Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1914-01-05

AN ORDINANCE authorizing the Issuance Of
bonds of the Mayor and Common Council
of the city of Newark in the aggregate sum
portion Of Certain notes or TEMPORARY loan
bonds of said city. which to become due
within one year and providing for the pay.
ment of the principal and interest OF said
bonds.
Whereas, The Mayor and Common Council
OF the city OF Newark has heretofore issued
its notes or Temporary loan bonds in the
aggregate principal amount of two million
three hundred thousand dollars u2,aOOooo).
Note for $500. 900. dated April 1e, 1918.
due February l. 1914 payable to L. Won
Seven notes aggregating $1,000 00o each
dated April %, 1913, each due February 10,
1914. payable to Brown Brothers. of New
Note for $4,000. dated September 4, 1918.
due March 4. 1914; payable to Brown
Note for 500. 900. dated September 8, 1918,
due March 2. 1914; payable to Brown
Seven notes aggregating $4,000, each
dated September ~. 1913. each due March
-. 1914. payable to Brown Brothers. of New
Note for $50. 900. dated September Is, 1913.
due March Is. 1914. payable to the Dry
Note for $40. 1000. dated September Is,
1913 due March Is. 1914. PAYABLE to the
fos sayings Bank Of
Savings Bank of Newark. -
due February 10. 1914, payable to the Se-
curity Savings Bank of Newark.
Ward National Bank of Newark.
Two notes, aggregating 100000 each
ruary 10, 1914. payable to Kidder. Peabody
and Company. Of New York
Whereas, Said notes were issued for money
and Common Council of the city of Newark
equal to the principal sum thereof. and they
within one year. and no part of said notes
has been paid. and the city Is without
has i,o been made made In any tax levy or otherwise
for the payment of said notes; now. there
fore.
Be 1t ordained by the Mayor and Common
Council of the city of Newark:
Section l.. That for the purpose Of paying
a portion of said notes in pursuance Of the
authority conferred by an act of the Legis-
lature Of the State Of New Jersey entitled
IAN Act authorizing the incorporated cities.
to fund their floating indebtedness and their
matured and maturing bonds" approved
thereof and supplemental thereto, bonds Of
the city of Newark in the aggregate prin-
S spa s dollars Ssa 900, CIV" be issued said
amount of bonds being less than SO 1890
OF the amount of said notes issued as afore-
Section O. Said bonds shall be designated
Funding Bonds. Series 1. and shall be is-
lars Isl. O0o) each. or multiples thereof. as
the purchaser shall elect and shall be con-
each bearnr T.
terest at the rate of four and one-half per
centum an per cent? per annum, payable
and February in each year both principal
and interest being payable at the National
coin of the United States of America of the
present standard of weight and fineness or
its h Sla b sss sea s be sty aed
signed by the Mayor and Comptroller and at
tested by the. City Clerk. and coupons at
tached to said bonds shall be signed with
the fac simile signature of the Comptroller
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 prin-
tered as to both principal and interest. A
registration of the numbers of said bonds
the date of said bonds, the date of Issuing
made by or under the direction of. the
Comptroller in a book provided for that
were issued In pursuance of said act of the
Legislature and of this ordinance, and shall
be in such h form as the Common n,d Council OF
| Section g. In order to redeem said bonds
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
iected by special tax of not less than 8.
per cent. upon the principal of said bonds.
which shall be raised, assessed and col
lected in the annual tax levy of the city
hereby oy'o authorized to be issued shall be
| raised by a special tax annually levied and
collected in like manner as other taxes are
| the whole Of each years interest on said
bonds shall be so raised. levied and COL
lected in each year
/ Section 5. The aforesaid bonds shall be
sold upon sealed proposals to be received by
twelve o'clock noon on the nineteenth day
Of January. 1919; at his office I'm the city
Comptroller is hereby directed to advertise
| the sale of said bonds at least ten days by
publication for at least two insertions in
one or more newspapers published and cir
culated in the city of Newark; and he is
also hereby directed to advertise said
notice in one or more financial newspapers
published in the city of New York for one
| Insertion in each of said papers.
| Section g. This ordinance shall take effect
Immediately.
The foregoing ordinance was presented in
Common Council on Thursday. January l.
1914. was read twice under suspension of the
rules and duly ordered to a third reading
| JAMES F. Connolly.
| jan2-5t City Clerk