Five Mile Beach weekly journal., 1922-11-17
ORDINANCE No. 152

~ VI 6TVUTTW VVWTTTTU UT I IT n dFVTTUV
on the southeast. Hudson avenue on the
northwest, Young avenue on the south
west and Spicer avenue on the northeast,
IN said city, and known and designated
as BLOCKS Numbers III n 1875, on the
official map of said city; and together
with all of the improvements thereon
erected and consisting of grand stands,
oleachers and fences in connection there
with and also for the purpose of making
additional improvements in the immediate
vicinity consisting of drains. sidewalks
and streets; and providing for the prin-
cipal of said bonds and the interest
thereon.
WHEREAS, in the opinion of the Board
of Commissioners of The City of Wild
wood, in the County of Cape May" New
Jersey, 1t is necessary and expedient and
for the best interests of the inhabitants,
citizens and taxpayers, that the said city
do provide ground and facilities for the
conducting of baseball. it being one of
the necessary attractions for the sum
mer vacationist
AND WHEREAS, ii is also the desire
to provide the necessary facilities for an
outdoor Recreation Center TO be used for
athletic purposes or as Fairgrounds by
the pupils of the public schools of the city
and the public generally
AND WHEREAS, the Board of Trade
OF said city having purchased the said
two blocks of ground described in the
preamble of this Ordinance and caused
the said two blocks of ground to be
graded and covered with top covering and
erected thereon the necessary grandstands,
bleachers and fences at a total cost of
S20,62S.S3 as set Sforth in an itemized
statement of expenditures submitted to the
said Board of Commissioners
AND WHEREAS, the said two blocks
of ground is deemed desirable for the pur-
poses ACQUIRED and the improvements
thereon of a sufficient value to warrant
the purchase of the said VIC blocks of
ground at the said above named price
AND WHEREAS, it is deemed neces-
sary and desirable that additional i'm
p~rovements, such as drains, sidewalks
and streets be completed at an approx
mate cost of $4,376.67 in accordance with
the city engineers estimate Submitted to
said Board of Commissioners and approved
by them
AND WHEREAS, this municipality now
desires to proceed to acquire and purchase
from the owners thereof, the said above
described two blocks of ground, together
with all of the improvements thereon
erected and consisting of grand stands,
~bleachers and fences in connection there
with; and also desires to proceed to make
additional improvements in the immediate
vicinity thereof consisting of drains, side
walks and streets.
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.. That in pursuance of the
authority conferred by an Act of the
Legislature of the State of New Jersey,
Slllllltuy All AT concerning muQlClD2I-
ties" approved March 81, 1917, and the
acts supplementary thereto n amenda-
tory thereof, the said 1.-THE City of Wild
wood, in the County of Cape May" in the
State of New Jersey, shall have power
and authority and such power and au-
thority is hereby given to it, to acquire
and purchase from the owner or owners
thereof. the two blocks of ground bounded
by Park avenue on the southeast, Hudson
avenue on the northwest, Young avenue
on the southwest and Spicer avenue on
the northeast, in said city, and known and
designated as Blocks Numbers III and
125 on the official map of said city, to-
gether with all of the improvements
thereon erected and consisting of grand
stands, bleachers and fences in connec-
ton herewith and the said city shall also
have power and authority and such power
and authority is hereby given to it to
make the additional improvements in the
immediate vicinity, consisting of drains,
sidewalks and streets, in accordance with
the city engineers estimate submitted TO
the said Board of Commissioners and
approved by them.
Sec. 2. Tha in pursuance of the au-
thority of the above named act and its
supplements and amendments, The City
of Wildwood, in the County of Cape May,
New Jersey, do hereby appropriate the
sum of $25, 0O0:O 90 for the purposes above
named; and that the said sum of $685.
10000 so appropriated as aforesaid for
said purposes is in the judgment of the
said Board of Commissioners a just and
proper dIlOuHI Oh money 10 De aDDrO-
priated at this time for said purposes.
Sec. 3. That in pursuance of the au-
thority conferred by an Act of the Legis-
lature of the State of New Jersey, entitled
AN Act to authorize and regulate the
ISSUANCE of BONDS and other obligations
and the mourning of Indebtedness by
County, City, Borough, Village. Town,
Township or any municipality governed
by an Improvement Commission" ap-
proved March %, 1916, and the supple
ments thereto and amendments thereof,
BOND of said city shall be issued in an
amount not exceeding the sum of Twenty
five Thousand Dollars ($25, 100000 for the
purpose of acquiring and purchasing in
the name of the city the said two blocks
of ground bounded by Park avenue ON the
southeast, Hudson avenue on the north
Spicer avenue on the northeast, and
known and designated as Blocks Numbers
III and 125 on the official map of said
city and duly filed in the Clerks Office of
the County of Cape May, New Jersey
together with all of the improvements
thereon erected and consisting of grand
stands, bleachers and fences in connection
herewith and also for the further pur-
pose of making additional improvements
in the immediate vicinity thereof consist
ing of drains, sidewalks and streets, in
accordance with the city engineers esti-
mate submitted to the said Board of
Commissioner and approved by them.
Sec. 4. That the said Bonds so to be
issued as aforesaid, shall be known as
Park Bonds" and shall be issued in the
corporate name of THE City of Wildwood,
in the County of Cape May" in the State
of New Jersey; shall be coupon bonds of
the denomination of 81, 000.0 each. and
numbered from one % to rs inclusive,
dated December Is, 1922, and maturing in
numerical order, one % bond on the
fifteenth days of December of each of. the
years 1923 to 1947 inclusive said bonds
shall bear interest at the rate of five
co per centum per annum, said interest
shall be payable s-emi-annually Oh the
fifteenth days of June and December in
each year, upon the presentation and sur
render of the annexed coupons to the said
bonds as they severally become due, or
if the bonds be converted into registered
bonds then to the registered holder
thereof and the bonds so to be issued as
aforesaid may be registered as to prin-
cipal by the holder in his name on, the
books of the Treasurer of The City of
Wildwood, in the County of Cape May"
New Jersey. and such registration shall
be noted thereon after which no valid
transfer thereof shall be made except on
said books and after registered transfer
to bearer. Such registration shall not af-
feet the n~egotiability of the coupons which
shall continue to pass by delivery and at
the request of the holder of said bond
it will be converted into a registered bond
and the coupons annexed thereto detached
and cancelled and thereafter both prin-
cip91 and interest shall he DaVable to the