Five Mile Beach weekly journal., 1922-05-26
ORDINANCE No. IN

An Ordinance appropriating the sum Of
Nineteen Thousand Dollars ($19. 90. 00) for
School Improvements, Furniture and
Equipment. and authorizing the issuance
Of School Bonds Of "The City of wildwood.
~ The County of Cape May in the State
OF New Jersey, in the aggregate principal
sum OF Nineteen Thousand Dollars (S1a,-
t.'.Vu) Tor the purpose of providing funds
W1ereWith to pay the cost Of said improve
ments and to purchase the furniture and
Equipment above named and providing for
{ payment OF the principal of said bonds
ami the interest thereon.
NHEREAS. at a regular meeting of the
+ ara OF Education of THE City of Wild
wood, in the County Of Cape May" in the
state of New Jersey. held on the thirty
first day Of March, A. d. 1922. the said
BOARD Of Education recommended to the
Board OF school Estimate of said City. the
raising of the sum Of Nineteen Thousand
Dollars (S19. 100000 for the purpose of
making improvements and the purchase of
furniture and equipment for the schools of
said City, and prepared and delivered to
each member Of the Board Of School Estf-
mate of the School District Of Tile CITY
Of Wildwood, in the County of Cape May"
New Jersey. q statement of the amount of
money estimated to be necessary for said
AND WHEREAS. the Board of School
Esttmate of said city at a meeting regularly
called and held on the tenth day of April.
A. -. 1922, considered the said statement
and fixed and determined the amount of
money necessary for said purpose to be
the sun of Nineteen Thousand Dollars
tS19, 0.00) and made two certificates of
said amount, one of which certificates was
delivered to the Board of Education and
the other to the Board of Commissioners
OF The City OF wildwood, in the County
Of Cape May" New Jersey.
NOW, THEREFORE,, the Board of
Commissioners of The City of Wildwood,
m 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 Leg
%islature of the State of New Jersey. en-
titled AN Act to authorize and 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" approved
March %, 1916, and the supplements there
to and amendments thereof, BONDS of
said City, to be Known and designated as
SCHOOL BONDS" shall be issued in an
amount not exceeding Nineteen Thousand
Dollars eS19, 100000 for the purpose of
making improvements to and the purchase
of Furniture and Equipment for the
Schools of said City that the said Bonds
so to be issued as aforesaid, shall be is
sued in the corporate name of The City
of Wildwood, in the County of Cape May"
in the State of New Jersey; and shall be
coupon bonds of the denomination of Five
Hundred Dollars C$500.00) each and num-
bered from 203 to 240 inclusive dated July
10, 1922. and maturing in numerical order,
Two ~ Bonds on July 10, 1924, and three
Cd Bonds on July Tenth (10th) of each
of the years 1925 to 1886 inclusive said
bonds shall bear interest at the rate of
five go per entum per annum said inter-
est shall be payable semi-annually, on the
tenth days of July ond January in each
year upon the presentation and surrender
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 principal 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 reg
istration shall be noted thereon after which
no valid transfer thereof shall be made eX-
cept on said books until after registered
transfer to bearer. Such registration shall
not affect the n~egotlablhty OF the coupons,
which shall continue to pass by delivery
and at the request of the holder of the
said bond it will be converted into a regis
tered bond and the coupons annexed
thereto detached and cancelled and there
after both principal and interest shall be
payable to the registered 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 fneness or its
equivalent. at the office of the Marine Ma
tional Bank of Wildwood, New Jersey.
Said Bonds shall be executed under the
corporate seal of said City and be signed
by the Mayor and City Clerk and counter
signed by the City Treasurer and the cou-
pons attached to said Bonds shall bear
the fac-simile signatures of the City
Treasurer and shall be numbered to cor
respond with the number of the bond to
which they shall be respectively attached.
Sec. 2. The Board of Commissioners
of 1.-The City of Wildwood, in the County
of Cape May" in the State of New Jersey,
hereby determines and declares as follows:
(a) That the probable average period of
usefulness of the improvements (including
the furniture and equipments) referred to
in the preamble hereof is 10 years.
CD That the average assessed valuation
of the taxable real property (including i'm
provements) of THE City of Wildwood,
in the County of Cape May" New Jersey,
computed upon the three preceding valu-
atoms thereof in the manner provided in
Section u of Chapter 240 of the laws of
New Jersey of 1917, is $6,S54,21S.
(c) That the net debt of the municipality
computed in the manner provided in Sec
ton - of Chapter 240 of the laws of 1917
of New Jersey, including the amount of
Bonds authorized by this Ordinance is
$42S, 1902.
Sec. 8. That there shall be levied in
each year when any of the bonds afore-
said shall be outstanding, in the manner
and at the same time as other taxes, a tax
upon all taxable property of said City
sufficient to produce the principal and in
terest to mature in the succeeding year.
Sec. 4. That this Ordinance shall take
effect on its final passage and publication
as provided by law.
w. COURTRIGHT SMITH,
RALPH L. CARLL,
ALFRED TAYLOR,