Five Mile Beach weekly journal., 1914-02-13
Ordinance No. 124

An Ordinance authorizing the Issuance of
bonds OF the Borough of North Wildwood,
New Jersey, IN The Inc aggregate sum OF SD Six sly,
tor the purpose OF paying certain indebted
ness OF the borough, Occasioned by maturing
certificates and establishing a Sinking Fund
for the redemption OF such bonds at maturity,
and providing tor the payment of interest
thereon:
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 h issuance OF M provement Ger
~tificates OF the borough issued to provide
funds for the payment of the cost OF certain
m Improvement work, in said borough, and
which said Indebtedness is evidenced by said
certificates, now outstanding and due, and
and in the following amounts respectively:
For streets in northwest section ........S 5000 90
For streets in North Wildwood I'M
provement Company....... ......- $4,000 90
For sidewalks and curbs No. S............ 22,50O 90
For sewer NO. ACKNOWLEDGEMENT. l,O0O w
For sewer. No. 1900 90
For sewer NO. 2,UUO OU
For cement work No. 4........ ............... 600 90
For sewer No. ......--.....-s..-... 1000 90
For Delawar ave, streets 18th to 10th 1850 90
Making a total Indebtedness OF Sixty-eight
thousand dollars ($68, 000), said indebtedness
maturing in the order above named as toll
lows:
For streets In northwest section, due
January 10, 5000 90
Streets IN North Wildwood Improve.
menI COmQ any, que Jan. 10, 1917 lS,UUU w
Sidewalks and curbs No 3, due Ian.
10, ..... ZZ,bOO w
Sewer No. 8, due January 10, l9i2...... 1000 90
Sewer No. 5, due January Is. I9l2.4-... $4,000 90
sewer No. 8, due January 10, f912-.-... 1900 90
Cement work No. 4, due Jan. 16, 1912 1000 90
Sewer No. z, due March 20, 1912........... 1000 90
Delaware avenue streets 18th to 18th,
due May Is, 1900 90
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 q part OF such
floating Indebtedness;
Now, Therefore, Re 1t ordained and enacted
by the Mayor and Council OF the Borough OF
| North Wildwood, New Jersey:
Section l. That bonds of the said borough
be issued in the sum of Sfxty-five thousand,
Five undred dollars (S65,500) being not more
than ninety-six and two-thirds per centum of
such total Indebtedness, for the purpose of
paying of said floating Indebtedness, and ex-
tending the time when the several amounts
thereof shall be discharged, that such bonds
shall be known as improvement Work Fund
ing Bonds, and dated March |, 1914 and ma
turing March l, 1881, 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 annumL, 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 executed under The cor
porate seal of The borough, and signed blythe
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 enomina 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 tor 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 annualt tax
levy or to be paid from the collections of as
sessments, for improvements on account OF
the work for which the above mentioned GER
tificates were issued; also the interest 10 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
required by law.
HARRY H. HOFFMAN, Mayor.
A-ttest:-LORIE B. SHIvERS,
Borough Clerk, Pro Tenn.
Introduced January z, 1914.
Passed February 3, 1914.
ADnrOved February 4. 1914.