Five Mile Beach weekly journal., 1914-02-06
Ordinance No. f24

An Ordinance authorizing the issuance of
ponds OF the borough OF North WILDWOOD,
New Jersey, in the aggregate sum OF Sixty
five Thousand, Five hundred Dollars (s65,500)
tor the purpose OF paying certain indebted
ness OF the borough, OccasiOned by maturing
certificates and establishing a Sinking Fund
for the redemp tion of such bonds at maturity,
and providing for the payment of interest
thereon:
Whereas, the Borough of North Wildwood,
New Jersey, has incurred Indebtedness for
money honestly loaned the borough in good
faith equal to The amount OF such indebted
ness, which said Indebtedness was incurred
by reason OF the issuance of Improvement Ger
tihcates OF the borough issued to provide
funds for the payment OF the cost OF certain
improvement work, in said borough, and
which said indebtedness is evidenced by said
certificates, now outstanding and due, and
uD paid, on account OF the following work,
and In the following amounts respectively:
For streets in northwest section .--.-.S 5000 90
For streets in North Wildwood Inn
provement Company..--.--....... $4,000 90
For sidewalks and curbE No. 3....-.. 22,500 90
FOR sewer NO. 1000 %
For sewer No. II. 600 90
For sewer No. 1900 90
For cement work No. 4....... .... | 600 90
For sewer No. 1000 90
For Delaware ave-, streets 18th to 10Th 1850 90
Making a total Indebtedness OF Sixty-eight
Thousand dollars (S68,000), said Indebtedness
maturing In the order above named as tol-
lows:
For streets in northwest section, due
January 10, 5000 90
Streets in North Wildwood Improve
llCuL DhDEg " jail. lOs 1917 lOaUDU ~
Sidewalks and curbs No. 3, due Ian.
To- 22,5OO %
Sewer No. 3, due January Is, l9I2-.--. 1000 90
Sewer No. 5, due January Is, l9l2a..... 1900 90
Sewer No. g. due January 10, 1912....... 1000 90
Cement work No. 4, due Jan. Is, 1912 1000 90
Sewer No. 7, due March 20, 1912.--m:.. 1000 90
Delaware avenue streets 18th to 18th,
due May 10, 1900 %
And, Whereas, There is no provision made
for the meeting OF said indebtedness, the
assessments made and levied on account OF
said work, not having been paid,
And, Whereas, Council deems it advisable
in accordance with the statutes in such cases
made and provided to fund a part OF such
floating Indebtedness;
Now, Therefore, BE it ordained and enacted
by the Mayor and Council OF the Borough OF
North Wildwood, New Jersey:
Section 1. That bonds of the said borough
be issued in the sum of Sixty-flve Thousand,
Five hundred dollars 1865, 800. being not more
than ninety-six and two-thirds per centum of
such total Indebtedness, tor the purpose of
paying off said floating Indebtedness, and ex-
tending the time when the several amounts
thereof shall be discharged, that such bonds
shall be o as improvement Work Fund
ing Bonds, and dated March /, 1914 and ma
turing March l, 1884, or at the option OF the
borough al any time subsequent to March L,
1919; such bonds shall bear interest at the
rate OF five per centum per annum, payable
semi annually, on the date thereof and shall
be issued one hundred and thirty-One bonds
in the denomination of Five hundred dollars
each, and shall be execuled under the cor
porate seal OF The borough, and signed by the
Mayor and countersigned by the Collector OF
the said borough, and attested by the borough
Clerk of the said borough, and shall have
coupons thereto attached tor every half years
interest, executed by the facsimile signatures
of the Mayor, Collector and borough Clerk,
and shall be registered either as to principal
or as to both principal and interest at the
option OF the holder, the said bonds shall be
numbered from one to one hundred and thir-
ty, one inclusive, being in denominations OF
Five hundred dollars each, and a register OF
said numbers date OF the bonds and date of
issuing, and the time OF payment shall be
made by or under the direction OF the Collec-
tor in a book provided for that purpose.
Section 2. There shall be and hereby is Gre
ated and established a Sinking Fund for the
payment of said bonds and there shall be each
year paid into such sinking fund not less
than three per cent OF the amount of face OF
said bonds, said money SO paid in to the sink
ing fund, to be raised either in the annual tax
levy or to be paid from the collections of as
sessments, for improvements on account of
tificates were issued; also the interest TO be
paid on the said bonds outstanding to be
raised by a special annual tax levy or from
interest by and paid to the borough on ac-
count of such assessment work.
Section 3. The bonds hereby authorized to
be issued shall be sold at public or private
sale, for the best bid that can be obtained,
but at not less than their par value.
Section 4. This ordinance shall take effect
Immediately when published or posted as Is
required by law
HARRY H. HOFFMAN, Mayor.
Attest:-LoRIE B. SHIvERS,
Borough Clerk, Pro Tenn.
introduced January Z, 1914.
Passed February 3, 1914.
Approved February 4, 1914.