Perth Amboy evening news., 1922-05-23
CITY ADVERTISEMENT

CITY ADVERTISEMENT
Of $67 900 by the Issuance of Bonds by
the City Of Perth Amboy. to be Known
as General improvements Funding
WHEREAS, the City of Perth Amboy
has outstanding Temporary Bonds in the
| dred 0Ss.50Oj Dollars issued to pay the
citys share of the cost of paving Convery
Place and Brace Avenue, and Temporary
sand Dollars ($21. 0oo). issued for the pur-
pose of paying the city's share of the cost
Ron99s sv IN NJ si smon nure ef ra ann Iemp1 Hnp
dred Dollars $4,000 issued to pay the
city's share of the cost of a sewer on
Laurie Street. from Groome Street to New
Brunswick Avenue and from Penn Street
to the eastern terminus of Laurie Street.
and Temporary B2 ends, In the o amount Of
to pay the cost Of fire tractor apparatus
and fire house equipment: and.
WHEREAS. said bonds will mature dur
ing the year. 1922. and there are no funds
on hand for the payment thereof, and it is
necessary to raise the sum OF sixtyosix
by the issuance OF bonds to provide funds
TO redeem said outstanding Temporary
WHEREAS, the cost of issuing said
bonds will be -Four Hundred Dollars $4,000
ORDAINED BY THE CITY OF PERTH
section THAT bonds of said city be
issued in the sum of Sixty-seven THOUSAND
DDlldTS, 10 Dt utSlSHdL6u 1tHtIdl I'M
provement Funding Bonds" which shall
be dated June 10, 1922. shall bear interest
at the rate Of five per centum $50 per
annum. payable on the fifteenth days of
December and June of each year, and shall
be in the denomination of One Thousand
Dollars $4,000 each. and shall mature
Four bonds on the 18th day of June in
each Of the years 1923 to 1880. inclusive:
ave bonds on the 18th day of June in
each year Of the years 1891 to 1887.
Section 2.-That said bonds shall be in
such form: and shall be payable princ s,Ish
place as may be provided by resolution of
the council. shall be signed by the Mayor
under the seal of the City. and il eou-
pons for the payment of interest be at
tached they shall be EXECUTED by the fac
Section s.-The Council of the City of
Perth Amboy hereby determines and de-
(aJ That the average probable period of
usefulness OF the improvements for which
said Temporary Bonds are Issued is sew
from the estimated date of the completion
OF the improvements and acquisition Of
property for which said temporary bonds
(b) That the average assessed valuation
of the taxable real property Including i'm
the next preceding three valuations there
Of in the manner gsovIdea In seed at ~;
(c) That the net debt Of the City Of
Perth Amboy, computed in the manner
| provided in said Section ~. 10 $685.
5dS That the annual debt statement re-
quired by said Section IL has been made
and filed. and that the supplemental debt
| made and fled as therein required prior to
the mourning of the temporary debt here
by authorized to be refunded.
Section .-Tha there shall be levied in
each year while any of the said bonds
shall be outstanding in the same manner
and at the same time as other taxes a
tax upon ali the taxable property OF the
said city sufficient 10 produce the amount
OF principal and interest to become due in
the succeeding year.
Section 5s-Said bonds shall be sold by
the City Treasurer in accordance with the
statute and said Treasurer shall have pow
ar to fix the necessary details.
Section 6.-This ordinance shall take eff
feet upon it's 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 newspaper in
which II 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 at the meet
ing Of the council OF the City Of Perth
Amboy, held May Is. 1922. and will be
taken up for second and third readings
and nnal passage at the special meeting of
the Council to be held May 20. 1922. at
$3.50 p. NJ. Daylight Saving Time CS:30 p.
NJ. Standard Time) in the Council Cham
Dated. May Is. 1922.
ARTHUR E. GRAHAM.
1ssss-5-1s-as-27. City Clerk.