Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1914-09-10
CITY ApyERrIsEMENrs

AN ORDINANCE AUTHORIZING THE Is
SUANCB OF BONDS or THE MAYOR
AND COMMON couEGIia or THE CRY
OF PAYING A PORTION on cGRT41N
cry WHIcH ARE TO BECOME i Due
WITHIN ONE YEAR. AND PROVIDING
B B9E a Tb PAFhEs Of s The PSNc
WHEREAS. The Mayor and Common
! Council Of the city of Newark has hereto.
aggregate principal amount of three rnilIion
dollars $4,000, ooo1, dated June 20. 1914, and
which said bonds. bearing interest at the rate
q s.a5 per csntum Per annum, were sold TO
OF which bonds we're sold 10 Messrs Der
nard Scholie G. Company 500 300 of said
$500. 900 bonds bearing interest at the rate Of
2,61 per centum per ennnm: 500, 0OG bearing
annum, 100000 bearing interest at the rats
OF Isl per centum per annum, 500, 200 besre
ing interest at the rate of 2.s9 per centuin
per annum s100, 600 bearing interest at the
rate of 2,97 per centum per annurn and $780,
OOo hearing interest at the rate OF SOL per
WHEREAS Said temporary loan bonds
good faith to the Mayor and Common n coun m
Gil of the City OF Newark. equal to the prin
cipal gum OF said temporary loan bonds
which nov outstanding and VIII become
due within year, and no part of said
bonds has been paid. and the city Is without
funds to meet the same. and no provision hss
been made In any tax levy or otherwise for
the payment OF said bonds ~
NOW. THEREFORE,. BE 1T ORDAINED
by the Mayor and Common Council OF the
City of Newark
sectlon /. That for tho purpose Of paying
pursuance Of the authority conferred bv an
act of the Legislature of the State of New
Jersey entitled An act authorizing the in
corporated cities. towns. townships and Dor
oughs of this State to fund their aoatfng in
debtedness and their matured and maturing
bonds approved March. %, 1899. and the
acts amendatory thereof and supplementsI
thereto. funding bonds of the City OF Newark
in the aggregate principsi sum Of So, 900 600
be Issued. said amount of funding bonds being
30 2s per centum OF the amount Of said tenn
porary oap bonds issued as aforesaid.
Section 2. Said funding bonds shall be des-
ignated Funding Bond Series ~ and shall
be Issued In the denomination Of $1,000 each
/ to 2. 900. inclusive: shall be dated Septern.
her fifteenth. 1914. payable September fifteenth
1919, bearing interest at the rate Of four
annum. payable serni-annuaily on the hf-
teenth days of March and September 10 each
year both principal and interest Of said
BANK Of the City OF Newark In gold coin or
the United States Of America OF the present
equivalent. Said bonds shall be executed
under the corporate seal of the city and
attested by the City Clerk and the coupons
attached to said bonds shall be signed with
the fac-simile signatures of said Mayor Comp
troller and City Clerk. and shall be Numbered
to corresponds with the bond to which they
shall be respectively attached. Said bonds
shall be coupon bonds with the privilege OF
registration as to principal only. or of con-
version into bonds registered as to both
principal and interest. A registration Of the
numbers of said bonds, the date OF said
bonds the date of issuing and the time OF
payment thereof shall be made by. or under
the direction Of. the Comptroller in a book
provided for that purpose. Said bonds shall
recite that they are Issued in pursuance OF
said act of the Legislature and Of this ordi-
nance, and shall be in such form as the
Common Council of the City of Newark
shall by resolution provide.
Section g. In order to redeem said bonds
at maturity sinking fund is hereby estah-
1ished into which shall be paid annually dur
ing the term Of said bonds the amount coli
lected by special tax Of not less than .
per cent. upon the PRINCIPAL OF said bonds.
which shall be raised. assessed and collected
In the annual tax levy of the city.
hereby authorized to be issued shall he raised
by special tax annually levied and c1l-
lected In like manner as other taxes are
raised. leyied and collected BY the city and
bonds shall be so raised levied and collected
in each year.
lie private sale. but for not less than par.
Section This ordinance shall take effect
Immediately.
Adopted September I. lsi.,
President OF Common Council
Presented to the Mayor for his approval
''''e ALEXANDER ARCHIBALD
Approved September $ 1914.
JACOB HAUSSLING,
Mayor
The foregoing ordinance was presented in
Common Council on Friday evening Septem-
Der 4. 1914, on third reading and final pass
age. was passed and duly signed by the
ALEXANDER ARCHIBALD
sep7-5t City CLERK