Perth Amboy evening news., 1921-08-20

AN AMI
Providing for the issuance of sig .ooo.0
Water Bonds for the City Of Perth Am
boy.
sioners of the City of Perth Amboy has
passed a resolution reciting that 1t deems
necessary the following extensions and
works system owned by the City of Perth
Amboy, to wit:
16 inch Distributing Main in Amboy
Avenue, Waltrous Lane to Hall Avenue.
6 inch High Pressure Main in Amboy
Avenue to Sutton St.
6 inch High Pressure Main in Hall Ave
nue.. Amboy Avenue to Jacques st
for such extensions and improvements.
Now. Therefore, Be 1t 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: it is
necessary to raise the sum of Twelve
Thousand ($12. 600. O0) dollars.
Section 2. That there be issued pursu-
ant to Chapter 252 of the Law of 1915.
as amended, bonds of the City Of Perth
Amboy, to be known as Water Bonds. Sc
ries X, in the amount OF Twelve thousand
(s12, 600. 00) dollars, which bonds shall be
dated the first day of Sept. 1921. shall be
of the denomination of one thousand dol
lars Isl 900. 00), numbered from ] to ~.
both inclusive, shall mature in numerical
order one bond on the first day of Sep
TENDER of each of the years 1928 to 1884,
both inclusive, and shall bear interest at
the rate of six per cent. per annum. pay.
able semi-annually on the first day OF
March and the first day of September 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 the resolution of
the Council. shall be signed by the Mayor
and the Treasurer and attested by the
City Clerk under the Seal of the City.
and IL the coupons for the yme OF
interest be attached they shall be exc
cuted by the facsimile 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 useful
ness of the said extensions, referred to in
Section l hereof is not less than forty
years from the date of said bonds.
Section 5. 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 upon
all the taxable property of said city, suf-
pal and interest to mature in the sue
ceeding year, provided that such levy
may be reduced in any year by any
actually applied to such princi-
pal and interest out of the earnings of
the water works system for said year.
Section G.. That said bonds shall be
vertisement by the City Treasurer, who
shall have power to FIX the date of sale,
to select the newspaper and financial
paper in which the notice of sale shall
be published to prescribed the form of
notice. and to award the bonds or to re-
ject any or all bids therefor.
Section Z. 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 the power to select the news
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 passed on first reading I, the meet
of the Council of the City of Perth
Ambov. held August 18th. 1921, and will
be taken up for second and third readings
and final passage at the meeting of the
Council to be held September 6th. 1921.
in the Council Chamber. City Hall. Perth
Amboy. N. j.
Dated, August 20, 1921.
ARTHUR E. GRAHAM,
5763-S-20-9-3 City Clerk.