Five Mile Beach weekly journal., 1920-10-01
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 of Improvement Notes of
said Borough issued to pay the cost OF erect
ing q 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 payment 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
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 $1,000, and
Whereas, The Improvement Notes hereto
fore issued under Ordinance No. 80 of said
Borough tall 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
Section L. That for the purpose of provid-
ing funds to pay said Improvement Notes
heretofore issued, it is necessary to raise the
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 Crest. 10 be known as "FUND-
ING BONDS" in the amount OF S35, 200, which
bonds shall be dated November l, 1920, shall
Dear interest at the rate OF SIX () per centum
per annum, payable ~semi-annually, on the
nrst (sC days OF May and November in each
year, snail be in denominations OF $500 each,
numbered from l to 20 inclusive, and shall
mature in numerical order, three bonds on
NoVem Der first OF each OF the years 1921 to
1890 inclusive, and four bonds on November
nrst OF each OF the years 1881 to 1910 inclusive.
section 3. Said bonds shall be payable,
PRINCIPAL and interest at the Wildwood Title
shall be signed by the Mayor, countersigned
Dy the Borough Treasurer and attested by the
Borough Clerk. under the seal OF the Borough,
and the p Tor the m OF interest
attached shall be executed by the facsimile
signature OF the Borough Treasurer. A regis
tratlon OF the numbers of said bonds, the date
OF SAID bonds and the date OF issuing and the
lime OF payment thereof shall be made by the
borough Treasurer in a book provided Tor
mat purpose. Said bonds shall recite that
the Legislature, and OF this Ordinance, and
snaH be sold upon sealed proposals TO the
nighest bidder for the entire issue:
oectlon 4. The Borough Council OF the Bor-
ongh of Wildwood Crest, hereby determines
ana declares as follows:
"a That the probable period OF usefulness
oitne SAID improvement is twenty-five years;
ID That the average assessed valuation OF
Ine taxable real property INCLUDING improve
menls OF the said Boroughot Wildwood Crest,
computed upon the three preceding Valua-
LIONS thereof in the manner provided in Sec
ton II OF Chapter 252 OF the Laws OF the state
~ ~ new Jersey Tor 1916 and as amenueu ny
Ohapter 24O for 1910 is 81, 539,l78.
lcl That the net debt OF the municipality
computed in the manner provided in Section
II OF Chapter 252 of the Laws of the State OF
new Jersey for 1916 and as amended by Chap
Ter 240 of the Laws of New Jersey for 1917, In
cluulng the amount of bonds authorized by
tnls Ordinance is Sl2l, 900.
EW Ihat the supplemental debt statement
required by Section IL of Chapter 252, OF the
avs OF the State of New Jersey for 1916 and
as amended by Chapter 240 OF the Laws OF New
Jersey Tor 1917 has been made and FLED as
required by said Act.
section 5. That there shall be levied in each
year when any OF said bonds shall be out
standing, in the same manner and at the
same time as other taxes, a tax upon all tax
aDle property OF said Borough, sufficient TO
produce the amount of principal interest
oiDonds to mature in the succeeding year:
section g.. This Ordinance shall take edect
upon its publication as provided by Section II
u Ohapter 252 of the Laws of the State or New
Jersey Tor 1916 and as amended by Chapter
-4g OF the Laws OF New Jersey for 1917.
l hereby certify that the foregoing ordnance
MAS passed on first reading September 18TH,
tSlO, and will be taken up for the second and
t MI readings and final passage on October4 4,
tszO, when all persons interested therein Will
oe given an opportunity to be heard thereon.
Borough Clerk.