Five Mile Beach weekly journal., 1915-03-12
NO. 1913.

A tnOl4NANOE nv TO-
An Ordinance authorizing the issuance and
sale of bonds of the Borough OF North Wild.
wood, New Jersey, in the amount of thirty five
thousand dollars, for the purpose of paying for
the extension of the existing sewer system in
said borough, and establishing a Sinking Fund
for the redemption thereof at maturity and pro-
viding for the payment of the interest thereon.
Whereas, by resolution of council passed on
the fourth day of November, A. d. 1914, it was
resolved that in the judgment of council, bonds
Of the said Borough of North wildwood should
be ISSUED in the sum OF $780, 900, for the purpose OF
paying Tor an extension OF the existing sewer
system In said borough, such extension being
constructed and laid on Surf Avenue, between
Second street and Twenty-six th street: said
bonds to be issued under the provisions of an
act of the Legislature of the state of New Jersey.
entitled, IA General Act Relating to Boroughs,
revision OF 1897, y and the several acts amends
tory'thereof and supplementary thereto: And
Whereas, 1t was further resolved that council
would hear any and ell objections to the issu-
ance of said bonds ON December 1st, 1914, at 8
o'clock p. m, at the council chamber, at the
borough hall in said Borough: And whereas,
the said council OF the Borough OF North Wild
wood, did peet on the said first day OF Deem
Der, A. D.. 1914, at 8 o'clock p: M, at the council
chamber, at the borough hall, of said borough,
for the purpose OF hearing any and all objections
to the Issuance OF said bonds, and no objection
or objections thereto being presented: And
whereas, No remonstrance against such issue OF
bonds was filed with the Borough Clerk. as pro-
vided In said act: And Whereas, by resolution
duly adopted on the first day Of December, AID.
1914, Salu cOuncll resolved 6nab the question OF
the issue of said bonds, pursuant to said resolu-
ton OF council be submitted to the voters of the
borough at a special election tn be held on the
twelfth day Of January, A. ID. 1915, at the Dor
ough hall in said borough: And whereas, at said
election, duly advertised and held, q majority
Of the ballots cast were in favor OF the issue Of
bonds according to the said resolution.
Therefore, be 1t ordained by the Mayor and
Council OF the Borough Of North Wildwood,
New Jer-ey, as follows;
Section !. That for the purpose OF paying for
the extension OF the sewer system of the hOr-
oueh of North Wildwood on Surf avenue from
Second street to Twenty-sixth street, there be
issued by said borough the bonds Of the said
borough in the amount of thirty-ive thousand
dollars; that said bonds shall be In denomina-
tons OF one thousand dollars each, and shall be
known as Sewer Extension Bonds.' and shall
be dated March first AID. one thousand nine
hundred and fifteen, and shall be payable thirty
years from date, and shall bear interest at the
rate of six per cent. per annum.
Section 2. That said bonds shall have attached
thereo coupons, payable semi-annually, for the
interest thereon:
Section 8. That said bonds may be registered
as to the principal thereof il the holders of the
same shall SO desire.
Section A. That said bonds shall be issued un-
der the seal OF the borough, and shall be signed
by the Mayor and the Borough Collector, and
atteeted by the Borough Clerk.
Section 5. That said bonds may be sold at
public or private sale,but at a price not less than
par.
Section 6. That there shall be established and
raised by taxation each year for the purpose Of
paying the principal OF said bonds at muturity,
a sinking fund Of not less than three per cent.
OF the amount of said bond issue, in addition to
such amount as may be necessary to pay the
interest upon said bonds
Section z. That this ordinance shall take effect
when posted or published according to law.
Introduced February 2, 1915
Passed third and final reading March 2, 1915.
Attest: Mayor.
Borough Clerk,