Five Mile Beach weekly journal., 1920-07-16
ORDINANCE No. 1O7
AN ORDINANCE TO AMEND AN oRDI-
NANCE ENTITLED:

AN ORpINANCE appropriating the sum OF
Fifty Thousand Dollars (s50,0O0.O0) for the pur-
pose OF building and constructing a new P Z =
in the County OF Cape May, IN the Sbdte VI
New Jersey, along the Beach or ocean 'front.'
the said proposed new Boardwalk Will be oult
and constructed OF a width OF forty (4) IeeJln
Beach Avenue, on a line parallel TO ana blno-
ing on the northwesterly line OF SAID Beacn
avenue, extending from a point ten wv leet
northeasterly of Cedar Avenue to a point
twenty (20) feet sOuthwesterly OF the north-
easterly side line of Montgomery Avenue,
with a length of twenty-three hundred (Z3OOl
feet: the approaches to the said new proposed
Boardwalk will be ten (l0) feet in width ana
Will be constructed on both sides OF Schellen-
ger, Lincoln, Garfield, Spicer, Spencer, Young,
Roberts and Baker Avenues and with a total
length OF twenty-eight hundred (2SO0l feeti
there will be a connection OF twenty t2Ol feeI
in width between the new and old boardwalk
which will be built and constructed in the
northeasterly side of Montgomery Avenue
binding on the northeasterly line of said ave.
nue., with a Length OF six hundred and twenty
eight feet; the above being the area enclosed
in the new roposed Boardwalk, approaches
and connections and authorizing the 1ssu-
ance OF Fifty Thousand Dollars (S50.UO0 WI
Bonds of said City for the purpose OF building
and constructing the said new proposed
Boardwalk, approaches and connections ana
providing for the payment OF the principal OF
the said Bonds and the interest thereon; which
said ordinance was adopted on third reading
and final passage by the Board of Commits
sioners OF "The City OF Wildwood, in the
County OF Cape May" New Jersey, on Decem-
Der 4, 1918.
The Board OF Commissioners of 1.-THE City of
Wildwood, in the County OF Cape May" in the
State OF New Jersey, do erdain:
Section l. That "Section ~ OF the above
entitled ordinance be and the same is hereby
amended to read as follows:
Section 2. That the said bonds so to be is
sued as aforesaid shall be issued in the corpo-
rate name of "The City of Wildwood, in the
County OF Cape May" in the State OF New
Jersey, shall be coupon bonds OF the denomi-
nation OF One Thousand Dollars $1,000 COY
each and numbered from One ~ to Fifty 800
inclusive, dated January 10, 1920, and matur-
ing In numerical order, four a. bonds on the
fifteenth days OF January OF each OF the years
1921 to 1925 inclusive and three (l bonds on
the fifteenth days of January OF each OF the
years 1926 to 1888 inclusive; SAID BONDS
SHALL BEAR INTEREST AT THE RATE
OF SIX () PER CENTUM PER ANNUM,
said interest shall be payable semiannually
on the fifteenth days of July and January in
each year, upon the presentation and surren-
der OF the annexed coupons to the said bonds
as they severally become due, or If the bonds
be converted into registered bonds then to the
registered holder thereof; and the bonds so to
be issued as aforesaid may be registered as to
principal by the holder In his name on the
books OF the Treasurer of "The City OF Wild
wood. in the County OF Cape May" New Jer
sey, and such registration shall be nottd
thereon. after which no valid transfer thereof
shall be made except on said books and after
registered transfer to bearer. Such registra-
ton shall not affect the ~negotlability OF the
coupons which shall continue to pass by de-
livery; and at the request OF the holder OF the
said bond it will be converted into a registered
bond and the coupons annexed thereto de-
tached and Cancelled and thereafter both prin.
cipal and interest shall be payable to the reg
istered holder thereof. Both principal and
interest of the said bonds are payable in gold
coin of the United States of America OF the
present STANDARD OF weight and fneness or its
equivalent, at the office OF the Marine Ma
tional Bank of Wildwood, New Jersey. Said
bonds shall be executed under the corporate
seal of said city and be signed by the Mayor
and City Clerk and countersigned by the City
Treasurer, and the coupons attached to said
bonds shall bear the facsimile signature OF the
City Treasurer and shall be numbered to cor
respond with the number of the bond to
which they shall be respectively attached.
Section 2. That this ordinance shall take
effect on its final passage and publication as
provided by law
OLIVER BRIGHT,
+. E. SMITH,
Commissioners.
Passed first reading July 13, 1920.
Passed second reading July Is, 1920.
To have its third reading and final passage
by the Board commissioner OF "The City OF
Wildwood, in the County OF Cape May" on
July 27, 1920, at 2 p. M,