Perth Amboy evening news., 1922-05-24

An Ordinance to Provide for the Raising
Of SCI; 900 BY The =I s% 2 !, OF b so KnoI Sg
as General Improvements Funding
Bonds"
WHEREAS. the City Of Perth Amboy
has outstanding Temporary Bonds in the
amount Of Thirty-two Thousand Five Hun
dred CsS2. 5000 Dollars issued to pay the
citys share Of the cost Of paving Convery
Place and Brace Avenue. and Temporary
Bonds in the amount nna OF r%ent soT he in 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
10 the eastern terminus of Laurie street.:
and Temporary Bonds in the amount OF
Eleven Thousand Dollars s1l.00o) issued
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 m thereof. and 1t 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 $1,000
be 1t
ORDAINED BY THE I OF PERTH
Section THAT bonds of said city be
issued in the sum of Sixty-seven THOUSAND
Dollars. to be designated General I'm
be dated June 10. is22. shall bear interest
at the rate of five per centum (5%) per
annum. payable on the fifteenth days Of
December and June of each year. and shall
be in the denomination of One Thousand
Dollars (si,oOo) each. and shall mature
as follows:
Four bonds on the 18th day OF June in
each OF the years 1923 10 1880. inclusive:
1--WE bonds on the 18th day of June in
- - AA.- N00f a.
Section 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 u cou-
tached they shall be executed by the fac
smile signature Of the City Treasurer, -.
Perth Amboy hereby determines and de-
clares:
usefulness of the improvements for which
said Temporary Bonds are issued Is sew
enteen years. computed from one year
from the estimated date of the completion
property for which said temporary bonds
Cb) That the average assessed valuation
of the taxable real property dncluding i'm
provements) OF said city. computed upon
the next preceding three valuations there
amended, is s23, 203, sos.
(c) That the net debt of the City of
Perth Amboy. computed in the manner
provided in said Section IL, is $685.
Ia That the annual debt statement re-
quired by said Section IL 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 here
by authorized to be refunded.
Section 4.-That there shall be levied in
| each wear while any of the said bonds
and at the same rime as other taxes a
tax upon ali the taxable property OF the
said city sufficient 70 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 DOW
err 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
1916. 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
Introduced May is, 1922.
Passed May %, 1922.
Approved May 20. 1922.
The foregoing ordinance was passed Oh
May 20, 1922, and approved by the Mayor
on May 20. 1922. The bonds authorized
the 18th of June. 1922. ard any suit. ac-
tion or proceeding TO set aside or vacate
this ordinance must be begun within
twenty days after the publication of this
statement.
Dated. May "a. 1922.
A. Z. GRAHAM,
14215-5-24-it. City Clerk.