Five Mile Beach weekly journal., 1907-03-13
Ordinance No. o.

n ord,nance authorizing the issue of bonds
To the amount of twenty thousand dol
lars for the purpose of meeting and pay
ing bonds issued and dated April !, 1887,
payable IN twenty years.
Whereas. Holly Beach City on April l, 1887,
issued 6o dolso 70 for sr The nurpose of building
a sea wall and to make street improvements,
which bonds bear interest at the rate Oh ~
per cent. and where and payable IN twenty
years from date Of issue, and .au
Whereas, 1t Is the judgment of this, Councli
that it is now necessary TO issue bonus .. .n.s
borough pursuant to an act of THE Legislature
of the State of New Jersey entitled "A zen
eral Act relating to Boroughs," revision ioeIl
approved April 2lth, 1897, to the amount OF
twenty thousand dollars for the purpose OF
meeting, redeeming and paying OH SAID oohus
heretofore issued.
Council of the Borough of Holly Beach CITY;
Section l. That there shall be issued by the
Borough Of Holly Beach CITY, under a ~ eorl
by it's Borough Clerk and counterslgnea py
the Borough Treasurer, twenty thousand oql-
lars of bonds, in all forty t4U BONDS, 10 De
numbered consecutively in figures from one
~ to forty (40), and to be of the denomlnallon
of five hundre dollars eacn, az OF Wnieu saw
bonds to bear date April LIST, 1907, with inter
est at the rate of five per cent. per annuin,
payable semi-annually on the first OF OCTOBER
and hp ssid 81 be enes sys ear' be- an pasa a in twenty
wears from date thereof, and for tne interes.
of which coupons shall be attached TO the salu
AZ bonds WlLn tQt slBHdiuIC III
praphed of the borough Treasurer, and the
principal and interest of all OF when salo
bonds shall be made payable at tne MARINE
National Bank of Wildwood, New Jersey, and
as n provision for the payment OF the interest,"
as the same becomes due and payable tne
borough Council shall provide by taxation
in the annual levy of said Borough sucn sum
as may be necessary for that purpose anu IN
addition thereto an annual TAX levy OF nor
less than three per cent. OF the lace Vaiue o.
The said bonds nor more than five per cent. OF
which sum shall be raised annually IN me
manner and at the time provided 1or tne
raising of other moneys to be USED Dy saiu
Borough and the moneys so raised snail pe
paid to the Sinking Fund commissioner ol
The saiu Borough of Holly Beach City Tor the
demption of said bonds as they snail De,
come due and payable and the credit and
faith of the Borough of Holly Beach City ano
the Inhabitants thereof are hereby pieugeo
for the faithful payment OF SAID bonus AM
the interest thereof as the same shall become
Section 2. The Mayor, the Borough Clerf
and the Borough Treasurer be ana tney, art
hereby authorized and empowered 10 havs
such bonds prepared ana eNecuueh ta,nni
shall advertise proposals for the purchase
of said bonds, and the same to be SOLO ahe
disposed of to the highest bidder therefore a
not less than par value. g..
Section B. That the proceeds realized iron
said bonds shall be used for the purpose o
meeting, redeeming and paying on SAID lssu,
of bonds heretofore issued by this borougi
bearing date April LIST, 1887, and becoming ou'
April list, 1907. 81
effect Immediately after the passage and TN
nnblication thereof according to law.
Passed February ~, l9OI.
Appto F. e. SMITH,
Mayor.
.,st IT 6 uewitt. Borough Clerk.