Five Mile Beach weekly journal., 1909-12-24
Read the JOURNAL. 81 a year.
Ordinance No. 90

Ar ordinance authorizing the borrowing of;
the sum of four thousand five hundred
dollars, and the issuing of bonds to said
amount to secure the same, Tor the pur-
pose of refunding and retiring bonds OF
this Borough of like amount which be-
came due on the first day OF November,
nineteen hundred and nine.
Whereas, the Borough Council of the Bor-
ough of Anglesea, now the Borough OF North
Wildwood did by "a resolution of its Common
Council, passed on the fourth day OF October,
1855, authorize the borrowing of the sum of
ten thousand dollars and the issuing OF bonds
in said sum to secure the same; and
Whereas, in pursuance of said resolution
the proper officers did issue sa' d bonds in said
amount, which bonds were in the denomina-
ton of $500 each and were dated on the first
day of November, 1889, payable In 20 years,
with interest at the rate OF six per centrum
per annum payable s~emi-annually, with the
option reserved by the Borough of paying
the principal OF said bonds or any. portion
thereof at any time after five years from the
Whereas, no. sinking Fund was provided
by said resolution 10 meet the payment OF
sa d bonds at maturity, and said bonds TO the
extent of four Thousand five hundred dollars
tS4,500) became due and payable on the first
day of November, 1909, and still remain I'M
section /. Be 1t ordained and enacted by
the Mayor and Council OF the Borough Oh
North Wildwood, and II is hereby enacted by
The authority of the same that the Borough
borrow on the credit of the Borough the sum
of four thousand i've hundred dollars, tS4,500l.
and that bonds of this borough be issued In
said sum of four Thousand five hundred dol
lars, Tor the purpose OF rounding ana retiring
the bonds of like amount which have become
due; that there shall be nine bonds OF five;
hundred dollars $780, each, mum bered from
one TO nine both inciusive, and the principal
of said bonds shall become due In twenty
years from the date OF the issue OF the safnei
that they shall bear date of the first day OF
| November, nineteen hundred and nine, and
shall observation-disclosures and known as street
/ Ia nra 20 nhaff RnnnR1 and. hear interest al
| the rate of five per centum per annum, pay
able semi-annually on the first day of May
and NoVember respectfvely;a nd thai The May
or of this borough be authorized TO sign said
bonds on behalf of the borough and to affix
the corporate seal thereto, and that the Bor-
ough Clerk shall attest The same, ana saia
bonds shall be countersigned by the Borough
Collector as shall also the interest coupons
attached thereto.
acted that The Finance of this
Council are hereby authorized and directed
to prepare said bonds ready for execution by
the officers of this borough above named,
and upon their execution as herein directed
to sell the same Tor the best price which may
be obtained either at private or pubic sales
but for not less than their par or face values;
and that the proceeds of such sale shall be
applied TO the redeeming and retiring Oh said
bonds now due hereinbefore referred to.
Section 3. BE it further ordained and en-
acted that upon the issuing of said bonds a
sinking Fund shall be created sufficient 10
meet such bonds at maturity, which said
sinking fund shall be annually four per CEN
tum OF the principal OF said issue, and there
shall he assessed annually in said Borough
of North Wildwood the necessary taxes to
pay into the sinking fund annually said
amount of four per centum OF said pr1nelpaly
and also to pay the annual interest On said
bonds.
Section 4. Be it further ordained and en-
acted that this ordinance shall take effect
I'M mediately upon its passage and due publi-
cation.
HARRY G. WHEATON,. Mayor.
Filed November %, 1903.
Introduced November 26, 1909.
Pa. sed December Is, 1909
Approved December l6, 1903.
Attest: E. YOUNG, Borough CLERK.