Gloucester County Democrat. (Woodbury, N.J.) 1878-1932, 1907-09-12
RESOLUTION.


WHEREAS The Council of the City of Woodbury.,
did on the twentieth day of June, nineteen
hundred and three, pass an ordinance provid-
ing for the issuance of bonds OF the City of
1 Woodbury., for the purpose of obtaining money
for the permanent improvement of the streets
and highways OF the City Of Woodbury. New
Jersey, with permanent and durable material,
bonds in the usual form 10 be issued and duly
executed, for such sums as may from time to
time be deemed expedient up to but not
exceeding the total amount of sixty thousand
dollars, which ordinance was subsequently
approved by the Mayor.
AND WHEREAS the City Council did on the
twenty-sixth day of August, nineteen hundred
and six, pass an ordinance for the permanent
improvement of Delaware street. withW arren's
Bitulithic Pavement, a permanent and durable
material, which ordinance was approved by
the Mayor.
AND WHEREAS the cost of paving Delaware street
with Warren's Bitulthic Pavement is the sum
of sixteen thousand dollars. Therefore. be it
Resolved, that it is expedlent, and that the
bonds of the City OF Woodbury. be issued pur-
suant to the terms of the aforementioned ordi-
nance and the amendments thereof to the
amount of sixteen thousand dollars, the pro-
eeeds of the sale of said bonds to be used to
defray the expense OF the permanent improve
ment Of Delaware street with Warren's Bitulithic
Pavement
Said bonds to be coupon bonds of the denoni-
nation OF five hundred dollars each, numbered.
consecutively from forty-two (42lto seyenty-three
(75l and to be dated October1, nineteen hundred
aud seven, and to bear interest at the rate of
four and one-half per centrum per annum, pay
able emi-annually, on the first days of April
and October in each and every year, until paid,
which shall be twenty years from the date
thereof.
The said bonds shall be signed by the Mayor
and the City Clerk, and bear the seal of the City
of Woodbury.. and the City Treasurer shall reg
lister the number OF each OF said bonds, the dates
thereof and the times OF payment in a book to be
kept by him for that purpose.
For the purpose of discharging the said bonds
at maturity and for the payment of the interest
thereon, the Council shall provide annually by
taxation in the annual tax levy sum suffi-
Gent to pay the interest of the said bonds
and for the creation of sinking fund for the
payment of the principal of the said bonds at
maturity which sum so provided shall be col
iected annually by the collecting officer Of the
City OF Woodbury., and such portion of said sum
which shall have been collected for the interest
of said bonds shall be paid by him into the
treasury of the city and such portion thereof
which shall have been collected for said sinking
fund shall be paid by him into the sinking fund
OF the city; provided that the money derived
from assessments made upon property benefited
by the permanent improvement OF Delaware
street with Warren's Bitulithic Pavement. shall.
when collected be paid into the sinking fund of
the city to be held as fund toward the payment
of the bonds herein authorized to be issued
Each or any of the bonds herein authorized
to be issued may be converted into registered
bonds by cutting off and destroying all coupons
and registering said bond or bonds in the name
of the owner.
Be it further resolved that the City Treasurer
prepare specifications for the sale of said bonds
and advertise the sale thereof Immediately.
Adopted at an adjourned session of a regular
meeting of Council held Septem Der Sd, 1907.
+ HAMPTON WILLIAMS,
Attest President OF Council.
John E. Estell. City Clerk.
Approved September s. 1907.
sam'l H. Lsdd, Mayor.