Five Mile Beach weekly journal., 1916-04-14
Making q total of

Making q total OF 81. an
And Whereas, such improvement certiS
Gates were issued for money honestly loanaa
to the said borough in good faith or for worS
performed and materials furnished equal 10
the full principal amounts OF said certificates
all Of which i'm provem. Mt certificates will tsi
due within one year, namely on June Ist
1916, and are described as above, and said
Borough is without n TO meet the same
andl no provision has been made in any tay
levy or otherwise, tor the payment OF The
same, excepting by the levying OF special
assessments Tor The i'm provements for which
SAID Indebtedness was originally incurred.
Now Therefore, be it ordained by the Mayor
and Council OF North Wildwood:
Section 1. For the purpose OF paying a por-
ton OIL the Indebtedness represented by said
improvement certificates, in pursuance Of
the authority OF an act of the Legislature Of
the State OF New Jersey, entitled, IAN Act
authorizing cities, towns, townships, Dor.
Oughs, villages and improvement commits.
sions of this State to fund their floating in.
d~ebtedness and their matured and maturing
bonds" approved April 2lst, 1916, there shall
be issued bonds OF the Borough of North Wild.
wood in the aggregate principal sum of S5O,OM
said amount of bonds being less than ninety.
six and two.thirds per centum OF the amount
OF said Improvement certificates so issued
and outstanding as aforesaid.
Section 2. Said bonds shall be designated
Funding Bonds, and shall be fifty in number.
numbered from one to fifty inclusive, OF the
denomination of 81 200 each, dated April Isl,
1915, payable April LIST, 1916, bearing Interest
at the rate of five per centum per annum,
payable semi-annually, on the first days Of
April and October OF each year,, both princi.
pal and interest being payable at the Marine
National Bank OF Wildwood, N. j., in the
City OF Wildwood, Cape May County, New
Jersey, in gold coin of the United States Of
America of the present standard OF weight
and hneness, which said bonds shall be exc.
cuted under tt e corporate seal OF the Borough
and signed by the Mayor and Collector and
attested by the Borough Clerk, and the cou.
pons attached to said bonds shall be signed
with the facsimile signature OF the Collector
and shall be mum bered to correspond to the
bonds towhich they shall be respectively al
tached.
Said bonds shall be coupon bonds with the
privilege of registration as to principal only.
or Of conversion into bonds registered 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
pay thereof, shall be made by or under
the direction of the Collector in a book pro.
vided tor that purpose.
Said bonds shall recite that they are issued
in pursuance of said act OF the Legislature
and OF this ordinance, and shall be in such
form as the Mayor and Council may by resO-
luton provide.
Section 3. To redeem said bonds at maturi-
ty, a Sinking und is hereby established into
which shall be paid annually, during the
term OF said bonds, an amount sufficient with
the accumulations thereof, to redeem SAID
bonds as they mature, such amount to be not
less than Two per cent. upon said issue Of
$4,000 OF bonds, and to be provided as faras
possible from collection OF assessments for
the i'm provements Tor which the indebted
ness to be funded by said bonds was original
ly incurred assessed upon the lands partic-
u arly benefited, and in case the amount Of
such assessments paid in any year shall be
insufficient for that purpose, the amounto OF
the deficiency shall be raised by a special tax
annually levied and collected in like manner
as other taxes are raised, levied n collected
in the Borough.
Section 4. Interest on the bonds hereby
authorized to be issued shall be raised by
special tax annually levied and collected with
the other taxes of the Borough, and the whole
OF each years interest shall be SO raised, lev
led and collected each year.
Section 5. Said bonds shall be sold at pub
lie sale in the manner required by law.
Section 6. This ordinance shall be known
as Ordinance No. 1873 and shall take effect i'm
mediately when published or posted as re-
quired by law.
Introduced March 7, 1916.
Passed first reading March z, 1916.
Passed second and third readings A pr4 1915,
JAMES McLINDEN, Mayor.
Attest:--George A. Redding,
Borough Clerk.