Five Mile Beach weekly journal., 1922-11-10
ORDINANCE No. $50

An Ordinance authorizing the issuance
of $35, 100000 Water Bonds of The CITY NJ
Wildwood, in the County of Cape Nav
in the State of New Jersey, for the mr..
pose of paying off Temporary Improve.
ment Notes heretofore authorized to he
issued under Ordinances Nos. ia. 1875 and
146, of said City. adopted March Is. 1881
November Z, 1921, and July II, 1922, re-
WHEREAS, on March Is, 1921. under
Ordinance No. ia, Temporary Improve
ment Notes for $40, 900. 90 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 i'm
provements set forth in said Ordinance
No. ia, the said Ordinance having been
duly adopted on March Is, 1921. and pub
liShed according to law;
AND WHEREAS, on November 7, 1921.
under Ordinance No. 125. Temporary In
provement Notes for SIS, 5000 20 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 I,
1921, and published according to law;
AND WHEREAS. on July II, 1922, un-
der ordnance NO. 40 Temporary I'M
provement Notes for S10,0 0O.0 90 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 1915 of
New Jersey, for the purpose of temper
arily financing the carrying out of the
making of the improvements set forth in
said Ordinance No. LAG, the said 0rdi-
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-
ing DESTROYS 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,
of New Jersey, DO ORDAIN:
Section /. That in pursuance Of the ar-
thority conferred by an Act of the Legs
lature of the State of New Jersey, en-
the Issuance of Bonds, n other obllga-
lions 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,
BONDS Of said CITY shall be issued IN
an amount not exceeding the sum Oh
$35. 900. 90 for the purpose of paying on the
Temporary Improvement Notes OF SAD
City heretofore issued under Ordinances
Nos. ia, 125 and LAG; hat the said BONDS
SO to be issued shall be issued in the cor
porate name of THE City of Wildwood,
in the County of Cape May" in the state
of New Jersey ? shall be registered Donds
of the denomination of $1,O0O.00 each'
and numbered from 654 to 6S8 inclusive,
dated December 1, 1922, and maturing IN
numerical order. one bond on the hrst gay
1857 inclusive said bonds shall bear m
terest at the rate of five (5) per cent Per
annum, said interest shall be payaple
semi-annually on the first days OF june
and December in each year to the req
istered holder thereof. Both principal anu
interest of the said Bonds are payaole III
gold coin of the United States of Anlerca
of the present standard of weight anu
fineness or it's equivalent, at the oLg0
of the Marine National Bank OF WIZ
wood, New Jersey.
Sec. 2. That there shall be levied ID
each year when any of the said Donus
shall be outstanding. in the manner ana ~
the time as other taxes. a tax upon On
taxable property of said City sutficlent ~
produce the principal n interest 10 ma
ture in the succeeding year. ..ts
Sec. IS. That this Ordinance shail t .ion
effect on its final passage and puoIcauo'
as provided by aw.
w. COURTRIGHT SMITH.
RALPH L. CARLL,
ALFRED TAYLOR,
Commissioners