Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1914-01-03
CITY ADVERTISEMENTS


of the city of Newark in the aggregate sum
of 81. 200.o 900 for the purpose of paying q
portion of certain notes or temporary loan
bonds of said city which are to become due
within one year. and providing for the pay
ment of the principal and interest OF said
bonds.
Whereas. The Mayor and Common Council
of the city OF Newark has heretofore issued
It's notes or temporary loan bonds in the
aggregate principal amount of two million
three hundred thousand dollars (S2, 300, 000),
payable as follows;
due February 1, 1914, payable to i. Won
Hoffman and Company. of New York.
Seven notes ageregating $1,000, 900. each
dated April %. 1913 each due February 10.
1914, payable to Brown Brothers. of New
York
Note for $50. 600. dated September 4, 1918,
due March :. 1914; payable to Brown
Note for 100000. dated September 5. 1919.
due March 3. 1914; payable to Brown
Seven notes aggregating $4,000. each
dated September IL. 1918. each due March
IL 1914. payable to Brown Brothers, of New
Note for $50. ooo dated September Is. 1918,
due March >, 914. payable TO the Dry
Note for $4,000. Gated September Is,
1913, due March Ia. 1914. payable to the
Franklin Savings Bank of Newark.
Note for 500. 00o, dated October 10. 1913.
due April %, 1914 payable to the German
Savings Bank of Newark.
Note for $50, 900, dated December 10, 1913.
curlty Savings Bank of Newark.
Note for $4,000. dated December 10, 1919
due February o. 1914 payable TO the North
Ward National Bank of Newark
Two notes aggregating 100000. each
dated December Is, 1918. each due Feb
and Company. of New York
l. Whereas. Said notes were issued for money
honestly loaned in good faith to the Mayor
and Common Council of the city OF Newark
equal to the principal sum thereof. and they
are now outstanding and will become due
within one year and no part OF said ,, notes
funds to meet the same and no provision
has been made In any tax levy or otherwise
for the payment Of said notes; now, there
Be It ordained by the Mayor and Common
Council Of the city of Newark:
Section l. That for the purpose Of paying
a portion of said notes in pursuance Of the
Iauthorlty conferred by an act of the Legis-
lature Of the State Of New Jersey entitled
IAN Act authorizing the Incorporated cities,
towns townships and boroughs of this State
Ito fund their floating indebtedness and their
matured and maturing bonds approve, approved
thereof and supplemental thereto. bonds of
the city of Newark in the aggregate prin-
cipa sum of two million two hundred thou
sand dollars $4,000 O0Ol be issued, said
amount of bonds being less than 90 2-59o
o. the amount of said notes Issued as afore-
said
Section @ Said bonds shall be designated
Funding Bonds, Series !, and shall be is
sued In denominations of one thousand dol
the purchaser shall elect. and shall be con-
secutivey numbered, each dated February l.
eyest at the rate of four and oneehaf per
centum az per cent? per annun payable
semi-annually on the first days of August
and February in each year. both principal
and interest being payable at the National
State Bank of the city Of Newark In gold
coin of the United States of America of the
present standard of weight and flneness or
its equivalent. said bonds shall be executed
under the corporate seal of the city and
signed by the Mayor and Comptroller and at
taohed to said bonds shall be signed with
the fac smile signature Of the Comptroller
and shall be numbered to correspond with
the bond to which they shall be respectively
attached. Said bonds shall be coupon bonds
with the privilege of registration as to prin-
cipal only, or of conversion into bonds regis
tered 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 Thereon snail pc
made by, under the direction Of the
Comptroller in a book provided for that
purpose. Said bonds shall recite that they
were issued in pursuance Of said act of the
Legislature and of this ordinance, and shall
be in such form as the Common Council OF
said city shall by resolution provide.
Section 8. In order to redeem said bonds
at maturity. a sinking fund is hereby estab-
lished into which shall be paid annually dur
ing the term of said bonds the amount col
lected by a special tax of not less than
per cent upon the principal OF said bonds,
which shall be raised, assessed and col
Section 4. The interest said bonds
hereby authorized to be issued shall be
raised by a special tax annually levied and
collected in like manner as other taxes are
| raised levied and collected by the city, and
the whole of each years interest on said
bonds shall be raised levied and col
lected In each year.
Section s. The aforesaid bonds shall be
sold upon sealed proposals. to be received by
! the Comptroller of the city of Newark until
twelve o cloclS noon on the nineteenth day
of January, 1914. at his office in the CitZ
Hall Newark New Jersey, and the said
Comptroller is hereby directed to advertise
the sale of said bonds at least ten days by
publication for at least two insertions in
one or more newspapers published and cir
culated in the city of Newark; and he is
also hereby directed to advertise said
notice in one or more financial newspapers
published in .he city of New York for one
insertion in each of said papers.
Section 6. This ordinance shall take effect
Immediately.
The foregoing ordinance was presented in
Common Council on Thursday, January l,
1914 was read twice under suspension of the
rules and duly ordered to third reading.
JAMES F. CONNOLLY,
jan2-5t City Clerk.