Perth Amboy evening news., 1921-04-19
AN ORDINANCE
An Ordinance Providing for the 1ssuanc
~ S62. o o General improvement Bonds
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Of the City Of Perth Amboy.
whereas pursuant to ordinances duly
passed on the 21st day of February, l92l,
and the 7th day of March. 1891 there
have been appropriated for the following
purposes the following sums, TO wit:
Erection of City Stables and Garage,
$4,000.
Reconstruction of City Hall Building,
Erection OF poles, conduits, wires, FIX
lures and equipment for the illumination
of Madison Avenue between the norther-
iy line OF Market Street and the South
erly line of Fayette street. being a part
Of the City Electric system, $4,000.
Erection of Street Signs, $4,000.
Purchase OF fire apparatus. being a
triple combination pumping engine, nose
and motor car, $4,000.
Purchase of police apparatus, being a
patrol automobile. $4,000.
Total $50. 900.
NOW THEREFORE, BE IT ORDAINED
BY THE CITY OF Perth AMBOY:
Section /. That for the purpose of pro-
yiding funds to pay for the general i'm
provements set forth In the preambles
hereof it is necessary 10 raise the sum OF
eishty-two thousand dollars (ss2.Oto).
Section 2. That there be issued, pursu-
ant to chapter Esq of the Laws OF lsle.
as amended. bonds of the City of Perth
Amboy, to be known as General Improve
ment Bonds in the amount OF Eiehty-two
thousand dollars Gs2.O0o). which bonds
shall be dated the first day of May. ls2l.
hnHll De U 1 inc utiloiiiidb'ph " INV
sand Dollars Isl ,000). numbered from one
I)to eighty-two(S2) both inclusive. shall
mature in numerical erder-S bonds on
the first day of May inNeach Of the years
1928 to 1925, both inclusive, and four
bonds on the first day of May in each OF
the years 1929 to 1914 both inclusive and
shah bear interest at the rate of six (bSo)
PEI centui.. per annum, payable semi-an-
.nuaIly on the first day of May and the
nrst day Of November In each year.
Section 8. 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
and Treasurer and attested by the city
Clerk under the seal of the City. and II
coupons for the payment of interest be
attached, they shall be executed by the
facsimile signature of the City Treasurer.
Section 4. That the Council of the City
of Perth Amboy hereby determines and
declares the probable period of usefulness
Of the said city stables, and garage. be
ing a brick non-freproof building to be
thirty years. of the reconstruction OF the
City Hall, being a brick non-freproof
building; of the said poles, wires and
electrical equipment. being a part of the
city electric light system and of the said
street signs. to be twenty years, and OF
the said police and fire apparatus to be
ten years; and further determines the
average OF the said several probable per-
iods OF usefulness (taking into considera-
ton the amount of bonds to be issued on
account OF tdcH vi seNVidi Pun ppsts' "
he not less than twenty-three years from
the date OF said bonds.
Section 5. That there be levied In each
year. while any of said bonds shall be
outstanding, in the same manner and at
the same time as other taxes a tax upon
all the taxable property of the said city
sufficient to produce the amount Of prin-
cipal and interest to mature in the sue
ceeding year.
Section s. A'at said bonds shall be
sold on sealed proposals after due adver-
tisement by the City Treasurer, who shall
have power TO fix the date of sale, to Sc
lect the newspaper and financial paper In
which the notice OF sale shall be published
to prescribe the form of notice, and to
award the bonds or reject any or all bids
therefore.
Section T.. This ordinance shall take
section : OF chapter 252 of the Laws OF
! 1915, as s.-snded. and I'll City Clerk shall
have power to select the newspaper In
which 1t shall be published and to spe-
city the date after which the bonds shall
be issued and delivered.
Introduced April 4. 1921.
Passed April IS, 1921.
Approved April 10, 1921.
The foregoing ordinance was approved
on the 18Th day Of April. 1921. The
bonds authorized thereby will be issued
and delivered after the ninth day OF
May. 1921, and any suit. action or pro-
ceeding TO set aside or vacate this ordin-
ance must be begun within twenty days
after the publication of this statement.
Dated. April 10. 1921.
ARTHUR z. GRAHAM,
A1Ak-t-ls-it City Clerk.