Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1911-05-03
WEST ORANGE NOTICES.

AN ORDINANCE to borrow money to pay off
certain floating Indebtedness OF the Town Of
West Orange, and to issue bonds to fund the
Whereas, There has been incurred in the
Town OF Wost Orange within the past three
years certain indebtedness known as Float
ing Indebtedness and which Is in part Gre
ated by tho construction OF buildings for the
housing and care OF fire apparatus OF the
town, or municipal purposes, or street i'm
proNements, or by reason Of the removal from
the State of persons taxed before the payment
OF their taxes, or by reason of money borrowed
10 meet payments required by law TO be
made, but not included in any assessment or
tax levied; or on certificates o. indebtedness
and obligations for money loaned TO 1t in
good faith, or for work performed or materials
furnished, and
Whereas. Such floating Indebtedness is now
represented by corporate notes of the town
amounting 10 one hundred and twenty-three
thousand dollars tsl2J, O0l. bearing interest at
Ave per cent, and there is no provision
made to meet the same at maturity, and the
town Is without money to meet the same, and
whereas. The Town Council deem It advis-
able In accordance with the statute In such
case made and provided to fund a portion Of
such floating Indebtedness,
Now therefore, be It ordained by the Town
Council of the Town of West Orange, IN the
1. That the town borrow. giving It's corporate
bonds therefor, the sum Of one hundred thou
paying off such floating Indebtedness and ex-
tending the time when the several amounts
therefor shall lie discharged.
2. That the said bonds shall be made pay
able at a period Of time not exceeding thirty
years from the cate Of issue OF the same; that
~ to say. on the first day OF May, nineteen
hundred and forty-one; that the said bonds
shall draw interest at the rate OF four ami
one-half per cent. per annum; shall be for one
thousand dollars tl 100000 each; shall be
executed under the corporate seal OF the
town; shall be signed by the Mayor and the
Treasurer and atteated by the Clerk; the said
bonds shall have coupons attached for every
half-year's interest until due and may he
registered at the option OF the holder; which
coupons, &c attached, shall bear tho name OF
the treasurer. and shall he numbered TO cor
respond with the bond to which they shall BE
be numbered and a register of said numbet
and the date OF the bonds and the date CT
Issuing and the time OF payment shall be made
by and under the direction of the Treasurer
in q book provided for that purpose. and such
bonds shall respectively recite that they ate
issued In pursuance Of an act OF the Legis-
AN act authorizing the incorporated cities,
towns. townships and boroughs OF this State
to fund their floating Indebtedness and their
March %. 1899, and being Chapter lie, found
at page 245 of the laws Of the year 1899, and
the various supple nents and amendments
thereto, and of an ordinance entitled IAN
ordinance to borrow money TO pay off certain
floating Indebtedness of the Town of West
Orange, and to issue bonds to fund the same"
passed May I'd, 1911, and approved May I'd.
.. That in order to redeem the said bonds
issued IN pursuance OF the foregoing section
at their maturity there shall be established a
sinking fund, which shall be created by a spe-
cial tax Of not less than three per cent. OF the
bond issue, 10 be raised In the annual tax
levy. ia addition TO the interest TO be paid
on the outstanding bonds each year.
This ordinance shall take effect imme-
diaiely.
Joseph Mcponough,
Town Clerk.
Passed MAY ? 1911.