Perth Amboy evening news., 1920-12-10
AN ORDINANCE
Providing for the Issuance of sos, 00O. OF
Water bonds of the City Of Perth AmbO,

4 Providing for the Issuance of S1O3 900. 90
Mater Bonds of the City Of Perth AmbOy
pursuant to resolutions. duly
adopted by the Council of the City OF
Perth Amboy, there have been issued. un-
der the authority of Section 10 of Chapter
252 of the Laws of 1916. and are now out
standing and about to mature temporary
bonds of the City of Perth Amboy in the
several amounts of Thirteen thousand
Dollars (s30,0O0.O0) and Sixty thousand
Dollars ($6O, 100000, respectively, making
an aggregate of One hundred three thou
sand Dollars ts103, 900. 00). all of which
bonds have been Issued for the purpose
Of paying for the acquisition of necessary
real estate to extend the water works
system of the City of Perth Amboy and
the construction of additional. extensions,
and providing additional equipment. ma
ehinery and apparatus for such extensions
and.
WHEREAS, it is desirable that the
same be funded by the issuance of serial
bonds, pursuant to the act aforesaid.
NOW. THEREFORE,,
BE IT ORDAINED BY THE CITY OF
PERTH AMBOY:
Section !. That. for the purpose of
necessary real estate for the extension of
the existing water works system of the
CITY OF Perth Amboy and the construc-
ton OF additional extensions, and provid-
ing additional equipment, machinery and
apparatus for such extensions, which cost
mas been temporarily financed. as recited
IN the preambles hereof, 1t is necessary
TO raise the sum of One hundred three
thousand Dollars (s103, 900. O0.)
Section 2. That there be issued. pur-
suant to Chapter 252 of the Laws of 1916
as amended. bonds of the City of Perth
Amboy. to be known as Water Bond, Sc
-nes II in the amount of One hundred
three thousand Dollars (slO3. 600. OOl.
Which bonds shall be dated the nrst dav
or January 1921. shall be in the denomin-
alton OF one thousand Dollars Isl, 900. OO)
numbered from one % to one hundred
three (l03), both inclusive, shall maine
IN numerical order three bonds on the FIRST
uay OF January of each of the years 1872
10 1884. both inclusive, and four bonds on
the FIRST day of January of each of tn.
Years 1889 to 1850. both inclusive and
shall bear interest at the rate OF hve anu
one-half per cent. (5h Per Cent? per am
mum payable semi-annually on tile tirst
aay 81 January and the first day Of July
in each year.
Section }. The said bonds shall be in
such form and payable principal and in
terest in such medium and at such place
as may be provided by resolution OF the
Council, shall be signed by the Mayor ana
Treasurer and attested by the City CLERK
under the seal of the City. and if coupons
Tor the payment of interest be attached
they SHAH be executed by the facsimi.e
signature of the City Treasurer.
Section 4. Inc Council Of the City of
Perti Amboy hereby determines anu de-
eiafts the proper period of usefulness OF
Inc SAID land, extensions, equipment, ma
eliinery and apparatus referred to in See
tlon hereof is not less than thirty-seven
years from the frst day OF January 1921.
anu not less than forty years from the
eighth day of February. 1918, being the
uate OF the FIRST acquisition Of any OF said
iand. extensions, equipment. machinery or
apparatus.
section >. That there be levied in each
year, while any OF said bonds shall In.
Sa,s.ahHihs, IN The same manner, and at
the same Time as other taxes, a tax upon
AL Inc taAabie property OF said city, SUI
ieleht Ia p+oduce the amount of principal
ahd interest to mature in the succeeding
Year, PROVIDED that such levy may be re-
uueed IN any Year by any amounts actu-
any applied to such principal and inter-
est ous OF the earnings of the water works
system Tor said year.
section .. That said bonds shall be sold
on sealed proposals after due advertise
iheni ~ the cry Treasurer. who shall
lave puwe' 10 nix the date of sale, TO Sc
leet the newspaper and financial paper
IN which the nUtIce of sale shall be pub
iisled. TO prescribe the form of notice.
ana to award The bonds or TO reject any
or all bids thereof.
Section :. This ordinance shall take
eject upon It's publication as provided by
section = of Chapter 253 of the Laws of
1916, as amended, and the City Clerk
shall have the power to select the news
paper in which it shall be published and
o specify the date after which the bonds
ihaii lie issued and delivered.
The fore going ordinance was introduced
and passed en- first reading at the meet
ing Of tae Council of the City of Perth
Amboy he'd December 9th. 1920; and will
re taken W Il: second and third readings
and final passage at the meeting Of the
.'auncil tn he held December Goth. 1920. I'm
he Council Chamber, City Hall, Perth
.Ar1boy. y. j.
Dated. December ?. 1890.
ARTHUR Z. GRAHAM,
ts56s-lz-Io-lS. City Clerk.