Gloucester County Democrat. (Woodbury, N.J.) 1878-1932, 1908-06-18
A N ORDINANCE.
SIS os 1t

An ordinance to provide for the issue OF bonds
TO the amount OF Eighty-fiye Thousand Dollars
IN the corporate name OF the City of Woodbury.
for the purpose OF paying off the floating indeb-
tedness of the said city incurred on account OF
the construction and extension of the Sewer
System.
WHEREAS, The Mayor and Council of the City
OF Woodbury. has incurred floating indebted
ness amounting to Eighty eight Thousand. Two
Hundred and Fifty-seven Dollars and Sixty six
Cents on account of the construction and extern
sion OF Sewer System in the said City of
Woodbury.. which said indebtedness is evs dem
ced by promissary notes issued by the said City
in its corporate name.
Now therefore, be il enacted by the Mayor and
Council of the City of Woodbury.:
First: Thatfor the purpose of paying OFF the
floating indebtedness aforesaid, and under and
islature OF the State of New Jersey entitled,
"An Act authorizing the incorporated cities,
towns, townships and boroughs OF this State to
fund their floating Indebtedness and their ma
tured and maturing bonds" approved March g.
1899 and the acts amendatory thereof and sup
pleme ntal thereto; that bonds to the amount OF
Eighty five Thousand Dollars be issued by The
Mayor and Council of the City of Woodbury.
with interest at the rate of Four and One-half
per centum per annIm, payable semi-annually;
all OF said bonds shall be xecuted under the
Corporate Seal of the City of Woodbury., signed
by the Mayor and City Treasurer and attested
by the City Clerk and shall have Coupons at
taehed for every half years interest until due,
or may be registered at the option of the holder.
of the Mayor. City Treasurer and City CLERK, and
shall be numbered to correspond with the bond
to which they shall be respectively attached;
and all of the said Bonds shall be numbered,
and register of such numbers, the date OF said
bonds, the date OF Issuing and the time of pay
ment, shall be made by or under the direction
OF the City Treasurer in book provided for
that purpose; all of said bonds shall recite that
they issued in pursuance OF the said act of
the Legislature OF the State OF New Jersey, and
of the ordinance; and shall set forth the date
upon which this ordinance is adopted the said
bonds shall be sold at public or private sale and
for not less than par and accrued interest; the
bonds SO issued shall be designated Funding
Bonds and shall be of the denomination of
One Thousand Dollars each and shall be num-
berei consecutiyely from One to Eighty-five,
both numbers inclusive, and shall become pay
able in thirty years from the date OF she issuing
thereof. The date of the issuing of the said
bonds shall be the First day of July, A. D. Nine
teen hundred and eight.
Second. Be it further enacted, that for the
purpose OF redeeming the bonds issued in pur.
surance hereof at their maturity a Sinking Fund
is hereby established, and City Council shall
provide annually by taxation special tax of
three per centum upon the issue herein provided
for, TO be raised in the annual tax levy. which
said tax shall be paid into said sinking fund.
The interest on the bonds hereby authorized to
be issued shall be raised by Special Tax annu-
ally and collected wish other taxes of said City
of Woodbury., and the whole of each years in
terest shall be so raised and levied and collected
each year.
Third. Be it further enacted that all ordinan-
ces and parts of ordinances inconsistent here
with be and the same are hereby repealed.
Fourth. Be it further enacted that this ordi-
nance shall take effect Immediately.
Introduced at a regular meeting OF City Coun-
ell held May 10, 1903, and passed at a regular
meeting held June 2. 1908
l. HAMPTON WILLIAMS,
Attest; President OF Council.
ROBERT G. SPARKS, City Clerk
Approved June H. 1908.
SAMUEL H. LADD, Mayor.