Five Mile Beach weekly journal., 1909-12-31
Read the JOURNAL. 81 a year.
Ordinance No. 90

An 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, for the pur-
pose of %refunding and retiring bonds os
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,
1889, authorize the borrowing of the sum of
ten thousand dollars and the issuing OF bonus
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 1000 each and were dated on the first
day of November, 1889, payable in 20 years.
with interest at the rate OF six per eentum
per annum, payable "semi-annually, with the
opJion 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 to meet the payment OF
sa d bonds at maturity, and said bonds to the
extent of four Thousand five hundred dollars
$4,000 became due and payable on the first
day of November, 1909, and still remain UNI
paid; therefore
section l. Be 1t ordained and enacted by
the Mayor and Council OF the Borough of
North Wildwood, and IL Is hereby enacted by
the authority OF the same that the Borough
borrow on the credit of the Borough the sum
of four Thousand five hundred dollars, $4,000.
and that bonds OF this borough be issued in
said sum of four Thousand five hundred dol
lars, Tor The purpose of reiunding and retiring
the bonds of like amount which have become
due; that there shall be nine bonds of five
hundred dollars $500, each, numbered from
one 10 nine both inclusive, and the principal
of said bonds shall become due in twenty
years from the date OF the issue of the sames.
that they shall bear date of The first day OF
November. nineteen, hundred and nine, .and
shall be coupon bonds and knowH
Inn nrnNptuetf RDn1Qif and lNAr
the rate of i've per centum per annum, Day
able semi-annually on the first day of May
and November respectively;and that the May
or of this borough be authorized to sign said
bouds on behalf of the borough and to afffS
the corporate seal thereto, and that the Bor-
ough Clerk shall attest the same, and SAID
bonds shall be countersigned by the Borough
Collector as shall also the interest coupons
attached thereto.
Section ?. BE it further ordained and en-
acted that The Finance of this
Counci 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 public sales
but for not less than their par or face valuess
and that the proceeds of such sale shall be
applied to the redeeming and retiring OF said
bonds now due herefnbetore referred to.
Section 3. BE IL further ordained and en-
acted that upon the issuing of said bonds a
Sinking Fund shall be created sufficient TO
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 be 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 prlncipals
and also 10 pay the annual interest On said
bonds.
Section 4. Be it further ordained and en-
acted that this ordinance shall take effect
Immediately Upon its passage and due publ
cation.
HARRY G. WHEATON. Mayor.
Filed November %, 1903.
introduced November 26, 1909.
Passed December IL, 1909.
Approved December 10, 1909.
Attest:--W. E. YOUNG, Borough Clerk