Five Mile Beach weekly journal., 1922-01-20
ORDINANCE No. 131

WHEREAS, "The City of Wildwood, in
the County of Cape May" in the State OF
New Jersey, caused to be made certain I'M
provements comprising the laying OF Ce-
ment Cutters in several sections of the
said City, as provided under Ordinance
No. 70 of the said City and
WHEREAS, the cost of the said I'M
provement was to be paid for by assess
ment upon the owners of land benefited
thereby and
WHEREAS, the said improvements have
lbeen completed and assessment as made
by the Board of Commissioners of Assess
ment were confirmed by the Board OF
Commissioners of the said City on the
twenty-second day of November, A. d.
1921 and
WHEREAS, to temporarily finance the
cost of the said Improvement The City OF
New Jersey, did from time to time incur
temporary Indebtedness which is now evil
denced by temporary Improvement Notes
in the total amount of $2,243.52; n
WHEREAS, it is necessary to continue
to temporarily finance the cost of the said
improvements, and it is DESTROYS to change
the form of Indebtedness from Notes to
Assessment Bonds to mature within SIX
years after the said work was completed.
NOW. THEREFORE,, the Board OF
Commissioners of "The City of WildWqod,
in the County of Cape May" in the state
of New Jersey. DO ORDAIN: .
Section l. That Assessment Bonds of
THE City of Wildwood, in the County OF
Cape May" in the State of New Jersey, a
municipal corporation of the State of New,
Jersey, in the aggregate principal sum of
50, 243.52, to be known as Assessment BONDS
under Ordinance No. 70 of said City are
hereby authorized to be issued pursuant to
the provisions of an Act of the Legislature
of the State of New Jersey entitled An Act
Jersey, in the aggregate sum of S2,243.52,
to be known as Assessment Bonds under
Ordinance No. 70 of said City are hereby
authorized to be issued pursuant to the
provisions of an Act of the Legislature of
the State of New Jersey entitled IAN Act
to authorize and regulate the issuance OF
bonds and other obligations. and the in
curing of Indebtedness by County, CITY.
Borough. Village, Town, Township or any
municipality governed by an improvement
Commission" approved March p. 1916.
and the amendments thereto, and supple,
ments thereof. Said bonds shall be dated
February l, 1922, and shall bear interest
at the rate of six co per centum per an
mum, payable semi-annually on February
be numbered from / to 5 inclusive. Said
bonds shall be of the denomination of
$4,000 each. excepting one bond when
sha be of the denomination of $243.52 and
shall nature or the first day of Febru-
airy, 1927.
Sec. 2. The monies to be raised by said
bonds shall be applied to the payment of
the temporary Improvement Notes, as set
forth in the preamble hereof, and thereby
temporarily inanc the cost of said i'm
p~rovements during the period for which
stallments by the persons assessed there
for.
Sec. 3. That the form or SAID Assess
ment Bonds and all matters relating
thereto shall be by resolution by the Board
of Commissioners of said City.
Sec. 4. That this Ordinance shall take
effect at the expiration of ten days from
its final passage.
w. COURTRIGHT SMITH,
RALPH L. CARLL.
ALFRED TAYLOR,
Commissioners.
Attest:
ALFRED WINTERBURN,
City Clerk