Five Mile Beach weekly journal., 1922-11-17
ORDINANCE No. $50

An Ordinance authorizing the issuance
of S35,O00.00 Water Bonds of THE City of
Wildwood, in the County of Cape May"
in the State of New Jersey, for the pur-
pose of paying off Temporary Improve
ment Notes heretofore authorized to be
issued under Ordinances Nos. ia, 1876 and
146, of said City, adopted March Is. 1921,
November Z, 1921, and July IL, 1922, re-
spectively.
WHEREAS, on March Is. 1921, under
Ordinance No. ia, Temporary Improve
ment Notes for So 100000 were authorized
to be issued by THE City of Wildwood.
in the County of Cape May" in the State
of New Jersey, in pursuance of Chapter
252 of the Laws of 1916 of New Jersey, for
the purpose of temporarily financing the
carrying out of the making of the inn
provements set forth in said Ordinance
No. ia. the said Ordinance having been
duly adopted on March 10, 1921, and pub
lished according TO law;
AND WHEREAS. IN November Z. 1921.
under Ordinance No. 125, Temporary I'M
! provement Notes for SIS, 10000 were au-
thorized to be issued by "The City of
Wildwood, in the County of Cape May"
in the State of New Jersey, in pursuance
of Chapter 252 of the Laws of 1916 of New
Jersey, for the purpose of temporarily
financing the carrying out of the making
of the improvements set forth in said Or
dinance No. 125. the said Ordinance hav-
ing been duly adopted on November Z,
1921, and published according to law;
AND WHEREAS, on July II. 1922, un-
WI W. 1 AGlilDol al 1Il-
provement Notes for $40, 100000 were au-
thorized to be issued by 1.-THE City of
Wildwood, in the County of Cape May"
in the State of New Jersey, in pursuance
New Jersey, for the purpose of temper
arily financing the carrying out of the
making of the improvements set forth in
said Ordinance No. 146, the said Ordi-
nance having been duly adopted on July
II, 1922, and published according to law
AND WHEREAS, the said Temporary
Improvement Notes having been duly is
sued by said City in pursuance of said
Ordinances and which have or will shortly
become due and payable; and the said
improvements named in said Ordinances
having been made; and the said City be-
ingd esirous of paying the said Notes when
they become due by an issue of Bonds
of said City in accordance with the stat
utes in such case made and provided.
NOW, THEREFORE,, the Board OF
Commissioners of "The City of Wildwood.
in the County of Cape May" in the State
of New Jersey, DO ORDAIN:
Section l.. in pursuance of the au-
thority conferred by an Act of the Legis-
lature of the State of New Jersey, en-
titled, can Act to authorize M regulate
the Issuance of Bonds, and other obliga-
tons and the mourning of Indebtedness by
County, City, Borough, Village, Town,
Township or any municipality governed
by an Improvement Commission" APP
proved March %, 1916, and the supple
ments thereto and amendments thereof,
oO4NDo vi odA0 L LlGA bS IL
an amount not exceeding the sum of
$35, 10000 for the purpose of paying off the
Temporary Improvement Notes of said
City heretofore issued under Ordinances
Nos. ia, 1875 and 146 that the said Bonds
so to be issued shall be issued in the cor
porate name of 1.-THE City of Wildwood,
in the County of Cape May" in the State
of New Jersey; shall be registered bonds
of the denomination of 100000 each
and numbered from 654 to 68S inclusive,
dated December l. 1929, and maturing in
numerical order, one bond on the first day
of December of each of the years 1923 to
1857 inclusive; said bonds shall bear in
terest at the rate of five 60 per cent per
annum, said interest shall be payable
semi-annually on the first days of June
and December in each year to the reg
istered holder thereof. Both principal and
interest of the said Bonds are payable in
gold coin of the United States of America
of the present standard of weight and
ineness or its equivalent, at the office
of the Marine National Bank of Wild
wood, New Jersey.
Sec. 2. That there shall be levied In
each year when any of the said bonds
shall be outstanding, in the manner and al
the time as other taxes, a tax upon al
taxable property of said City sufficient tc
produce the principal and interest to ma
ture in the succeeding year.
Sec. %. That this Ordinance shall take
effect on it's final passage and publication
w. COURTRIGHT SMITH,
RALPH L. CARLL,
ALFRED TAYLOR,
Commissioners.