Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1914-07-09
CITY ADVERTISEMENTS


AN ORDINANCE AUTHORIZING THE IS
SUANCE OF BONDS OF THE MAYOR
AND COMMON COUNCIL OF THE CITY
OF NEWARK IN THE AGGREGATE
SUM OF 100000 FOR THE PURPOSE
OF PAYING A PORTION OF CERTAIN
TEMPORARY LOAN BONDS OF SAID
CITY WHICH ARE TO BECOME DUE
WITHIN ONE YEAR AND PROVIDING
FOR THE PAYMENT OF THE PRINCE
PAL AND INTEREST OF SAID BONDS.
WHEREAS, The Mayor and Common
Council of the City ofNNewark has hereto
fore issued its temporary loan bonds in the
aggregate principal amount Of three million
dollars (s3 0OO. 00O), dated June o. 1914. and
payable September 20, 1914, s24O0. 600 of
which said bonds. bearing interest at the rate
of s.95 per centum per annum, we're sold to
Messrs Bond Goodwin, and 5000, 900
of which bonds were sold to Messrs. Ber-
nard Scholle & Company, 100000 of said
5000, 900 bonds bearing interest at the rate of
261 per centum per annum; $780, GOO bearing
interest at The rate of 2.72 per centum per
annum. 800, 900 bearing interest at the rate
OF 2S1 per oentum per annum, 800 900 bear
ing interest at the rate of ESQ per centum
per annum, 800 900 bearing interest at the
rate of 2 81 per centum per annum and $780,
coo bearing interest at the rate Of 3.01 per
WHEREAS. Said temporary loan bonds
were issued for money honestly loaned In
good faith to the Mayor and Common Coun-
Gil of the City of Newark. equal to the prin-
cipal sum of said temporary loan bonds.
which are now outstanding and will become
1ue within one year. and no part of said
bonds has been paid. and the city Is without
! funds 10 meet the same. and no provision has
been made In any tax levy or otherwise for
4 the payment of said bonds.
| NOW, THEREFORE,. BE IT ORDAINED,
BY the Mayor and Common Council of the
| City of Newark:
portion of said temporary loan bonds in
pursuance of the authority conferred by an
act Of the Legislature of the State of New
Jersey entitled IAN act authorizing the In
| corporated cities towns townships and Dor
oughs of this State to fund their floating in
| debtedness and their matured and maturing
/ bonds" approved March 90, 1899. and the
acts amendatory thereof and supplemental
thereto, funding bonds of the City OF Newark
| in the aggregate principal sum OF So, 900, 000
be issued. said amount of funding bonds being
| 96 b per centum OF the amount Of said tenn
/ porary loan bonds issued aforesaid
Section q Said funding bonds shall be des.
| ignated Funding Bond Series 2, and shall
| be issued in the denomination of $1,000 each
and shall be consecutively numbered from
/ to $500, inclusive; shall be dated septem-
| Der fifteenth. 1914. payable September fifteenth
| 1914, bearing interest at the rate Of toui
and one-quarter per centum (4h eo) pei
annum payable semi-annualy on the flf
teenth days of March and September in each
| year. both principal and interest of sale
bonds being payable at the National State
BanH
the United States of America of the present
| standard of weight and fineness or iti
equivalent. Said bonds shall be executed
under the corporate seal Of the city anC
signed by the Mayor and Comptroller anC
attested by the City Clerk and the couponi
attached to said bonds shall be signed with
the facsimile signatures of said Mayor Comp
trolier and City Clerk aud shall be numbered
to correspond with the bond to which the,
shall be respectively attached Said bond
| shall be coupon bonds with the privilege o
| registration as to principal only, of con
version into bonds registered to boil
| principal and interest. A registration of tn,
bonds the date OF issuing and the time o
payment thereof shall be made by, or unde
the direction of the Comptroller in a bool
provided for that purpose. Said bonds shall
| recite that they are issued in pursuance o
said act Of the Legislature and Of this ordi
Common Council of the City of Newarl
shall by resolution provide.
Section 3. In order to redeem said bond
at maturity sinking fund Is hereby estab
lished. into which shall be paid annually dur
ing the term of said bonds the amount col
lected by special tax of not. less than
per cent. upon the principal Of said bonds
which shall be raised. assessed and collecte'
in the annual tax levy of the city.
Section 4. The interest on said bond
hereby authorized TO be issued shall be raise,
by special tax annually levied and col
lected In like manner as other taxes ar
raised. levied and COLLECTED by the city. an
the whole of each years interest on sal
bonds shall be so raised. levied and collects
in each year.
Section 5. Said bonds shall be sold upo
sealed proposals to be received by the Comp
troller of the City of Newark until lively
O'Clock noon on the twenty-fourth day O
September 1914, at his office In the Cit
Hall Newark, New Jersey and the sal
Comptroller Is hereby directed to advertis
the sale of said bonds at least ten days b
publication for at least two insertions in on
or more newspapers published and circulate
In the City of Newark, and he Is also hereb
directed TO advertise said notice in one o
more financial newspapers published in tn
City of New York. to be selected by him. 70
one insertion in each newspaper SO selected.
Il Section This ordinance shall take effec
Immediately.
The foregoing ordinance was presented /
Common Council on Friday evening, July 30
1914. was read twice under suspension Of tn
rules and duly ordered to third reading.
JAMES f. CONNOLLY,
july7-5t City Clerk.