SITE

The first definite step looking to the
erection of Free Public Library builde
ing has been taken. The Finance Board,
at its meeting last night, authorized its
Finance Committee to borrow $4,000 on
bonds, the proceeds to be devoted to tha
erection of the proposed new building.
Dr. Leonard j. Gordon President of the
Library Board has been working like a
beaver for the last month to get the
Finance Board to take some action. Last
night he placed the issue squarely befor,
the members in the following commupica
tion:--
We hereby certify that we have by
formal resolution determined that it is
advisable to purchase lands and to
pose Of a Free Public Library. that
in pursuance of said resolution we
have heretofore obtained the consent
of your honorable body to purchase
certain property located on Montgon
cry street, Jersey avenue and Mercer
street. which property is 80 feet on
Montgomery street, zoo feet on Jersey
avenue and 40 feet on Mercer street.
That We have paid for this property
the sum of SAT 7.50o, and that in adj
dition to the said purchase it will be
necessary for the trustees to have
a further sum of s15G,000 for the pur-
pose of constructing upon such
premises a suitable Free Public Lii
that the total amount of monies and
funds, belonging to us as Trustees as
aforesaid, is the sum of $35,O 600. includ-
ing the sum of S29, 700 due the Trus-
tees from the city for the current
year. all of which will be necessary
for the maintenance of the said library
for the remainder of the said year.
We therefore respectfully request that
your Honorable Board authorize the
issue of the bonds of Jersey City to
the amount of $l50O00, for the purpose
of the erection of Free Public LIZ
brary building upon the said premises.
In compliance with the request the
Board adopted resolutions ordering the
issue of s15O,0o0 bonds They are to be
coupon bonds, exchangeable for registered
bonds at the option of the holder. They
will be in denominations of $1,000 each.
dated April l. 1S9S and made payable
April l. 1928, and to bear per cent. inter-
est, payable half yearly on April and
October. To retire the bonds upon ma
turity there will be created a sinking
fund From the yearly allowance of the
Library Trustees 81, 500 will be deducted
and 81, 500 will be inserted in the tax levy,
making SO, coo to be set aside each year
for the payment of the bonds. AS the
money is placed in the special sinking
fund it will be invested so that at the
end of thirty years the S150,0O0 will have
been paid and the interest offset. Mayor
Hoos will approve the action of the
Finance Board. He favors the erection
of handsome library building, it is said.
The bonds are being issued under a
recent act of the Legislature. Newark
and Hoboken have already taken advan-
tage of it.
Hoboken is spending $4,000 for build-
ing The Stevens family gave Hoboken
great assistance by giving a site to the
city free and clear. Newark has pur-
chased a site and is to spend 100000 in
the erection of a proper building. Plans
have been adopted and the building when
finished will be the finest one in the State.
it is claimed The Newark Library Trus-
tees are negotiating for two years
lease of their present building. 1t will
take nearly that time, it is thought, to
complete the proposed new library build-
ing. The local Library Trustees have
purchased a site and with s150,000 at their
disposal believe they will be able to erect
handsome building and one that in
every respect will meet the demands OF
the city. Plans of the proposed new struc-
ture have been outlined but the Trustees
will not discuss them at present. 1t IS
probable that architects will be asked to
SuDIull pans anu SpSt1lACdl1OllS
DR.. Leonard j. Gordon, president OF the
Board of Free Public Library trustees,
when asked about the Finance Boards
action, said:-''While no plans have been
discussed by the trustees 1 am safe in
saying that a handsome and convenient
building can be erected for that amount.
You see, we are already in possession of
splendid site. We own it in fee simple.
Mayor Hoos, understand, favors the APP
preparation. We will go forward as rap
idly as possible. All our meetings will be
held in public"