Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1914-08-13
CITY ADVERTISEMENTS


AN ORDINANCE AUTHORIZING THE IS
SUANCE or BONDS OF THE MAYOR
AND COMMON COUNCIL OF THE CITY
OF NEWARK IN THE AGGREGATE
sim 0F So 800, 600 FOR THE PURPOSE
OF PAYING A PORTION OF CERTAIN
TEMPORARY LOAN BONDS OF SAID
WITHIN ONE YEAR, AND PRov1p1NG
FOR THE PAYMENT OF THE PRINCI-
PAL AND INTEREST OF SAID BONDS.
Council Of the city of Newark has hereto
fore issued its temporary loan bonus in the
aggregate principal amount of three million
dollars $50, 900. 000), dated June %, 1914, and
payable September %, 1914, 50, 100000 of
which said bonds, bearing interest at the rate
of S.25 per centum per annum, we're sold to
Messrs. Bond Goodwin, and S600.0OO
of which bonds were sold to Messrs. Der
nard Scholle & Company, 500, 900 of said
$500 600 bonds bearing interest at the rate of
&c per centum per annum; 500. 900 bearing
interest at The rate of ZIP per centum per
annum, 500, 900 bearing interest at the rate
of Isl per centum per annum, 500, bear
ing interest at the rate of 2.s9 per centrum
per annum 500 900 bearing interest at the
rate of 2 81 per centum per annum and $780,
600 hearing interest at the rate of 3.01 per
centum per annum
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-
cipa 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:
Section l. That for the purpose of paying
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 Dor
oughs of this State to fund their floating in
| debtedness and their matured and maturing
bonds, approved March 2S, 1899. and tbs
acts amendatory thereof and supplemental
thereto. funding bonds of the City of Newark
| In the aggregate principal sum OF $4,000. 00l
| be issued. said amount Of funding bonds being
4 SO x per centum of the amount of said tenn.
porary loan bonds issued as aforesaid.
! Section 2 Said funding bonds shall be des
| ignated Funding Bond Series !" and shall
be issued In the denomination of 81, 900 each
and shall be consecutively numbered from
| ! to $500, inclusivei shall be dated Septem
| Der fifteenth, 1914. payable September fifteenth
1914, bearing interest at the rate OF foui
and one,aSf per eentum 4h% 9 gf
| tenth days of March and September in eacl
| year both principal and interest of sait
Bank of the city of Newark in gold coin O
| the United States Of America of the presen
| standard of weight and fineness or til
/ equivalent. Said bonds shall be executed
under the corporate seal of the city ant
| signed by the Mayor and Comptroller an,
attested by the City Clerk. and the coupons
/
the facsimile signatures Of said Mayor. Comp
troller and City Clerk, and shall be numberet
to correspond with the bond to which the.
shall be respectively attached Said bond
shall be coupon bonds with the privilege o
registration as to principal only. or of con
version Into bonds registered to boil
principal and interest. A registration of tn
numbers of said bonds the date of sal
bonds. the date of issuing and the time o
payment thereof shall be made by, or unde
the direction Of the Comptroller in a boo
provided for that purpose Said bonds shal
recite that they are issued in pursuance 0
said act of the Legislature and of this ordi
nance. and shall be In such form as tn
Common Council of the City of Newar
shall by resolution provide.
Section 3. In order to redeem said bond
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 special tax Of not less than
per cent. upon the principal of said bond,
which shall be raised. assessed and collecte
in the annual tax levy Of the city.
Section 4. The interest on said bond
hereby authorized to be issued shall be raise
By a special tax annually levied and col
lected In like manner other taxes ar
raised, levied and coll ected by the city, an
the whole of each years interest on sal
bonds shall be so raised. levied and collecte
In each year.
Section s. Said bonds shall be sold at pull
lie or private sale, but for not less than pal
Section This ordinance shall take effe'
Immediately.
The foregoing ordinance was presented
Common Council Friday evening, Augu
7th, 1914. was read a second time and dul
ordered to a third reading
ALEXANDER ARCHIBALD.
sug13-5t City Clerk