Perth Amboy evening news., 1921-04-02
CITY ADVERTISEMENT
An Ordinance providing for tke issuance
Of $50. 000. 90 Water Bonds Of the City
Of Perth AmeOy.

Of $50, 900. 90 Water Bonds Of the City
of Perth Amkoy.
whereas the Board OF Water Commits
sioners of the City of Perth Amboy has
passed a resolution reciting that 1t deems
necessary the following extensions and i'm
provements to the existing waterworks
system owned by the City Of Perth Am
boy, to wit.
Meter Repair Shop and Garage. $4,000
Extension of street mains 49,. 1000
House No. 6 Runyon Pumping Sta
High Level Pumping Equipment. 1000
New Meters S'ooo
10000
and has requested that funds be pro-
vided for such extensions and improve
ments,
NOW THEREFORE. BE IT ORDAINED
BY THE CITY OF PERTH AMBOY:
Section l.. That, for the purpose Of
meeting the cost Of extensions and i'm
provements to the existing water works
system of the City of Perth Amboy, and
providing additional equipment, ma
chinery and apparatus therefor, as re-
cited in the preambles hereof, 1t is
necessary to raise the sum OF Fifty Thou
sand 1850. 100000 Dollars.
Section 2. That there be issued, pursu-
ant to chapter 252 of the Laws of 1915,
as amended, bonds of the City Of Perth
Amboy, to be known as Water Bonds.
series d, IN tne amount OIL fItly
Thousand $50, Ooo) Dollars, which bonds
shall be dated the first day of May. 1921,
shall be in the denomination of one
thousand dollars tS1,0o0), numbered from
l to SO, both inclusive, shall mature in
numerical order two bonds on the first
day of May of each of the years 1928 to
1898, both inclusive. ana one bond on the
first day of May OF each of the years 1884
to 1851. both inclusive, and shall bear in
terest at the rate of six per centum per
annum, payable serni-annually on the first
day of May and the first day of November
in each year.
Section 3. 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
fac smile signature of the City Treasurer.
Section 4. The Council OF the City of
Perth Amboy hereby determines and de-
clares that the probable period of use
fulness OF the said extensions, improve
ments, equipment, machinery and appara-
tus referred to in section / hereof is not
less than forty years from the date of
said bonds.
Section 5. That there shall 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
pron all the taxable property OF said
CITY, sufficient 10 prOuuCe the amount OF
principal ahd interest to mature in the
succeeding year, provided that such levy
may be reduced in any year by any
amounts actually applied to such princi-
pal and interest out of the earnings OF
the water works system for said year.
Section 6. That said bonds shall be sold
on sealed proposals after due advertise
ment by the City Treasurer, who shall
have the power to fix the date of sale.
to select 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 to
reject any or all bids therefor.
Section 6. This ordinance shall take
effect upon its publication as provided by
section 2 of chapter 252 of the Laws Of
1916. as amended, and the City Clerk
shall have power to select the news
paper In which it shall be published and
to specify the date after which the
bonds shall be issued and delivered.
The foregoing ordinance was introduced
and rassed on first reading at the meet
ing of the Council of the City of Perth
Amboy held March 2lst, 1921, and will