Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1914-08-18

AN ORDINANCE AUTHORIZING THE IS
SUANcE OF BONDS OF THE MAYOR
AND COMMON COUNCIL OF THE CITY
OF NEWARK IN THE AGGREGATE
SUM OF s2so0.0o0 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 PRINCI-
| PAL AND INTEREST OF SAID BONDS.
Council of the City OF Newark has hereto
fore Issued its temporary loan bonds in the
aggregate principal amount of three million
dollars $4,000. oo0l. dated June 20. 1914. and
/ payable September g. 1914. So 100000 of
which said bonds. bearing interest at the rate
of S.35 per centum per annum, were sold to
Messrs. Bond & Goodwin. and 5000 900
of which bonds sold to Messrs. Ber-
nard Scholie & Company. 100000 Of said
$500, 600 bonds bearing Interest at the rate of
2.s1 per centum per annum: 100000 bearing
interest at the rate of 2.T2 per centum per
annum. 500. 900 bearing interest at the rate
of 2.S1 per centum per annum, $100.u00 bear
ing interest at the rate of 2.s9 per centum
per annum 100000 bearing interest at the
rate of 81 per centum per annum and $780,
| 600 hearing interest at the rate OF sol per
centum per annum.
| WHEREAS Said temporary loan bonds
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
| 5ue within one year and no part of said
bonds has been paid. and the city is without
/ funds 70 meet the same, and no provision has
been made in any tax levy or otherwise for
/ the payment of said bonds.
! NOW. THEREFORE,. BE IT ORDAINED.
BY the Mayor and Common Council of the
Section !. That for the purpose of paying
a 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 AN act authorizing the In
corporated cities. towns. townships and Dor
| oughs OF this State to fund thei- floating In
debtedness and their matured and maturing
bonds" approved March 3d. 1899. and tbs
acts amendatory thereof and supplemental
/ thereto funding bonds OF the City OF Newark
IN the aggregate principal sum OF 81 900. 00(
be issued, said amount of funding bonds being
sc "a per centum of the amount Of said TEN.
porary loan bonds issued aforesaid.
Section 2seSaid funding bonds shall be des
ignated Funding Bond Series p" and shall
be issued In the denomination Of $1,000 each
and shall be consecutively numbered from
/ to 1900, inclusive; shall be dated Septem
her fifteenth, 1914. payable September fifteenth
1874. bearing interest at the rate OF foui
annum. payable semi-annually the f1f
tenth days of March and September In eacl
bonds being payable at the National Stat
Bank of the City of Newark in gold coin o
the United States Of America Of the presen
standard of weight and fneness or IL
equivalent Said bonds shall be execute'
under the corporate seal of the city AM
signed by the Mayor and Comptroller ant
attested by the City Clerk, and the coupon
attached to said bonds shall be signed witt
the facsimile signatures of said Mayor Comp
troler and City Clerk. and shall be numbers
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. or of con
version into bonds registered to bot
principal and interest. registration Of tn
numbers of said bonds, the date of sal
bonds, the date of issuing and the time 0
payment thereof shall be made by, undo
the direction Of the COMPTROLLER in a boo
I'D kN.nk Tat gI11
recite that they are Issued in pursuance G
said act of the Legislature and Of this ordi
nance. and shall be in such form as tn
Common Council OF the City Of Newar
shall by resolution provide.
|, Section 3. In order to redeem said bond
at maturity a sinking fund is hereby estah
lished, Into which shall be paid annually dur
lected by special tax of not less than
per cent. upon the principal OF said bondl
which shall be raised. assessed and collecte
in the annual tax levy of the city.
Section T. The interest on said bond
hereby authorized to be issued shall he raise
by a special tax annually levied and co
I lected In like manner as other taxes ar
Il raised. levied and collected by the city. an
/ the whole OF each years interest on sal
/ bonds shall be SO raised, levied and eollecte
l in each year.
: Section s. Said bonds shall be sold at pull
lie or private sale, but for not less than pa
Section s This ordinance shall take effe'
Immediately.
The foregoing ordinance was presented
y Common Council Friday evening, Augu
/ It'll, 1914 was read a second timo and du
ordered to third reading.
ALEXANDER ARCHIBALD,
aug13-5t City Clerk.