Newark evening star and Newark advertiser., 1914-08-14
CITY ADVERTISEMENTS

AN ORDINANCE AUTHORIZING THE IS
SUANCE Oh BONDS OF THE MAYOR
OF NEWARK II THE AcGaEGATE
SIM OF SO. 900, 600 FOR THE PURPOSE
OF PAYING A PORTION OF CERTAIN
TEMPORARY LOAN BONDS OF SAID
CITY WHICH ARE To BECOME DUE
WITHIN ONE YEAR. AND PROVIDING
FOR THE PAYMENT OF THE PRINCI-
PAL AND INTEREST OF SAID BONDS.
WHEREAS. The Mayor and Common
Council Of the City Of Newark has hereto
fore issued its temporary loan nonds in the
aggregate principal amount of three million
dollars Css. 900, 000), dated June %. 1914, and
payable September 2s 1914, S2400.O00 Of
which said bonds, bearing interest at the rate
of 395 per centum per annum, were sold to
Messrs. Bond Goodwin, and S600.OOO
OF which bonds were sold to Messrs Ber-
nard Schole Company, 100000 of said
$500. 600 bonds bearing interest at the rate Of
PSI per eentum per annum; 100000 bearing
interest at he rate Of 2.72 per centum per
annum, 100000 bearing interest at the rate
of 2.S1 per centum per annum, 500. 100 bear
ing interest at the rate of 2.ss per centum
per annum 800 900 bearing interest at the
rate Of 81 per centum per annum and $780,
900 hearing interest at the rate of sol 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-
cpal sum Of said temporary loan bonds
which are now outstanding and will become
1ue 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 IT ORDAINED.
BY the Mayor and Common Council of the
City Of Newark:
I Section !. 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 "An act authorizing the in
corporated cities, towns, townships and bor-
oughs Of this State to fund their floating in
debtedness and their matured and maturing
acts amendatory thereof and supplemental
thereto, funding bonds OF the City OF Newark
/ In the aggregate principal sum OF 81. 500 900
be issued. said amount Of funding bonds being
96 p per centum Of the amount Of said tenn
porary loan bonds issued aforesaid
Section 2. Said funding bonds shall be des-
ignated Funding Bond Series 2. and shall
{ be Issued in the denomination Of 81, 900 each,
and shall be consecutively numbered from
/ to $500, inclusive; shall be dated Septem-
/ her fifteenth, 1914, payable September fifteenth.
+ 1914 bearing interest at the rate Of four
and one.half per eentum 4h%l per
annum, payable semi-annually on the If
teenth days Of March and September In each
| year. both principal and interest of said
bonds being payable at the National State
the United States Of America OF the present
! standard OF weight and fineness or its
equivalent. Said bonds shall be executed
under the corporate seal of the city and
| signed by the Mayor and Comptroller and
attested by the City Clerk and the coupons
attached to said bonds shall be signed with
the facsimile signatures of said Mayor Comp
troller and City Clerk. 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 principal only or Of con-
version into bonds registered 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 made by, or under
the direction of the Comptroller in a book
provided FOR that purpose. Said bonds shall
| recite that they are issued in pursuance Of
said act of the Legislature and Of this ordi-
nance, and shall be in such form as the
Common Council Of the City of Newark
shall by resolution provide.
Section g. 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 3
per cent. upon the principal of said bonds.
which shall be raised assessed and collected
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 col
lected 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 so raised, levied and collected
In each year.
Section 8 Said bonds shall be sold al pub
Section This ordinance shall take effect
Immediately.
The foregoing ordinance was presented in
Common Council on Friday evening. August
7th 1914. was read second time and duly
ordered to third reading.
ALEXANDER ARCHIBALD,
aug13-5t City Clerk