Gloucester County Democrat. (Woodbury, N.J.) 1878-1932, 1907-12-26
AN CRDINA NCE.

An Ordinance appropriating Sixty Thousand
Dollars for the purchase of q Lot or Tract OF
Land for School Purposes and to erect school
house thereon and to purchase the school fur
niture and other necessary equipment there
for, and providing for the borrowing OF tn ,
aforesaid sum Of Sixty Thousand Dollars for
the purposes aforesaid and securing the repay
ment thereof by the issue of bonds in the cor
porate name OF the City of Woodbury..
WHEREAS the Board of Education OF the City
of Woodbury. having decided that it is necessary
to raise thessum OF Sixty Thousand Dollars for
the purchase of lot or tract of land for school
purposes and to erect a school house thereon
and to purchase the school furniture and other
necessary equipment therefor.
AND WHEREAS the Board of School Estimate
of the City of Woodbury. having fixed and deter
mined that the aforesaid sum is the amount
necessary for such purposes, and having de-
liyered to the Council certificate of such
mount,
NOW THEREFORE,:
Be it enacted by the Mayor and Council of the
City of Woodbury.:
First:-That the sum of Sixty Thousand Dol
lars be and the same is hereby appropriated for
the purchase OF a lot or tract OF land for school
purposes and to erect school house thereon
and to purchase the school furniture and other
necessary equipment therefor.
Second:-Be ii further enacted that the afore-
said sum of Sixty Thousand Dollars be appru-
priated and borrowed for the purposes Aforesaid,
and for the purpose of securing the repayment
Of the aforesaid sum of money that bonds be
issued by The Mayor and Council of the City of
Woodbury., with interest az the rate of four and
one-half per centum per annum payable semi
annually; all of such bonds shall be signed by
the Mayor and the City Clerk and sealed with
the corporate seal of the City of Woodbury.; the
said bonds shall be registered or coupon bonds;
all of the said bonds shall be numbered and q
register of such number. the date OF issuing
and the time of payment of the same shall be
made by the Treasurer Of the City of Woodbury.
in q book to be provided for that purpose; the
said bonds shall be sold at public private sale
and not for less than par and accrued interest;
the bonds so issued shall be designated school
bonds of the denomination of one thousand
dollars each and shall be numbered, consecu-
lively, from one to sixty, and the said bonds
shall become payable in the following manner:
Two of such bonds in nine years from the date
thereof. and in each succeeding year until the
whole of the bonds issued are paid. two Of such
bonds shall be paid on the day corresponding
with the date thereof, and the order in which
such bonds shall become payable shall be de-
termined by the numbers thereof, commencing
with bonds numbered No / and No. 2 and con-
tinuing in order until No. so is reached. The
date of the issuing of said bonds shall be the
First day of January, nineteen hundred and
eight
Third:-Be it further enacted, that there shalt
be raised by tax in each year such sum of money
as may be necessary to pay the interest on all
outstanding bonds and the principal of such
bonds as may mature that year; the proceeds
OF the sale OF such bonds shall be deposited
with the custodian of school moneys OF such
school district and shall be paid out only on the
warrants or orders of the Board of Education.
Fourth:-Be it further enacted that all ordi-
nances and parts of ordinances inconsistent here
with be and the same1re hereby repealed.
Fifth:-Be it enacted that this ordinance take
effect at once.
Passed at regular meeting of Council held on
the seventeenth day of December, nineteen hun
bred and seven.
l. HAMPTON WILLIAMS,
Attest: President CT Council
John T. Esteli. City Clerk
Approved December o. 1907.
12-25-2ts. sAML H. LADD, Mayor