Perth Amboy evening news., 1922-10-05
100000

Whereas, the said bonds win mature
during the year, 1922. and there are no
funds on hand for the payment thereof.
II Is necessary to raise the sum of IS, 900
ny tne issuance OF bonds to provide funds
10 redeem said outstanding temporary
ponds and expense of issuing new bonds
and other incidentals. now therefore
BE 1T ORDAINED BY III CITY OF
PERTH AMBOY:
Section /. That bonds of the said city
De issued in the sum of Eight Thousand
Dollars, to be designated General I'M
provement Binds" which shall be dated
october LIST, 1922. shall bear interest at
the rate of five per centum (5%) per an
num-. payable on the first days of October
ana April of each year, and shall be In
the denomination Of One Thousand
$1,000 Dollars each. and shall mature
as follows:
One bond on the LIST day of October In
each of the years 1928 to 1880, 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 n Treasurer. attested by the City
Clerk under the seal of the city. and II
the coupons for the payment of interest
be attachey taey shall be executed by the
facsimile signature of the City Treasurer.
Section 3. The Council of the City Of
Perth Amboy hereby determines and de-
clares:
seventeen years. computed from one year
tal That the average probable period
which said Temporary Bonds are issued is
of usefulness of the improvements for
(a) That the average probable period
of 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
property for which said temporary bonds
were issued.
(b) That the average assessed vaIua-
tion of the taxable real property Qnclud-
ing improvements) Of said city, computed
upon the next preceding three valuations
thereof in the manner provided in Section
u. Chapter 263 Of the Laws of 1916. as
(cl hat the net debt Of the City of
Perth Amboy. computed in the manner
provided in said section 10. is 81. 1888, 01s. ss
"a That the annual debt statement
REQUIRED by said section 10 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
hereby 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
ana 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 5, Said bonds shall be sold by
the City Treasurer in accordance with
the Statute and said Treasurer shall have
power to fix the necessary details. =
Section 6. This ordinance shall take ef-
feet upon its publication as provided by
Section 2. of Chapter ESQ. 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-Sofeld. Waters. Patten, Me-
The Committee on lamps and Lights
recommended that the request of the City
Hospital for an arc light on Laurie Street
opposite the Hospital be granted. which
The Comptroller having audited the
following bills;