Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1914-01-10
CITY ADVERTISEMENTS

AN ORDINANCE authorizing the Issuance OF
bonds OF the Mayor and Common Council
Of the city Of Newark In the aggregate sum
OF 81. 200, 900 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 for the pay
bonds
OF the city or Newark has heretofore issued
It's notes or temporary loan bonds In he
aggregate principal amount OF two million
three hundred thousand dollars S2.sOo.o0o),
Note for $500, 600. dated April 1e 1918,
HOFFMAN and Company. Of New York.
Seven notes aggregating $1,000, coo, each
dated Aprn ~ 1919, each Que feoruasry ~,
1914. payable to Brown Brothers. of New
Note for $4,000. dated September 4. 1918,
due March 4. 1914; payable to Brown
Note for 100000 dated September 5. 1918.
due March g 1914 payable to Brown
seven notes aggregating $50 Ooo, each
dated September ~, 1913, each due March
L. 1914. payable to Brown Brothers, OF New
Note for $4,000. dated September Is. 1918.
due March 10, 1914. payable 10 the Dry
Note for $4,000 dated September Is,
1913, due March Is 1914, payable to the
Franklin Savings Bank of Newark.
Note for 100000. dated october 10, 1913,
due April 10, 1914 payable to the German
Savings Bank Of Newark; 80.
due February 10, 1914. payable to the Sc
ourity Savings Sank Of Newark
Note for $50. 600, dated Decernbar 10. 1919
due February 10. 1914, payable to the North
Ward National Bank Of Newark.
Two rotes aggresati1g 100000, each
dated 10, ts!e' u el1n u9s ~,
and Company, of New York.
Whereas, said notes were Issued for money
and Common Council Of the city Of newark
equal 10 the principal sum thereof and they
are now outstanding and will become due
within one year, and no part OF said notes
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 notes; now, there
fore.
Be IT ordained by the Mayor and Common
Council of the city of Newark:
Section 1. 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
An Act authorizing the Incorporated cities,
towns, townships and boroughs Of this State
to fund their floating Indebtedness and their
matured and maturing bonds" approved
March 20, 1893, a9d the acts amendatory
thereof and supplemental thereto, bonds of
the city of Newark In the aggregate prin-
oipal sum of two million two hundred thou
sand dollars (S2,200.000) be issued. said
amount Of bonds being less than 96 2-Seo
said.
Section ?. said bonds shall be designated
Funding Bonds, Series /, and shall be Is
sued in denominations Of one thousand dol
lars 81 .OOOl each or multiples thereof as
the purchaser shall elect, and shall be con-
secutively numbered, each dated February l.
1914. payable February L. 1914, bearing In
terest at the rate Of four and one-half per
semi-annualy the first days OF August
and February ia each year both principal
and interest being payable at the National
State Bank of the city OF Newark In gold
coin of the United States Of America Of the
present standard Of weight and fineness or
its equivalent Said bonds shall be executed
| md #hsa a al Of oil "a
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 smile 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 to prin-
cipal only, or OF conversion into bonds regis
tered as to both principal and interest
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 book provided for that
purpose. Said bonds shall reclte that they
were issued in pursuance OF said act of the
Legislature and OF this ordinance, and shall
be in such form as the Common Council Of
said city shall by resolution provide.
Section 3. In order to redeem said bonds
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 bonds
which shall be raised, assessed and coll
lected in the annual tax levy OF the city.
Section A. The interest said bonds
hereby authorized to be issued shall be
raised by a special tax annually levied and
collected in like manner as other taxes are
raised. levied and collected by the city and
the whole of each years interest on said
bonds shall be raised. levied and coll
lected in each year
Section 3. 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 the nineteenth day
of January, 1914, at his office In the City
Hall. Newark. New Jersey. and the said
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
cIlated in the city of Newark; and he Is
also hereby directed TO advertise said
notice in oae or more financial newspapers
published in she city of New York for one
insertion in each of said papers.
Section 6. This ordinance shall take effect
Immediately.
Adopted January T. 1914.
PATRICK c. O'BRIEN,
President of Common Council.
Presented to the Mayor for his approval
January T. 1914.
JAMES f. Connolly,
City Clerk.
Approved January T, 1914.