Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1914-09-08
CITY ADVERTISEMENTS

AN ORDINANCE AUTHORIZING THE IS
sUANCE OF BONDS OF THE MAYOR
OF NEWARK IN THE AGGREGATE
SUM OF s2.s00.OOO FOR THE PURPOSE
OF PAYING A PORTION OF CERTAIN
CITY WHICH ARE TO BECOME DUE
WITHIN ONE YEAR. AND PROVIDING
PAL AND Nd INTEREsT OF SAID BONDS.
WHEREAS. The Mayor and Common
Council of the City of Newark has hereto
aggregate principal amount of three million
dollars ($3, GOO, 000), dated June 20. 1914. and
payable September 20, 1914. ~ 100000 Of
of s.25 per centum per annum, were sold to
Messrs Bond Goodwin, and $500, 600
Of which bonds were sold t. M deS BeE
s600,0 900 bonds bearing interest at the rate of
2.61 per centum per annum; 100000 bearing
interest at The rate of PIP per centum per
annum, 500 900 bearing interest at the rate
of 2.S1 per centum per annum 100000 bear
ing interest at the rate OF 2.Ss per centrum
per annum 100000 bearing interest at the
rate of 2.97 per centum per annum and $780,
600 bearing interest at the rate of SOL per
WHEREAS, Said temporary loan bonds
were issued for money honestly loaned In
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
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 for
the payment of said bonds.
NOW. THEREFORE,. BE 1T ORDAINED,
BY the Mayor and Common Council of the
City Of Newark:
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 IAN act authorizing the In
corporated cities, towns, townships and bor-
oughs of this State to fund the,- floating In
debtedness and their matured and maturing
arch %. 1893 and the
acts amendatory thereof and supplemental
thereto funding bonds of the City OF Newark
be issued said amount OF funding bonds being
| e6 "a per centum of the amount of said tenn
porary loan bonds Issued as aforesaid.
| lgnated Funding Bond Series 2" and shall
| be Issued in the denomination of $1,000 each
and shall be consecutively numbered from
| ! to $500, inclusive; shall be dated Septem-
Der fifteenth, 1914. payable September fifteenth
1894 bearing interest at the rate of foul
snnum. payable semi-annually on the If
teenth days of March and September 10 eacf
both AZ ana The Rational 81 at
| 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 the corporate seal or the city anc
signed by the Mayor and Comptroller and
ettested By the city Clerk. and the coupon,
attached to said bonds shall be signed witt
the facsimile signatures of said Mayor, Comp
| to correspond with the bond to which the,
shall be respectively attached. Said bondl
shall be coupon bonds with the privilege o.
registration as to principal only. or OF con
version into bonds registered as to boil
principal and interest. A registration Of tn
numbers of said bonds. the date OF sale
bonds the date of issuing and the time o
payment thereof shall be made by. or unde
the direction of. the COMPTROLLER in bool
provided for that purpose Said BOMBS shal
recite that they are issued In pursuance Q
said act OF the Legislature and OF this ord
nance and shall be In such form as tn
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
iished into which shall be paid annually dur
ing the term OF said bonds the amount col
lected by special tax o. not less td t nam.
which shall be raised. assessed and collecte
in the annual tax levy of the city.
| Section A. The interest said bond
berebv authorized to be issued shall be raise
by special tax annually levied and col
Iected in like manner as other taxes ar
raised, levied and collected py the city, an
the whole OF each years interest on sal
bonds shall be SO raised. levied and collecte
Section s. Said bonds. shall be sold at pub
lie or private sale, but for not less than par
Section 8 This ordinance shall take effec
Immediately. 80.
Adopted September T. 1sl d.,,rN
President of COMMON Council.
J Presented to the Mayor for his approve
ssp'sA IfExANDER ARCHIBALD E,A
JACOB HAUssLING.
The foregoing ordinance was presented
] Common Council on Friday. evening. Septem
her A. 1914, on third reading and final pass
age. was passed and duly signed by tn
Mayor and is therefore law.
~