Five Mile Beach weekly journal., 1916-04-07
q total of

MAX ing n tObal OF Ht o
And Whereas, such amoMu9
Gates were issued for money honestly loas
to the said borough in good faith or for wa.
performed aud materials furnished eopof
the full principal amounts of said %certifica,.
all of which i'm provem. mt certificates viii t
due within one year., namely, on lima "a
1916, and are described as above. and ~
Borough Is without nj to meet the 500
and no provis on has been made In anw ~
levy or otherwise, tor the payment NJ ~
same, excepting by the levying of snoo y
assessments tor The improvements for p whj.
said Indebtedness was originally incnrred
Now Therefore, be 1t ordained by the Nav,
and unci OF North Wildwood:
Section l. For the purpose of paving q NJ
tion OIL the indebtedness represented 6y sEsJ
improvement certificates, in pursuance !
h authority OF an act of the Legislatnro
the State OF New Jersey, entitled, IAN Al
authorizing cities, towns, townships. hi
oughs, villages and improvement com NJ
si0ns of this State to fund their floatina
debtedness and their matured and matn,,1
bonds" approved April 21st, 1915, there III
be Issued bonds OF the Borough of North WI
WOO in the aggregate principal sum Of SNJd
said amount OF bonds being less than ninsJ
six and ~two-thirds per centum OF the amonj
OF aid Improvement certificates so issuI
and outstanding as aforesaid.
Section 2. Said bonds shall be desipna,I
Funding Bonds, and shall be fifty in numhI
numbered from one to fifty inclusive. of Il
denomination of 5 1000 each, dated April n
1915, payable April LIST, 1916, bearing inter1
at the rate of five per centum per ANN
payable semi.annually, on the first days
April and October OF each year, both nrinl
pal and interest being payable at the Maril
National Bank OF Wildwood, N. j., in /
City OF Wildwood, Cape May County, nj
Jersey, in gold coin of the United Statel
America OF the present standard of Wei4
and hneness, which said bonds shall he =
cuted under I'll e corporate seal OF the Boror
n q BY b Mayor and Collector q !
atIAgtA0 nv tho ROrnu0h Ntnrlr No. a. }
pons attached to said bonds shall be sig1I
with the facsimile signature OF the COLES
and shall be numbered to correspond 10
bonds to which they shall be respectively
tached.
Said bonds shall be coupon bonds with y
privilege of registration as to principal on
or If conversion into bonds registered M
both principal and interest. Registratio1|
bonds. the date OF issuing, and the tim9
payment thereof, shall be made by or un
the direction of the Collector in a book 4
vided for hat purpose.
Said n shall Tecite that they are lssJ
In pursuance OF said act OF the Legislatl
and OF this ordinance, and shall be In 81
form as the Mayor and Council may by
luton provide.
Section To redeem said bonds at matt
ty, a Sinking = und is hereby established
which shall be paid annually, during
term OF said bonds, an amount sufficient M
the accumulations thereof, to redeem
Donus as tney mature, such amount to be
less than Two per cent. upon said issud
$4,000 OF bonds, and TO be provided as I'd
possible from collection OF assessments
the Improvements Tor which the iaded
ness to be funded by said bonds was origl
ly incurred assessed upon the lands pal
ularly benefited, and in case the amour
such assessments paid in any year sha
insufficient Tor that purpose the amou1
the deficiency shall be raised by a special
annually levied and collected in like man
as other taxes are raised, levied and collej
in the Borough.
Section 4. Interest on the bonds bel
authorized to be issued shall be raised
special tax annually levied and collected 4
the other taxes of the Borough, and the "
OF each years interest shall be so raised,
led and collected each year.
Section 5. Said bonds shall be sold at
lie sale In the manner required by law.
Section 6. This ordinance shall be kno
as Ordinance No. 1873 and shall take effect
mediately when published or posted Al
quired by law.
Introduced March 7, 1916.
Passed first reading March 7, 1916.
Passed second and third readings April
JAMES McLINDEN, Mayo
Attest:- George A. Redding,
Borough CLERK