Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1914-08-17
CITY ADVERTISEMENTS


AN ORDINANCE AUTHORIZING THE Is
SUANCE or BONDS OF THE MAYOR
AND COMMON COUNCIL. OF THE CITY ,
SUM or So 900. 900 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 of Newark has hereto
fore issued its temporary loan bonds In the
aggregate principal amount of three million
dollars (ss, 600, 060). dated June 20. 1914 and
payable September o. 1914, 81, 100000 OF
which said bonds, bearing interest at the rate
of 325 per centum per annum, were sold to
Messrs. Bond Goodwin, and s6oo.ooO
OF which bonds sold to Messrs. Ber-
nard Scholle & Company, 100000 OF said
5000, 900 bonds bearing interest at the rate OF
261 per centum per annum; 500, 00G bearing
interest at The rate of 2.f2 per centum per
annum, 800. 600 bearing interest at the rate
of Psi per centum per annum, S1OOuO0 bear
ing interest at the rate Of 2.S9 per centum
per annum 100000 bearing interest at the
rate Of OF per centum per annum and $780,
900 hearing interest at the rate OF S.Ol per
centum per annum.
WHEREAS Said temporary loan bonds
were issued for money honestly loaned in
good faith to the Mayor and Common Coun-
ell Of the City of Newark equal to the prin-
cipal sum of said temporary loan bonds
which are now outstanding and Will become
due within one year and no part Of said
bonds has been paid. and the city Is without
funds to meet the same, and no provision has
been made in any tax levy or otherwise FOL
the payment of said bonds.
NOW THEREFORE, BE 1T ORDAINED
BY the Mayor and Common Council OF the
City of Newark
Section ]. That for the purpose OF payins
a portion Of said temporary loan bonds In
pursuance of the authority conferred by ar
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
danfa nd THAR and maturing
bonds" approved March %. 1898. and tbs
acts amendatory thereof and supplemental
thereto funding bonds of the City OF Newark
in the aggregate principal sum o. 50, SOC, 000
be issued said amount of funding bonds being
90 "a per centum of the amount of said tenn
porary loan bonds issued aforesaid.
Section g. Said funding bonds shall be des-
ignuted "Fundng Bond Series 2 z" and shall
be issued in the denomination of $1,000 each
and shall be consecutivey numbered from
to $500, inclusive; shall be dated Septem-
her fifteenth. 1914. payable September fifteenth
1914, bearing interest at the rate of foui
annum. payable semi-annually on the fif-
teenth days of March and September In eaef
year. both principal and interest Of sale
Bank of the City of Newark in gold coin o.
the United States of America OF the present
equivalent said bonds shall be executed
under tho corporate seal of the city ane
signed by the Mayor and Comptroller anc
attested by the City Clerk, and the coupon,
attached to said bonds shall be signed Will
the facsimile signatures of said Mayor. Comp,
troller and City Clerk. and shall be numbered
to correspond with the bond to which they
shall be respectively attached. Said bond:
shall be coupon bonds with the privilege Io
registration as TO principal only or of con
version into bonds registered as to boil
principal and interest. A registration Of tbs
numbers of said bonds the date Of sait
bonds the date of issuing and the time o.
| payment thereof shall be made by, or undel
! the direction of. the Comptroller in boob
provided for that purpose. Said bonds shall
recite that they are Issued in pursuance O
| said act of the Legislature and of this ordi
nance and shall be in such form as tbs
l Common Council of the City of Newarl
shall by resolution provide
Section g. In order to redeem said bond
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 collected
in the annual tax levy of the city.
Section 4. The interest on said bond
| hereby authorized to be issued shall be RAISED
| lected in like manner as other taxes ar
raised, levied and collected by the city. ant
the whole Of each years interest on sale
bonds shall be raised. levied and collected
| In each year.
Section s. Said bonds shall be sold at pub
| lie or private sale, hut for not less than par
Section This ordinance shall take effec
! Immediately.
The foregoing ordinance was presented II
7th, 1914 was read a second time and dul!
| ordered to third reading
| ALEXANDER ARCHIBALD,
aug1s-5t City Clerk.