Five Mile Beach weekly journal., 1922-11-03
ORDINANCE No. 1859


the erection, construction and furnishing
of City Hall Building on a plot of lana
on Pennsylvania avenue, between Ninth
avenue and Tenth avenue in the City of
North Wildwood: authorizing the Issuance
of General Improvement Bonds not to ex
ceed the sum of Fifty Thousand Dollars
(S50,000) of the said City for the purpose
of providing funds wherewith to pay the
cost and expense of making the said i'm.
provement and providing for the payment
of the said bonds and the interest thereon
Whereas, 1t is deemed eXpedient proper
and for the best interests of the CITY and
the inhabitants and taxpayers thereof thar
the above named Improvement be made at
once; and,
Whereas, Ordinance No. 1863 was intro
duced in the Common Council of the City
of North Wildwood on October II, 1922 for
the making of the aforesaid general i'm
provement; and
Whereas, Pursuant to a resolution of the
Common Council of said city the city clerk
was directed to cause notice to be pub
lished in accordance with Chapter 152
Laws of 1917, describing the proposed i'm
proVement and fixing November eighth
1922, at 7.30 o'clock, as the time and the
temporary Council Chamber, North Wild
wood as the place where said Common
Council would meet to receive, hear and
consider objections thereto; and,
Whereas Common Council hereby de-
termines and declares said general i'm
provement to be a public necessity; and
no good cause appears to the contrary and,
whereas, RldnS ana SDeclnCaIlOnS hdV6
been submitted to the Mayor and Common
Council for the improvement above named
and which said plans and specifications
have been approved by said body;
Now. Therefore, Be 1t Ordained by the
Mayor and Common Council of the CITY
of North Wildwood, New Jersey:
Section l. That in pursuance of the au-
thority conferred by an act of the Legis-
lature of the State of New Jersey, entitled
IAN Act concerning Municipalities" Laws
of 1917. Chapter 1852, and the acts supple
mentary thereto and amendatory thereof,
the said City of North Wildwood shall
have power and authority to make the i'm
provement as set out in the preamble of
this Ordinance and in accordance with the
plans and specifications aforesaid at a cost
not to exceed the sum of Fifty Thousand
Dollars $3.50, 100000, which said sum Of
money the Mayor and Common Council of
said City fix and determine as the proper
amount necessary to be expended for such
Improvement and that there shall be and
the same is hereby appropriated for the
purposes above named the sum of Fifty
Thousand Dollars ($50,00000).
Sec. 2. That in pursuance of the au-
thority conferred by an act of the Legis-
lature of the State of New Jersey, Chapter
252, Laws of 1916, and the acts supplement
tary thereto and amendatory thereof,
bonds of said City shall be issued in an
amount not to exceed the sum of Fifty
Thousand Dollars 50,00000) for the pur-
pose of providing funds wherewith to pay
the costs and expenses of making the i'm
provement above named; that the said
bonds to be so issued shall be issued in the
corporate name of the City of North Wild
wood, New Jersey they shall be registered
bonds of the denomination of Two Thou
sand Dollars ($2,00000) each and num-
bered from l to rs inclusive shall bear
date June 1. 1923; shall mature in numeri-
cal order, one bond yearly beginning on the
first day of June, 1924, to June l, 194s-
Said bonds shall bear interest at the rate
of six per cent per annum, payable semi.
annually on the first days of December and
June in each year to the registered holder
thereof. Both principal and interest OF
the said bonds are payable at the office OF
the Marine National Bank of Wildwood,
New Jersey.
Sec. 3. The Mayor and Council of the
City of North Wildwood aforesaid hereby
determines and declares. as follows:
A. That the probable period of useful
ness of the improvement referred to in the
preamble hereof is twenty-five (25) years.
b. That the average assessed valuation
of the taxable real property (including I'M
provements) of the City of North Wild
wood, computed in the manner provided oy
Section IL. Chapter 240 Laws of NewfJer-
sey. 1917. is two million six hundred
twenty-nine thousand six hundred twenty
four Dollars ($2,629,6 624).
c. That the net debt of the municipality,
computed in the manner provided by law.
including the amount of bonds authorized.
by this Ordinance is One hundred seventy
two thousand five hundred fifty-seven and
09-100 Dollars ($172,55709).
D. That the supplemental debt statement
required by law has been made and filed
with the Department of Municipal Ac-
counts.
Sec. 4. That there shall be levied in each
year (when any of the bonds shall be OUT
standing), in the manner and at the same
time as other taxes, a tax upon all taxaple
property in said City, sufficient to produce
the principal and interest to mature in the
succeeding year.
Sec. 5. That this Ordinance shall take
effect on its final passage and publication
as provided by law.
.