Palisadian. [volume] (Cliffside Park, N.J.) 1906-current, 1915-03-06

9 Bonds, numbered 46 to 81, both
inclusive, payable March LIST, 1925.
10 Bonds, numbered SIS to "a, both
inclusive, payable March 1st, 1926.
10 Bonds, numbered 65 to IA, both
inclusive, payable March 1st, 1927.
10 Bonds, numbered rs to "a, both
inclusive, payable March LIST, 1928.
And the said bonds to bear interest
at the rate of five per centum per an
mum, payable semi-annually on the
first days of September and March in
each year, both principal and interest
being payable at Northern New Jer-
sey Trust Company, EdgeWater, n.
j., in lawful money of the United
States of America; said bonds shall
be executed under the corporate seal
OF the Borough, signed by the Mayor
and Collector and attested by the
Borough Clerk, and the coupons at
tached to said bonds shall be signed
with the facsimile signatures of said
Mayor, Collector and Borough 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 priv
ilege of registration as to principal
only, or of conversion into bonds reg
istered as to both principal and inter
of said bonds, the date of said bonds,
the date of issuing and time of pay
ment thereof, shall be made by or I'M
der the direction of the Collector 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 Borough Council may by resolu-
ton provide.
Section 3. In case any of the GER
tificates of Indebtedness aforesaid
shall become due before the issuance
of said bonds, and shall be paid off
by the issuance of new certificates
of Indebtedness, the proceeds of said
bonds shall be applied to the payment
of such new certificates of indebted
ness.
Section 4. That in order to redeem
said bonds at maturing, sinking
fund is hereby established into which
shall be paid annually during the
term of said bonds the amount col
lected by special tax of not less
than 8 per cent upon the principal of
said bonds, which shall be raised, as
sessed and collected in the annual
tax levy of the Borough, except so
far as such annual payment to the
sinking fund may be provided from
the collections of assessments for i'm
provements for which the indebted
ness was originally incurred. Not
more than 3 per cent upon the prin
cipal of said bonds shall be raised,
assessed and collected in the tax levy
of the Borough for any one year and
only that portion of said 3 per cent
of the principal of said bonds shall be
raised by tax levy each year which
shall fail to be provided from the col
lections of assessments for said i'm
provements during that year.
Section 5. That the interest on
said bonds shall be raised by special
tax annually levied and collected in
like manner as other taxes are raised,
levied and collected by the Borough,
and the whole of each years interest
on said bonds shall be so raised, levied
and collected in each year.
Section 6. That said bonds shall
be sold at public sale for the best
price obtainable, but for not less than
their par value.
Section 7. That this Ordinance
shall take effect when the same has
been posted or published as required
by law.
Approved: February "a, 1915.
AUGUST S. NEUMANN,
Attest: Mayor.
P. E. BRUNDAGE,
Borough Clerk.