The Penn's Grove record., 1919-10-03

Be it ordained by the Council of the
Borough of Penns Grove:
l.. That bonds to the amount of
S60,000.0O shall be issued by the Council
OF the Borough of Penns Grove to pro-
vide funds for the erection upon land
owned BY the Borough of Penns Grove
at the Southeasterly corner of West
Main Street and State Street of a suit
able building for the combined use of a
Borough Hall and Fire Engine House
and incidental thereto and
also the ~refunding of 10000 90 of notes
of the Borough of Penns Grove, issued
as temporary Indebtedness for the pur-
pose OF purchase by condemnation pro-
eeedin6s, of said land; which said
amount of money is hereby deemed nee
essary to be raised therefor.
2: Said bonds shal be duly executed
under the corporate seal of the Coun-
ell Of the Borough of Penns Grove and
shall be signed by the Mayor and at
tested by the Clerk. They shall zeal
interest at the rate of five per cent. per
annum and shall be dated the fifteenth
day of October, 1919. Said bonds shall
be payable in such medium and at such
place and shall be in such form and be
either registered or coupon bonds, and
If coupon bonds, may be registered as
pal and interest, as the Borough Coun-
ell by resolution may provide. The
proceeds of said bonds are to be paid
to the Borough Collector of the Bor-
NC III INV 1Ol In Jul POo0o
in this ordinance provided.
8. 1t is hereby determined and de-
clared that
(a) The probable period of the use
fulness of the Improvement or proper
ty for which said bonds are hereby au-
thorized, is deemed to be thirty years.
OBJ The average assessed valuation
of the taxable real property Gncluding
improvements of the Borough of Penns
Grove computed upon the next pre-
$2,6oo,8s2
(c) The net debt of the Borough of
Penns Grove is s3S,000.00.
Cd The statement required by Sec
ton II of the Laws of 1916, Chapter
352, as amended, has been made and
filed as therein REQUIRED.
4. Said bonds shall be issued in the
sum of one thousand ($1, 000.00) dollars
each n shall become due in annual
installments of two thousand (S2. 600. 00)
dollars each on the 18th day of October
of each year, the first installment be-
coming due on October Is, 1920; ex-
cept that on October Is, 194S, there
shall become due three thousand
($3, 600. 00) dollars instead of two thous-
and C$2,000.00) dollars, and on October
Is, 1949,. there shall become due three
thousand (S3, 900. 00) dollars instead of
two thousand ($2, 600. 0o) dollars. Said
5 per cent. per annum, payable semi-an-
nually On the fifteenth a of April and
the fifteenth day of October of each
year; the faith, credit and property of
the Borough of Penns Grove is hereby
pledged for the payment of the prln-
cipal and interest of said bonds.
5. Said bonds shall be sold upon
sealed proposals or at public auction, as
provided in the Act aforesaid and at
not less than par value thereof and ac-
crued interest and all moneys received
from the sale of said bonds shall be
applied and used as provided in said
Act.
6. Fol the purpose of providing for
the payment Of said bonds at maturity
and eXtinguishing the debt created by
this ordinance such sum or sums OF
money shall be included in each annual
tax levy as shall be sufficient to pay
the annual interest of said indebtedness
and each successive installment of the
principal thereof at maturity. when
sum or sums of money shall be issued
and collected in the same manner as
other taxes are collected.
Z. The Borough Collector shall be
and is authorized to pay the interest,"
of said bonds and each successive IN
stallment of the principal thereof as
the same becomes due, n to refund
and retire $4,000 90 of temporary in
debtedness issued by the Borough OF
Penns Grove for the acquisition OF sald
land.
This ordinance shall take effect I'M
mediately. II
By order of
A. s.. SMITH,
MnNnr