Five Mile Beach weekly journal., 1909-12-10
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 hundred Dollars to
provide the necessary funds for the fund
ing of certain floating Indebtedness oil
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
pu0lie improvements having been assessed
upon said Borough and by the maturing OF
ceEtain improvement certificates, and the
amount OF which has not heretotore been In
Guided L in any tax levy or levies, a portion OF
which in the Judgment of this Council should
be secured by bonds.
Section l. BIZ 1t ordained and enacted by
the Mayor and Council of the Borough OF
North Wildwood in Council assembled, and
it Is hereby enacted by the authority of the
same, that the Finance committee be and is
nerepy a~utnorlzeu 10 Dorrow on the credit OF
the Borough the sum OF Nineteen Thousand
and Five Hundred Dollars (Which sum does
not exceed 962a per cent. of the amount OF
said indebtednessl and 10 issue bonds of the
Borough therefor pursuant to an Act of the
Legislature of the State of New jersey enti-
tied IAN Act authorizing Incorporated cities,
towns, townships and boroughs OF this State
to fund their floating Indebtedness and their
matured and maturing bonds,'' approved
March D, 1899, and the Acts amendatory
thereto and supplemental thereof; and the
proceeds from the sale of said bonds shall be
used to pay off improvement certificates 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 coupon bonds
and bear date the fifteenth day OF December
1909, and draw interest at the rate of five per
centum per annum payable s"emi-annually
and said bonds shall not be sold at less than
their par or face value. Said bonds shall he
in denominations of Five Hundred Dollars
each and shall become payable in twenty
years from the date of issue.
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 tlerk to attest the
same and to afix 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 they are re
spectiyely attached; and the Finance com
m1ttee are hereby authorized and directed to
prepare said bonds ready for execution by
the officers h~ereinbefore 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 oil
sales shall be applied for the purposes herein
above stated. The Finance committee in sci
ling said bonds may provide for the sale and
delivery OF all or any portion OF The same.
Section 3. Be ii further ordained and enac
ted that upon the issuance of said bonds 8
sinking fund of four per centum per annnm
shall he created TO meet the same at 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 9th, 1909.
Introduced November 9th, 1908.
Passed November 18th, 1909.
Approved November 18th, 1909.
HARRY 9. WHEATON,
Mayor.