Perth Amboy evening news., 1922-10-05

Whereas, the said bonds will mature
during the year, 1922, and there are no
iunds on land for the aymen thereof.
it is necessary to raise the sum of $1,000
by the issuance of bonds to provide funds
to redeem said outstanding Temporary
ponds and expense of issuing new bonds
ana orher incidentals. now therefore
BE IT ORDAINED BY TIE CITY OF
PERTH AMBOY:
Section /. That bonds Of the said city
be issued in the sum of Eight Thousand
Dollars. to be designated General I'm
provement Bonds which shall be dated
october list. 1922, shall bear interest at
the rate of five per centum (5%) per an
mum, payable on the first days of October
ana april OF each year, and shall be in
the denomination of One Thousand
G1,000) Dollars each. and shall mature
as follows:
One bond on the LIST day of October In
each of the years 1923 to 1890, inclusive.
Section 2. That said bonds shall be in
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
the coupons for the payment of interest
be attachey they shall be executed by the
facsimile signature of the City Treasurer.
Section 8. The Council of the City of
Perth Amboy hereby determines and de-
clares:
seventeen years, computed from one year
la That the average probable period
which said Temporary Bonds are issued is
of usefulness of the improvements for
.(a) That the average probable period
or usefulness of the improvements for
which said Temporary Bonds are issued is
seventeen years. computed from one year
from the estimated date of the completion
of the improvements and acquisition of
were issued.
(b) That the average assessed valua-
tion OF the taxable real property (includ-
ing improvements) of said city, computed
upon the next preceding three valuations
tnereof In the manner provided in Section
IL, Chapter 252 of the Laws of 1916. as
amended. is SIS, 1s1.sss.
(cl That the net debt of the City of
Perth Amboy. computed in the manner
provided In said section IL, is 81, 73s, 018.s S
tdl Tha the annual debt statement
REQUIRED by said section ~ has been made
and fled. 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
hereby authorized to be refunded.
Section 4. That there shall be levied in
each year while any of the said bonds
snail 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 s. Said bonds shall be sold by
the City Treasurer in accordance with
the st~tute and said Treasurer shall have
power to fix the necessary details.
Section 6. This ordinance shall take eff
feet upon its publication as provided by
Section 2, of Chapter 252, of the Laws of
1915. as amended. and the City Clerk shall
have power to select the newspaper in
which it shall be published and to specify
the date after which the bonds shall be
issued and delivered.
The foregoing ordinance was ordered
passed on first reading by the following
vote: Yea-SofeId, Waters, Patten, Nc
CURE. Clark. Riedy. Calvin. Nay-None.
The Committee or lamps and Lights
recommended that the request of the City
Hospital for an arc light on Laurie Street
opposite the Hospital be granted. which
recommendation was on motion confirmed.
The Comptroller having audited the
following bills:
Paw PolIs cantannhar Lat 100,