Five Mile Beach weekly journal., 1920-10-08
ORDINANCE No. 40

An Ordinance providing for the issuance OF
not exceeding the sum OF $4,000 Bonds OF the
Borough of Wildwood Crest, in the County OF
Cape May and State OF New Jersey, tor the
purpose of paying off improvement Notes of
said Borough issued to pay the cost of erect
ing a Municipal Pier on the beach front in
the Borough OF Wildwood Crest, Cape May
County, New Jersey, to be used in whole or
in part for recreation purposes, which said
Improvement Notes will become due on or
before December 81, 1920, and providing for
the m of the principal of said bonds
and the interest thereon.
Whereas, The Borough OF Wildwood Crest,
in the County OF Cape May in the State OF
New Jersey, under Ordinance No. 80 OF said
Borough, adopted March 22d, 1920, caused a
Municipal Pier to be erected on the beach
front in said Borough, to be used in whole or
in part for recreation purposes, and to pay
the cost thereof issued temporary Improve
ment Notes in the amount OF $4,000, and
Whereas, The improvement Notes hereto
fore issued under Ordinance No. 80 OF said
Borough fall due on or before December 81,
1920,
Now Therefore, The Mayor and Council OF
the Borough OF Wildwood Crest, in the Coun-
ty OF Cape May and State OF New Jersey, do
ordain, as follows:
Section l. That for the purpose OF provid-
ing funds to pay said Improvement Notes
heretofore issued, 1t is necessary to raise the
sum OF S35,000.
Section 2. That there be issued, pursuant
to Chapter 252 OF the Laws OF New Jersey OF
1916, and the supplements thereto and the
amendments thereof, Bonds OF the Borough
OF Wildwood Crest. TO be known as "FUND-
Inv DONDo III Ii dIllOunb u GOogUOOI hlOh
bonds shall be dated November l, 1920, shall
bear interest at the rate OF SIX () per centum
per annum, payable semi.annually, on the
first Qst) days OF May and November in each
year., shall be in denominations OF $500 each,
numbered from l to 20 inclusive, and shall
mature in numerical order, three bonds on
November first OF each of the years 1921 to
1880 inclusive, and four bonds on November
first OF each OF the years 1881 to 1910 inclusive.
Section 3. Said bonds shall be payable,
principal and interest at the Wildwood Title
and Trust Company, WILDWOOD, New Jersey,
shall be signed by the Mayor, countersigned
by the Borough Treasurer and attested by the
Borough Clerk. under the seal OF the Borough,
and the coupons tor the payment OF interest
attached shall be executed by the facsimile
signature OF the Borough Treasurer. A regis
tration of the numbers OF said bonds, the date
of said bonds and the date OF issuing and the
time OF payment thereof shall be made by the
Borough Treasurer in a book provided Tor
that purpose. Said bonds shall reclte that
they are issued in pursuance OF SAID Acts OF
the Legislature, and OF this Ordinance, and
shall be sold upon sealed proposals to the
highest bidder for the entire issue:
Section 4. The Borough Council of the Bor-
ough of Wildwood Crest, hereby determines
and declares as follows:
() That the probable period OF usefulness
OF the said improvement is twenty-five years.
(b) That the average assessed valuation OF
the taxable real property Including improve
ments of the said Borough OF Wildwood Crest,
computed upon the three preceding valua-
lions thereof in the manner provided IN sec
ZION II OF Chapter 52 OF the Laws OF the StaIe
OF New Jersey for 1916 and as amended by
NnapIer Z1U Tor l9lD IS Sl,009,lIS.
() That the net debt OF the municipality
computed in the manner provided IN Sectlon
u OF Chapter 252 of the Laws OF the state OF
New Jersey tor 1916 and as amended by Chap-
ter 240 of the Laws of New Jersey for 1917, in
Guiding the amount of bonds authorized by
This Ordinance is Sl2l,000.
10y That the supplemental debt statement
required by Section II OF Chapter 252, OF the
laws OF the State OF New Jersey tor 1916 and
as amended by Chapter 240 OF the Laws OF New
Jersey for 1917 has been made and hled as
required by said Act.
Section 3. That there shall be LEVIED IN eacn
year when any OF said bonds snail pc OUT
standing, in the same manner ana al the
same time as other taxes, a tax upon all tax-
able property of said Borough, sufficient to
p ptf9Sa an the amount OF principal ed ana y 1esTres'
Section 6. This Ordinance shall take euece
upon its publication as provided by SecLion Y
OF Chapter 252 of the Laws of the State OF New
Jersey for 1916 and as amended by Chapter
24Q of the Laws OF New Jersey for 1917.
hereby certify that the foregoing Ordlnanee
was passed on first reading september l5In;
1SNO, and will be taken up tor the secono anu
thlrd readings and final passage on OctoDer4
IVY, when all persons interested tnefein Viii
be given an opportunity to be heard thereon
1920.
Passed second reading October 4th, A. d.
1920.
Passed third reading October 4th, A, D.. 1920
Attest:
Acting Mayor.
Harry L. Nickerson, Borough Clerk.
Inc foregoing Ordinance was auOPteu on
the Fourth (D day OF October, 1920. The ponos
authorized thereby will be issued and deliv-
cred after the First Qst) day OF NovempeT'
1920 mot less than 20 days after the nrst pup.
lleation). "Such bonds will not be lssusu
protests against the same are filed under Sec-
ton 81 (Chapter 252, Phamplet Laws oIIn
state OF New Jersey for 1916 and as amenueu
ny Chapter 240 OF the Laws of New Jersey loa
1910, unless a proposition for the issuance
thereof shall be adopted at an election under
said Section.
HARRY L. MCPHERSON,
Borough Clerk.