The Penn's Grove record., 1917-08-10

said. which said amount Of money is here
by deemed necessary TO be raised therefor.
3. Said bonds shall be duly executed ua-
der the corporate seal of tie Mayor and
Council of the Borough of Penns Grove
and shall be signed by the Mayor and att
tested by the Clerk. They shall bear in
mum, aud shall be dated the first day Of
September. 1917.
1. 1t is hereby determined and de-
clared -
a. The probably period Of the useful
ness Of the Improvement or property
for which said bonds are Hereby au-
thorized, is deemed to be fifty years.
p. Ihe averaged assessed valuation OF
the taxable real property f~includiaE
improvements Of the Borough of
Ienns Grove, computed upon the next
preceding three valuations thereof in
tie manner provided in Section L OF
chap. so. Pamphlet Laws 1916. as
amended. is S1.027. $500.
C.. The net debt of the Borough of PennS
Grove computed in the manner pro-
vided in Section l. Of tie act afOre-
said is S3S,000.00.
d. The statement required by section T.
of the act aforesaid has been made
and filed as therein required.
.. The said bonds shall be issued in the
sum of one thousand dollars (SIuOG5 each.
and sLal become due in annual INSTALL
meutS of one thousand dollars fSl000i each
on the thirty-hrst day Of December OF each
year. the first installment becoming due
on December 81. 1917 said bonds shall hear
interest at the rate Of i've per cent per an
num, payable semi-anmual1y. ON the thir-
detL day of june and the thirty-hrst dav
of December Of each year; the faith, credit
ana property of the Borough Of ppnffs
Grove and the same IS hereby pledged for
The payment Of the principal and interest
Of said bonds.
6 said bonds shall be sold upon sealed
proposals or at public auction, as provided
IN tie act aforesaid and ut not less than
par value thereof and accrued interest aud
al moneys received from the sale of said
bonds shall be applied and used as pro
vided in said act.
Fer the purpose Of providing FOR the
payment Of said bonds ar maturity ana eX-
tinguishing the debt created by this or
tiiflhce- such sum or sums 0f money shah
he Included in each annual tax levy as
shall be sufficient 70 pay the annual Inter
- on said Indebtedness and each succes-
Sive m~stallnen1 of the principal thereof at
maturity. which sun or sums of money
shall be ssued and collected ga the same
manHer as other taxes are collected.
;. Ike borough Collector shan be and
ne Is auth9rl1ed 10 pay The interest Oh sahi
bonds and eacE successive insfallment OF
ghe principal thereof as the same be-omes
Iue.
9 This ordinaace shall take eGeet im
introduced at a regular meeting Of the
Mayor and Council uf tie Borough of
Penns Greve held July L. 1917.
Passed at a regular meeting Of the Nav
or and Council OF the Borough oil Pen..s
Grove held July 81, 1917.
Approved,
HihVN
Attest; Mayor.
tSeal1
The foregoing ordinance was approved
IN the 3lSt day of July. 1877. The bonds
authorized will be issued and delivered af
Ter the first day Of September. 1917. and
any suit. action or proceedings to set aside
or vacate this ordinance must BE- begun on
or before said last mentioned dale.
such bonds will not be issued IL protest
against The same are filed under SeVtfon a.
Chap. 232 p. l.. 1916 as amended. unless a
be adopted at an election under said see
ton. S-4-3t.