Five Mile Beach weekly journal., 1909-12-03
Ordinance No. SO

An ordinance providing for the issuance and
sale of bonds OF the Borough of North
wildwood to the amount of Nineteen
Thousand and Five Hundre Dollars to
provide the necessary funds tor the fund
ing of certain floating Indebtedness of
said Borough.
Whereas, there is a certain existing float
Ing indebtedness OF the Borough of North
Wildwood to the extent of Twenty Thousand
and Six Hundred Dollars. caused by certain
public improvements having been assessed
upon said Borough and by the maturing of
certain Improvement certificates, and the
amount OF which has not heretofore been in
cluded in any tax levy or levies, a portion of
which in the judgment of this Council should
be secured by bonds.
the Mayor and Council of the Borough OF
North Wildwood in Council assembled, and
1t is hereby enacted by the authority of the
same, that the Finance committee be and is
hereby authorized to borrow on the credit of
the Borough the sum of Nineteen Thousand
and Five Hundred Dollars (Which sum does
not exceed 9623 per cent. of the amount of
said indebtedness) and to issue bonds OF the
Borough therefor pursuant to an Act OF the
tied san Act authorizing incorporated cities,
towns townships and boroughs OF this State
to fund their floating Indebtedness and their
matured and maturing bonds,' approved
March %, 1899, and the Acts amendatory
thereto and supplemental thereof; and the
proceeds from the sale of said bonds shall be
used to pay OFT i'm prOVement cert1ncaJeS al
ready matured or maturing within one year
from the date of the passage ofthis ordinance,
and to meet the cost OF certain public inn
proVements heretofore assessed against said
Borough and for the payment of which no
tax levy has heretofore been made or provi-
ded. The bonds issued shall be coupe bonds
and bear date the fifteenth day of December,
1909, and draw interest at the rate of five per
centum per annum payable "semi-annually,
and said bonds shall not be sold at less than
their par or face value. Said bonds shall be
in denominations of Five Hundred Dollars
each and shall become payable in twenty
years from the date o fissue.
Section 2. Be it further ordained and en-
acted that the Mayor and Collector of said
Borough are hereby authorized to sign said
bonds and the Borough Clerk to attest the
same and to aff1x the corporate seal OF the
Borough thereto, and that the Borough Col
lector shall sign the coupons thereto attached,
which coupons shall be numbered TO cores
pond with the bond to which hey are re-
s~pectively attached; and the Finance COM
mittee are hereby authorized and directed to
prepare said bonds ready for execution by
the officers hereinbefore named, and upon
their execution as herein directed they are
authorized to sell the same or any part there
OF either at public or private sale for the best
price that may be obtained therefor but not
les than the par thereof, and upon conclu-
ding the sale or any part thereof and the pay
ment therefor, the proceeds of such sale or
sales shall be applied for the purposes herein
above stated. The Finance in sci
ling said bonds may provide for the sale and
delivery of all or any portion OF the same.
Section 3. Be 1t further ordained and enac-
ted that upon the ISSUANCE of said bonds n
sinking fund of four per centum per annum
shall be created to meet the same Mt maturity,
and there shall be raised annually, either by
a special tax for that purpose or by the pro-
ceeds arising from the collection of assess
ments for Improvements, said amount.
Section 4. BE 1t further ordained and enac-
ted that this ordinance shall take effect i'm
mediately upon its passage and due publica-
ton.
Filed November 5th, 1909.
Introduced November eth, 1909.
Passed November lSth, 1909.
Approved November 18th, 1909.
HARRY G. WHEATON,,
Mayor.
Attest-W. e. Young, Borough Clerk.