Five Mile Beach weekly journal., 1907-05-08
Ordinance No. "a

Ordinance No. o.
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
levy and collection of an annual tax for
the payment of interest and the estab-
lishment of a sinking fund for the re-
demption of said bonds at maturity.
Whereas, Twenty-nine thousand six hum
dred dollars of bonds of The Borough of Holly
Beach City, dated April ], 1887, and payable
April |, 1907, being portion of the improve
ment loan, aggregating Thirty-fiye thousand
dollars, authorized by an ordinance entitled
IAN ordinance to authorize a loan for the pur-
pose of public improvement in The Borough
of Holly Beach City, passed March 2,d, 1887,
are now outstanding and unpaid; and
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 thorough is without funds
to 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
tslature of the State of New Jersey entitled
AN Act to amend an act entitled sAn 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-
ty-third, one thousand eight hundred and
ninety-niue," 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 Iaying of part of said Twenty-nine
thousand six hundred dollars improvement
bonds; said amount of refunding bonds being
less than ninety-six and two-thirds (962sl per
centum of the amount of said Improvement
n haa dat Ia aG n fha
first day of April, 1907, shall be payable TWEEN.
ty years from date, shall bear interest at the
rate OF five per cen.um per annum, payable
sem-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 Company, 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 bonds
snail 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, and the coupons
shall be signed with the fac-simile signatures
of the Mayor, Collector and Borough Clerk.
Said bonos shall recite that they are issued in
pursuance of said Act and of this ordinance,
aud shall be substantially in the following
form
No. $1,000
UNITED STATES OF AMERICA
STATE OF NEW JERSEY
THE BOROUGH OF HOLLY BEACH CITY
nEr Dun II
Know all men by these presents, that The
Borough of Holly Beach City, "a municipal
corporation of the County of cape May and
State of New Jersey, hereby acknowledges
ises to pay to the bearer the sum of One
Thousand Dollars lSl,000, lawful money of the
United States of America on the first day +
April, 1927, together with interest thereon at
the rate of Five l5 per centum per annum, |
payable semi-annually on the first days OF |
April and October in each year, upon presen
n a al M aH fnIt nom
as they severally become due. Both prime |
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 series of Twenty (2W
bonds, numbered from one ~ to twenty (20)
inclusive, of like tenor date and denomna- |
ton, issued in pursuance of an Act of the |
Legislature 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 |
and maturing bonds, approved March twen-
ninety-nine," approved February llth, 1901, |
and the acts supplementary thereto ana |
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 per cent. refunding bonds of The Borough of
Holly Beach City, for the levy and collection |
OF an annual tax for the payment of interest |
and the establishment 81 a sinking fuafqfaI1
du. by the Gonncif or said BORG
by the Mayor lsO73 and
published as required by law, for the purpose
of refunding portion of the matured bonds
of said Borough not exceeding ninety-six and
twothirds (962al 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 eve-y 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, attesed 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
as of the first day of April, 1907.
Countersigned.