Five Mile Beach weekly journal., 1922-11-03

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
Commissioners and approved by them.
Sec A. 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
the denomination of 81, ,OOO.6 90 each, and
numbered from one % to 25 inclusive.
dated December is. 1922. and maturing in
numerical order. one % bond on the
ntteenth days of December of each of the
years 1870 to 1947 inclusive; said bonds
shall bear interest at the rate of five
l9) per centum per annum, said interest
shaIl be payable semi-annually on 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-
clpal 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-
tect the negotiabilty of the coupons which
snail continue to pass by delivery; and at
the request of the holder of said bond
it will be converted into registered bond
and the coupons annexed thereto detached
and cancelled and thereafter both prin-
cipal 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 Amer
lea of the present standard of weight and
dneness or its equivalent, at the office
Of the Marine National Bank of Wild
wood, New Jersey. Said bonds shall be
executed under the corporate seal of said
city and be signed by the Mayor and City
Clerk and countersigned by the City
Treasurer and the coupons attached to
the said bonds shall bear the fac-simile
signature of the City Treasurer and shall be
numbered to correspond with the num-
Der of the bond to which they shall be
respectively attached.
Sec. 5. The Board of Commissioners of
THE City of Wildwood, in the County of
Cape May" in the State of New Jersey,
hereby determines and declares as follows:
Ca) That the probable period of useful
ness of the improvements referred to in
the preamble hereof is % years.
(b) That the average assessed valuation
of the taxable real property Gncluding Inn
in the County of Cape May" in the State
of New Jersey. computed upon the three
preceding valuations thereof in the man.
ner provided in Section IL of Chapter 240
Sc. .991, $4,000.
(c) That the net debt of the municipality
computed in the manner provided in Sec
ton 12 of Chapter 240 of the laws of 1917
of New Jersey, including the amount of
bonds authorized by this Ordinance, is
S453 1852.
(d) That the supplemental debt state
ment required by Section IL of Chapter
240 of the laws of 1917 of New Jersey has
been made and filed as required by said
act.
Sec. 6. That there shall be levied in
each year when any of the said bonds
shall be outstanding, in the maner and at
the same time as other taxes, a tax upon
all taxable property of said city sufficient
to produce the principal and interest to
mature in the succeeding year.
Sec. 7. That this Ordinance shall take
effect on its final passage and publication
as provided by law.
w. COURTRIGHT SMITH,
RALPH L. CARLL,
ALFRED TAYLOR,
Commissioners.