Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1914-09-11
CITY ADVERTISEMENT


s.si per centum per annum; $1,000 bearing
| interest at the rate Of 2.72 per centum per
annum. 800 900 bearing interest at the rate
| of ISL per centum per annum, 100000 bear
| ing interest at the rate OF ESQ per centum
per annum 100000 bearing interest at the
rate OF 297 per centum per annum and $780,
900 bearing interest at the rate Of SOL per
WHEREAS Said temporary loan bonds
were issued for money honestly loaned in
ell Of the City Of Newark. equal to the prin-
cipal of said temporary loan bonds
which are now outstanding and Will become
| 4ue 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 for
| the payment of said bonds.
NOW. THEREFORE,. BE 1T ORDAINED
BY the Mayor and Common Council OF the
City OF Newark:
Section l. That for the purpose Of paying
n 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 bor-
oughs OF this State to fund the,r floating I'm
debtedness and their matured and maturing
bonds - approved March 23, 1899, and the
acts amendatory thereof and supplemental
thereto. funding bonds OF the City Of Newark
in the aggregate principal sum OF So, 900, 900
be Issued. said amount of funding bonds being
s62s per centum Of the amount OF said tenn
porary loan bonds Issued 8 aforesaid.
Section 2. Said funding bonds shall be des-
ignated "Funding Bond Series ?" and shall
be Issued In the denomination of $1,000 each,
and shall be consecutively numbered from
to 2.900, inclusive shall be dated Septem-
her fifteenth. 1914. payable September fifteenth.
1914. bearing interest at the rate OF four
and one-half per centum 6h&ol per
annum. payable semi-annually on the ff-
teenth days of March and September In each
year, both principal and interest Of said
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
| attested by the City Clerk. and the coupons
attached to said bonds shall be signed with
the facsimile signatures or said Mayor. Comp
troler and City Clerk; 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 principal only or Of con-
version into bonds registered as to both
principal and interest. registration of the
numbers of said bonds. the date Of said
payment thereof shall be made by. under
the direction Of the Comptroller In a book
provided for that purpose. Said bonds shall
said act of the legislature and Of this ordi-
nance. and shall be in such form as tho
shall by resolution provide.
Section Q. 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 collected
In the annual tax levy of the city.
Section 4. The interest on said bonds
hereby authorized to be issued shall be raised
by a special tax annually levied and col
lected 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 SO raised. levied and collected
In each year.
Section s. Said bonds shall be sold at pub
lie or private sale. but for not less than par
Section This ordinance shall take effect
Immediately.
Adopted September Z. 1914,
Z. G. O'BRIEN,
President OF Common Council
Presented to the Mayor for his approval
September 5. 1914.
ALEXANDER ARCHIBALD.
City Clerk
Approved September 5. 1914.
JACOB HAUSSLING,
Mayor.
The foregoing ordinance was presented in
Common Council on Friday evening, Septem-
Der 4, 1914, on third reading and fnal pass
age, was passed and duly signed by the
Mayor and Is therefore a law.
ALEXANDER ARCHIBALD.
sep7-6t City Clerk