Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1914-01-13
ADVERTISEMENTS

AN ORDINANCE authorizing the issuance Of
bonds OF the Mayor and Common Council
Of the city of Newark in the aggregate sum
OF s2.200,000 for the purpose OF paying a
portion OF certain notes or temporary loan
bonds Of said city, which are TO become due
within one year, and providing Tor the pay,
ment of the principal and Interest OF said
Whereas. The Mayor and Common Council
Of the city OF Newark has heretofore issued
rs notes or temporary loan bonds In the
aggregate principal amount of two million
three hundred thousand dollars (S2.SO0OOO),
payable as follows:
due February l, 1914. payable to l.. Won
Hoffman and Company. OF New York.
dated April 2s, 1918, each due February 10.
1914, payable to Brown Brothers, OF Ne"
Note for $4,000, dated September 4, 1918,
due March 4. 1914. payable to Brown
Brothers. Of New York.
Note for 800 900, dated September s, 1918,
Brothers of New York.
Seven notes aggregatins $50, 900 Ne, each aoh
y. 1914. payable to Brown Brothers. of New
Note for $50 900. dated September Is. 1913.
Dock Savings Institution Of New York. 80
1919 due 0 March VgY 1919 1914 payabe ' to the
Franklin Savings Bank OF Newark. a..
Note for 100000, dated october 10; 1913.
Savings Bank of Newark
Note for s5O.O dated December 10, 1919.
ourity Savings Sank Of Ne Newark warn
Note for $50, 900, dated Decemhar 10, 1919,
Que February 10. 1914. payable to the North
Ward National Bank of Newark
Two rotes aggregating 100000, eaea
dated December Is, 1918. each due Feb
ruary 10, 1914. payable to Kidder. Peabody
and Company, of New York.
whereas, said notes were Issued Tor money
and Common e Council 'S Of the n city Of newark
equal to the principal sum thereof. and they
are now outstanding and will become due
has been paid, and the city is without
funds to meet the same and no provision
has been made in any tax levy otherwise
FOR the payment Of said notes; now, there
fore,
Be it ordained by the Mayor and Common
Council Of the city of Newark:
Section /. That for the purpose of psyins
portion of said notes in pursuance Of the
lature Of the State OF New Jersey entitled
An Act authorizing the incorporated cities,
towns. townships and boroughs of this State
10 fund their floating Indebtedness and their
matured and maturing bonds,' approved
March g. 1899 and the acts amendatory
thereof and supplemental thereto. bonds of
the city of Newark in the aggregate prin-
opal sum of two million two hundred thou
sand dollars $4,000. o00) be issued, said
amount OF bonds being less than SO $3.50
o. the amount Of said notes issued as afore-
Section q Said bonds shall be designated
Funding Bonds, Series l. and shall be is
sued In denominations Of one thousand dol
the purchaser shall elect, and shall be con-
secutivel- numbered each dated February l.
terest at the rate Of four and one-haIf per
certum (4h per cent? per annum. payable
semi-annually on the first days Of August
and February in each year. both principal
and inter-St being payable at the National
State Barr Of the city of Newark in gold
coin of the United States of America Of the
present standard Of weight and hneness or
its equivalent Said bonds shall be executed
n nd
tested by the City Clerk, and coupons at
tached to said bonds shall be signed with
and shall be numbered to correspond with
the bond to which they shall be respectively
with the privilege Of registration as to prin-
cipal only, or Of conversion into bonds regis
tered as to both principal and interest. A
registration OF the numbers Of said bonds
the date Of said bonds. the date of issuing
and the time of payment thereof shall be
Comptroller in a book provided for that
purpose. Said bonds shall recite that they
we're issued in pursuance Of said act of the
Legislature and of this ordinance. and shall
be In such form the Common Council Of
said city shall by resolution provide.
Section 3. In order to redeem said bonds
ht maturity. a sinking fund is hereby estab-
lished into which shall be paid annually dur
iected by special tax of not less than 8
per cent. upon the principal of said bonds
which shall be raised. assessed and coll
lected 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
collected In like manner 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 coll
iected in each year.
Section 8. The aforesaid bonds shall be
sold upon sealed proposals, to be received by
the Comptroller of the city of Newark until
twelve o'clock noon on the nineteenth day
Hall. Newark, New Jersey. and the said
IoEr-x-lleT is hereby directed to advertise
Of said bonds at least ten days by
ion for at least two insertions In
more newspapers published and cir
in the city OF Newark; and he is
An one more financial newspapers
lied in che city of New York for one
yrtion in each of said papers.
Ysection s. This ordinance shall take effect
Adopted January 7, 1914.
PATRICK C. O'BRIEN
President OF Common Council.
Presented to the Mayor for his approval
January Z, 1914
JAMES F. CONNOLLY.
City Clerk.
Approved January T. 1914.
JACOB HAUSSLING.
Mayor.
The foregoing ordinance was presented in
Common Council on Wednesday evening
january eth. 1914, on third reading and
final passage passed and duly signed
b. the Mayor and is therefore a law.
JAMES f. CONNOLLY
1anS-5t City Clerk.
BANK STREET REPAvING. MEEKER
PAVING. WAINWRIGHT STREET
PAVING