Perth Amboy evening news., 1921-04-07
AN ORDINANCE PROVIDING FOR THE
ISSUANCE OF S82 900 GENERAL
IMPROVEMENT BONDS OF
THE CITY OF PERTH

Whereas, pursuant to ordinances duly
passed on the 21st day of February, 1871
and the 7th day of Marchs 1871. there
nave been appropriated for the follow
ing purposes the following sums. to wit;
Erection OF City Stables and Garage
s45, 1000. ~
Reconstruction of the City Hall Build
Erection of poles, conduits. wires. hx-
lures and equipment for the illumination
Of Madison Avenue between the northeriy
line of Fayette Street, being a part or the
city Eletric Light System, $4,000.
Erection Of Street Signs, S1O,oo0.
Purchase Of fire apparatus. being a tri,
pie combination pumping engine nose anu
Purchase of police apparatus. being a
patrol automobile, $4,000.
NOW THEREFoRE BE 1T ORDAINED
BY THE CITY OF PERTH AMBoY:
Section /. THAT for the purpose of pro-
viding funds to pay for the general I'M
provements set forth in the preambles
hereof it is necessary to raise the sum
of Eighty-two thousand dollars Gs2,ooo).
Section O.. That there be issued. pur1.
s1snt to CHAPTER IS ond OF me the A city Of
Perth Amboy to be known as General
Improvement Bonds, In the amount OF
Eighty-two thousands dollars tsS2,ooo),
Of May, 1921, shall be In the denomina-
ton Of One thousand Dollars S1,00Ol,
numbered from one a. to eighty-two (S2)
both inclusive, shap mature in numeri.
cal orders bonds on the first DAY OF
May in each of the years 1928 to 1873.
both inclusive. and four bonds on the
FIRST day CT May in each of the years
1929 to 1914, both inclusive. and snail
bear interest at the rate of six (6%) per
centum per annum, payable semi-annusliy
on the first day of May and the frst day
Of November in each year..
Section 8. That said bonds shall be In
such form and payable principal ana 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. ana. II
coupons for the payment OF interest DC
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 use
fulness Of the SAID city sta npoo, 1 hni,d ga
to be thirty years: OF the reconstruction
of the City Hall. being a brick non-fre.
proof. building; Of the said poles, vires
and electrical equipment, being a part OF
the city electric light system, and OF tbs
said street signs. to be twenty years. ano
of the said police and fire apparatus &c
be ten years; and further determtnes tne
average of the said several probable per
lods of usefulness (taking into consider,
alton the amount of bonds to be ISSUED
on account of each of said several pur'
pOSeSJ 10 DG y z NAnt "SHt
years from the date of said bonds.
Section 5. That there be levied In eacH
year. while any of said bonds shall o'
outstanding, in the same manner and a
the same time as other taxes a tax upor
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 6. That said bonds shall b.
sold on SEALED proposals after due ad
vertisement by the City Treasurer. whf
shall have power to fix the date of sale
to select the newspaper and financial pa
per in which the notice of sale shall b.
published, to prescribe the form of no
tice and to award the bonds or TO rejec
any or all bids therefore.
Section Z. This ordinance shall AXE
effect upon its publication as provided b,
section 2 of chapter $50 of the laws o
1916. as amended. and the City Clerl
shall have power to select the newspaper
In which it shall be published and to spe
be issued andt delivered.
The foregoing ordinance was introduced
and passed on first reading at the meet
ing of the Council of the City of Peril
Amboy held April 4th. 1921. and will b
taken up for second and third reading
and final passage at The meeting of tn
Council to be held April 18th. 1921, il
the Council Chamber. City Hail. Peril
Amboy. N. j.
Dated, April Z, 1921.
A. z. GRAHAM,
ieoE-l.7-1e City Clerk.