Five Mile Beach weekly journal., 1922-11-10
ORDINANCE No. 1859

An Ordinance authorizing and directing
the erection, construction and furnishing
of a City Hall Building on a plot of land
on PENNSYLVANIA avenue, between Ninth
avenue and Tenth avenue in the City of
North Wildwood authorizing the issuance
of General Improvement Bonds not to ex-
coed the sum of Fifty Thousand Dollars
$3.50. 000) of the said City for the purpose
of providing funds whereWith to pay the
cost and expense of making the said i'm
provement and providing for the payment
of the said bonds and the interest thereon.
whereas, 1t is deemed eXpedient, proper
and for the best interests of the city and
the inhabitants and taxpayers thereof that
the above named Improvement be made at
once and,
Whereas, Ordinance No. 169 was intro
duced in the Common Council of the City
of North Wildwood on October II, 1922, for
the making of the aforesaid general i'm
provement; and,
Whereas. Pursuant to a resolution of the
Common Council of said city the city clerk
was directed to cause notice to be pub
lished in accordance with Chapter 152,
Laws of 1917, describing the proposed i'm
J provement and fixing November eighth.
1922, at 100 o'clock, as the time and the
temporary Council Chamber, North Wild
wood as the place where said Common
Council would meet to receive, near and
consider objections thereto and,
Whereas, Common Council hereby de-
termines and declares said general inn
provement to be a public necessity and
no good cause appears to the contrary and,
Whereas Plans and specifications have
been submitted to the Mayor and Common
Council for the Improvement above named
and which said plans and specifications
have been approved by said body;
Now. Therefore, Be 1t Ordained by the
Mayor and Common Council of the City
of North Wildwood, New Jersey:
Section l. That in pursuance of the au-
thority conferred by an act of the Legis-
lature of the State of New Jersey, entitled,
An Act concerning Municipalities" Laws
nc 1 aRf IEO aA1 AhA 80 -YVaa1A
mentary thereto and ~amendatory thereof.
the said City of North Wildwood shall
have power and authority to make the inn
provement as set out in the preamble of
this Ordinance and in accordance with the
plans and specifications aforesaid at a cost
not to exceed the sum of Fifty Thousand
Dollars $3.50, 00O.00, which said sum of
| money the Mayor and Common Council of
said City fix and determine as the proper
amount necessary to be expended for such
improvement. and that there shall be and
the same is hereby appropriated for the
purpose above named the sum of Fifty
Thousand Dollars $3.50, 100000.
Sec. 2. That in pursuance of the au-
thority conferred by an act of the Legis-
lature OF the State of New Jersey, Chapter
252, Laws of 1916, and the acts supplement
tary thereto and amendatory thereof,
bonds of said City shall be issued in an
amount not to exceed the sum of Fifty
Thousand Dollars ($50, 900. 00) for the pur-
pose of providing funds wherewith to pay
the costs and expenses of making the i'm
| provement above named that the said
bonds to be so issued shall be issued in the
| corporate name of the City of North Wild
wood, New Jersey; they shall be registered
bonds of the denomination of Two Thou
sand Dollars ($2, 900. 00) each and num-
bered from 1 to % inclusive; shall bear
date June l, 1923 shall mature in numeri-
cal order, one bond yearly beginning on the
first day of June, 1924, to June l, 1949.
Said bonds shall bear interest at the rate
of six per cent per annum, payable semi
Annually on the first DAVIS Of Dppamhpr and
June in each year to the registered holder
thereof. Both principal and interest of
the said bonds are payable at the office of
the Marine National Bank of Wildwood,
Sec. 8. The Mayor and Council of the
| City of North Wildwood aforesaid hereby
determines and declares, as follows:
A. That the probable period of useful
ness of the improvement referred to in the
preamble hereof is twenty-five (25) years.
B. That the average assessed valuation
| of the taxable real property (including inn
provements) of the City of North Wild
wood, computed in the manner provided by
Section IL, Chapter 240, Laws of New Jer-
sey, 1917, is two million six hundred
twenty-nine thousand six hundred twenty
four Dollars ($2, 629, 624).
C. That the net debt of the municipality,
computed in the manner provided by law,
including the amount of bonds authorized
by this Ordinance is One hundred seventy
two thousand five hundred hfty-seven and
09-10Q Dollars ($172, $4,000.
D. That the supplemental debt statement
required by law has been made and filed
with the Department of Municipal Ac-
counts.
Sec. 4. That there shall be levied in each
year (when any of the bonds shall be out
standing), in the manner and at the same
time as other taxes, a tax upon all taxable
property in said City, sufficient to produce
the principal and interest to mature in the
succeeding year.
Sec. 5. That this Ordinance shall take
| effect on its final passage and publication
as provided by law.
Passed first and second readings Oc-
| tober II, 1922.
Passed third reading and final passage
November 8, 1922.
GEORGE E. SHEER,
City Clerk.
Dated November 8, 1922.