Five Mile Beach weekly journal., 1922-05-19

ORDINANCE No. IA
Nineteen Thousand Dollars (S19,OOOO) for
School improvements, Furniture and
Equipment and authorizing the issuance
Of School Bonds of The City of Wildwood,
in the County of Cape May in the State
of New Jersey. in the aggregate principal
sum of Nineteen Thousand Dollars ($l9,-
100000 for the purpose of providing funds
wherewith to pay the cost of said improve
ments and to purchase the furniture and
equipment above named and providing for
the payment of the principal of said bonds
and the interest thereon.
WHEREAS, at a regular meeting of the
Board of Education of 1.-THE City of Wild
wood, in the County of Cape May" in the
State of New Jersey. held on the thirty
first day of March, A. d. 1922 the said
Board of Education recommended to the
Board of School Estimate of said City, the
raising of the sum of Nineteen Thousand
Dollars ($19,00O.oO) for the purpose of
making improvements and the purchase of
furniture and equipment for the schools of
said City, and prepared and delivered to
each member of the Board of School Est-
mate of the School District of 1.-THE City
of Wildwood, in the County of Cape May"
New Jersey, a statement of the amount of
money estimated to be necessary for said
purpose;
AND WHEREAS, the Board of School
Estimate of said city at a meeting regularly
called and held on the tenth day of April,
A. ID. 1922. considered the said statement
money necessary for said purpose to be
the sum of Nineteen Thousand Dollars
($190OO00) and made two certificates of
said amount one of which certificates was
delivered to the Board of Education and
the other to the Board of Commissioners
of 'The City of Wildwood in the County
of Cape May" New Jersey
NOW, THEREFORE, the Board of
Commissioners of 'The City of Wildwood,
in the County of Cape May" in the State
of New Jersey. DO ORDAIN:
authority conferred by an Act of the Leg
islature of the State of New Jersey, en-
| titled 'An Act to authorize and regulate
| the issuance of Bonds and other obliga-
tons and the incurring of indebtedness, by
County, City, Borough, Village Town.
Township or any municipality governed by
am Improvement Commission" approved
| March %, 1915 and the supplements there
| to and amendments thereof. BONDS of
| said City, to be known and designated as
SCHOOL BONDS" shall be issued in an
amount not exceeding Nineteen Thousand
| Dollars (S19, 100000 for the purpose of
making improvements to and the purchase
of Furniture and Equipment for the
| Schools of said City; that the said Bonds
so to be issued as aforesaid shall be is
sued in the corporate name of The City
| of Wildwood in the County of Cape May"
in the State of New Jersey; and shall be
coupon bonds of the denomination of Five
Hundred Dollars (s500.00) each and num-
bered from 203 to 240 inclusive; dated July
10, 1922, and maturing in numerical order,
|
| (3) Bonds on July Tenth (10th) of each
of the years 1925 to 1886 inclusive; said
| bonds shall bear interest at the rate of
| five (5) per centum per annum said inter-
est shall be payable semi-annually, on the
| tenth days of July ond January in each
| year upon the presentation and surrender
| of the annexed coupons to the said bonds
| as they Severally become due, or II the
| bonds be converted into registered bonds
then to the registered holder thereof; and
| the bonds so to be issued as aforesaid may
| be registered as to principal by the holder
| in his name on the books of the Treasurer
| of 1.-THE City of Wildwood, in the County
| of Cape May" New Jersey, and such reg
| istration shall be noted thereon after which
no valid transfer thereof shall be made eX-
| cept on said books until after registered
| transfer to bearer. Such registration shall
not affect the negotiability of the coupons,
which shall continue to pass by delivery;
| and at the request of the holder of the
| said bond it will be converted into regis
| tered bond and the coupons annexed
| thereto detached and cancelled and there
after both principal and interest shall be
| payable to the registered holder thereof.
Both principal and interest of the said
bonds are payable in gold coin OF the
| United States of America of the present
standard of weight and fineness or its
| equivalent, at the office of the Marine Ma
| tional Bank of Wildwood, New Jersey.
| Said Bonds shall be executed under the
corporate seal of said City and be signed
| by the Mayor and City Clerk and counter
| signed by the City Treasurer and the cou-
/ pOnS attacneu TO Sdlu DOuuS SlldIl D6dI
| the fac-simile signatures of the City
| Treasurer and shall be numbered to COR
respond with the number of the bond to
which they shall be respectively attached
Sec. 2. The Board of Commissioners
of "The City of Wildwood, in the County
of Cape May in the State of New Jersey
| hereby determines and declares as follows:
(a) That the probable average period of
| usefulness of the improvements Gncluding
| the furniture and equipmentS) referred to
in the preamble hereof is 1S years.
OBJ That the average assessed valuation
of the taxable real property Gncluding inn
| provements) of "The City of Wildwood
| in the County of Cape May" New Jersey
computed upon the three preceding valu-
ations thereof in the manner provided in
| Section u of Chapter 240 of the laws or
| New Jersey of 1917, is $6S54, 21S.
(c) That the net debt of the municipality
| computed in the manner provided in Sec
| tion II of Chapter 240 of the laws of 1917
of New Jersey including the amount of
Bonds authorized by this Ordinance is
| $42S, 1902.
Sec 8. That there shall be levied in
each year when any of the bonds atore-
| said shall be outstanding. in the manner
| and at the same time other taxes, tax
| upon all taxable property of said City
sufficient to produce the principal and IN
terest to mature in the succeeding year.
Sec f. That this Ordinance shall take
effect on it's final passage and publication
w. COURTRIGHT SMITH.
RALPH L. CARLL,
ALFRED TAYLOR,
Attest: Commissioners.