Perth Amboy evening news., 1922-05-16
CITY ADVERTISEMENT

VIII ADN
An Ordinance TO Provide for the Raising
Of $1,000 by the Issuance of Bonds by
the City OF Perth Amboy. to be Known
As General Improvement Funding
WHEREAS, the City of Perth Amboy
has outstanding Temporary Bonds in the
dred (SS2. 5000 Dollars issued to pay the
citys share of the cost Of paving Convery
Place and Brace Avenue. and Temporary
Bonds in the amount OF Twenty-one Thou
sand Dollars ts21.o0o). issued for the pur-
! pose of paying the city's share of the cost
OF paving High Street and Temporary
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 erminus of Laurie Street.
and Temporary Bonds in the amount OF
Eleven Thousand Dollars (s11. 00o) issued
to pay the cost of fire tractor apparatus
and fire house equipment: and.
WHEREAS. said bonds will mature dur
ing the year, 1929. and there are no funds
on hand for the payment thereof. and II is
Thousand Six Hundred Dollars (ss6.sOO),
by the issuance of bonds to provide funds
to redeem said outstanding Temporary
WHEREAS. the cost Of issuing said
bones will be Four Hundred Dollars $4,000
ORDAINED BY THE CITY OF PERTH
Section 1.-Tha bonds OF said city be
issued in the sum of Sixty-seven THOUSAND
Dollars. TO be designated General Inn
proyement Funding Bonds" which shall
at the rate OF five per centum $50 per
annum. payable on the fifteenth days of
be in the denomination of One Thousand
as follows:
Four bonds on the 18th day OF June in
each of the years 1928 to 1880. inclusive:
five bonds on the 18th day of June in
each year Of the years 1881 to 1881.
al % Tb.N IL AARd. hall 10 To-
such form. and shall be payable principal
and interest in such medium and at such
place as may be provided by resolution of
the council, shall be signed by the Mayor
and Treasurer, attested by the City Clerk
under the seal Of the City. and II cou-
pons for the payment OF interest be at
simile signature Of the City Treasurer.
Section 3.-The Council of the City of
Perth Amboy hereby determines and de-
(a) 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
were issued.
Oh That the average assessed valuation
Of the taxable real property dncluding i'm
p~rovements) OF said city. computed upon
the next preceding three valuations there
Of in the manner provided In SECTION ~,
Chapter 252 Of the Laws of 1916. as
dIAltubtus ~ 9-DB-
oc) That the net debt OF the City or
Perth Amboy. computed in the manner
provided in said Section IL, is $685.
650.S5.
la That the annual debt statement re-
quired by said Section 12 has been made
and filed. and that the supplemental debt
statement required by said section was
made and filed as therein required prior to
the mourning of the temporary debt here
by authorized to be refunded.
Section 4.-That 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 all the taxable property of the
said city sufficient TO produce the amount
of principal and interest to become due in
the succeeding year.
Section Said bonds shall be sold by
the City Treasurer in accordance with the
statute and said Treasurer shall have pow
err to fix the necessary details.
Section 6.-This ordnance shall take ef-
feet upon its publication as provided by
Section 2 of Chapter 152 of the Laws of
1916, as amended. and the City Clerk shall
have power to select the newspaper in
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 final passage at the special meeting Of
$3.50 p. NJ. Daylight Saving Time $3.50 p.
Der. City Hall, Perth Amboy. N. j.
Dated, May 15. 1922.
ARTHUR E. GRAHAM,
1s9s3-5-1s-2s-27. City Clerk.