Five Mile Beach weekly journal., 1907-05-01
Ordinance No. "a

OTQIudHCc NO. Or
An ordinance providing for the issuance of
twenty thousand dollars, twenty year,
five per cent. refunding bonds of the
Borough of Holly Beach City, for the
I levy and collection of an annual tax for
the payment of interest and the estab-
lishment of sinking fund for the re-
demption of said bonds at maturity.
Whereas, Twenty-nine thousand six hun
dred dollars OF bonds OF The Borough of Holly
Beach City, dated April l, 1887, and payable
April l, 1907, being portion of the improve
ment loan, aggregating Thirty-five thousand
dollars, authorized by an ordinance entitled
San ordinance to authorize a loan for the pur-
pose OF public improvement in The Borough
OF Holly Beach City," passed March ed, 1887,
are now outstanding and unpaid; and
Whereas, said bonds were duly issued for
money honestly loaned to said Borough in
good faith equal to the full principal amount
OF said bonds and no part of said Twenty-nine
thousand six hundred dollars of bonds has
been paid, and the Borough is without funds
10 meet said bonds, and no provision has been
made In any tax levy nor other provision
made for the payment of said bonds
Therefore, be 1t ordained by the Council of
The Borough of Holly Beach City as follows:
Section l. That in pursuance of the power
and authority conferred by an Act of the Leg
islature of the State of New Jersey entitled
An Act to amend an act entitled AN Act
authorizing the incorporated cities, towns,
townships and boroughs OF this state to fund
their floating Indebtedness and their matured
ty-third, one thousand eight hundred and
ninety-nine," approved February llth, 1901,
and the acts supplementary thereto and
amendatory thereof, bonds of The Borough of
Holly Beach City in the amount of Twenty
thousand dollars shall be issued for the pur.
pose of paying of a part of said Twenty-nine
thousand six hundred dollars improvement
bonds; said amount of refunding bonds being
less than ninety-six and two-thirds (962a per
centum OF the amount of said i'm Improvement
bonds. Said bonds shall bear date as of the
first day of April, 1907, shall be payable TWEEN.
ty years from date, shall bear interest at the
rate of five per centum per annum, payable
semi-annually on the first days of April and
October In each year, and the principal and
interest of said bonds shall be payable at the
office of Il. NJ. Grant and Com pany, in the
City of New York, n. Y. Both principal and
interest shall be payable in lawful money of
the United States of America. Said bonos
shall be coupon bonds of the denomination OF
One thousand dollars each, shall be executed
under the corporate seal of the Borough,
signed by the Mayor and Collector, and attes-
ted by the Borough Clerk, ana the coupons
shall be signed with the fac-simile signatures
of the Mayor, Collector and Borough Clerk.
Said bonus shall recite that they are issued in
pursuance of said Act and of this ordinance,
and shall be substantially in the following
form:
No. $1,000
UNITED STATES OF AMERICA
STATE OF NEW JERSEY
THE BOROUGH OF HOLLY BEACH CITY
kEFUNDING BOND
Borough of Holly Beach City, a municipal
corporation of the County of Cape May and
State of New Jersey, hereby acknowledges
itself indebted and for value received prom
ises to Jay to the bearer the sum of One
Thousand ollars $1,000 lawful money of the
United States of America on the first day
April, 1927, together with interest thereon at
the rate of Five (5) per centum per annum,
payable semi-annuAlly Oh the first days OF
Aprit and October in each year, upon presen
tation and surrender of the annexed coupons
as they severally become due. Both princi-
pal and interest of this bond are payable AT
the office of II M. Grant and Com pany, New
York City, N. Y.
This bond is one of a series of Twenty (2O)
bonds, numbered from one ~ to twenty (2Ol
inclusive, of like tenor, date and denomina-
tion, issued In pursuance of an Act of the
Legislature OF the State of New Jersey entitled
San Act to amend an act entitled IAN Act
authorizing the Incorporated cities, towns,
townships and boroughs of this state to fund
their floating Indebtedness and their matured
and maturing bonds approved March twen-
ninety -nine," approved February llth, 1901,
and the acts supplementary thereto anu
amendatory thereof, and OF an Ordinance of
The Borough of Holly Beach City, entitled
IAN Ordinance providing for the issuance of
twenty thousand dollars, twenty year, five
per cent reminding bonds of The Borough of
ii0iiy Be6ch City, for the levy and coiet Ion
q olaapa ana saH er sas Rafmens q AZ %aS.ass %
duly adopted by the Council OF said Borough
1907, and duly approved
by the Mayor 1907, and
published as required by law, for the purpose
of refunding portion of the matured bonds
of said Borough not exceeding ninety-six and
two-thirds (962a per centum thereof.
1t is hereby certified and recited that all
conditions, acts and things essential to the
validity of this bond exist, have happened
and have been done and that every require
ment of law affecting the issue thereof has
been duly complied with and that this bond
is within every debt and other limit pre-
scribed by the Constitution and Laws of the
State of New Jersey.
In witness whereof, The Borough of Holly
Beach City has caused these presents to be
signed by the Mayor, attested by the Clerk
and countersigned by the Collector of said
Borough, and its corporate seal to be here
unto affixed, and the coupons hereto annex
ed to be signed with the fac-simile signatures
OF said Mayor, Collector and Borough Clerk
of the first day of Al prll, 1907.