Five Mile Beach weekly journal., 1922-07-21

An Ordinance authorizing the issuance
of Sc, 000.00 Bonds of THE City of Wild
wood, in the County of Cape May" in
the State of New Jersey. for the purpose
of paying off Temporary Improvement
Notes heretofore authorized to be issued
under Ordinance Nos. 104 and 1873 of said
i 1872. adopted May g. 1920 and March H.
WHEREAS. on May 6. 1920. and March
IA, 1922, under Ordinance Nos. 104 and 1873,
Temporary Improvement Notes for &c.
200.0 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, and the acts
supplementary thereto and a~mendatory
thereof for the purpose of temporarily
financing the carrying out of the making
of the improvements set forth in said Or
dinances Nos. 104 and 1873. which was the
construction and completion of a Public
Comfort Station to be located at Glen
wood avenue and the Boardwalk, and Civ
ing the power and authority to construct
and complete the said Public Comfort
Station at the location aforesaid the said
Ordinances having been duly adopted on
May 6, 1920. and March IA, 1922, and pub
lished according to law.
AND WHEREAS, the said Temporary
Improvement Notes having been duly is
sued by said city in pursuance of said
Ordinance and the said Notes having be-
come due and payable; and the said i'm
provements named in said Ordinances
having been made and the said city being
DESTROYS of paying the said Notes by an
issue of Bonds of said city in accordance
with the statutes in such case made and
provided.
NOW, THEREFORE,. the Board of Com
missioners of The City of Wildwood, in
the County of Cape May" in the State of
New Jersey, DO ORDAIN:
Section 1. That in pursuance of the
authority conferred by an Act of the Leg
iSlature of the State of New Jersey, en-
tif1ad HAn Aat m anthOriZo and rdpn1at6
the issuance of Bonds and other obliga-
lions and the mourning of indebtedness
by County, City, Borough, Village, Town,
Township or any municipality governed
proved March %, 1916, and the supple
ments thereto and amendments thereof.
Bonds of said City shall be issued in an
amount not exceeding Six Thousand Dol
lars CSC, 000.00) for the purpose of paying
off the Temporary Improvement Notes of
said city heretofore issued under Ordi-
nances Nos. 140 and 1873; that the said
Bonds so to be issued shall be issued in
the corporate name of THE City of Wild
wood, in the County of Cape May" in the
State of New Jersey they shall be Regis
tered Bonds of the Reorganization OF Five
Hundred Dollars ($500.00) each and mum
bered from One Cd to IL inclusive, dated
August Is, 1922. and maturing in numeri-
cal order. one bond on the fifteenth day
of August in each and every year from
1924 to 1885 said Bonds shall bear inter-
est at the rate of five 60 per cent per
annum, said interest shall be payable
~semi-annually on the fifteenth days of
February and August in each year 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 National Bank of Wildwood,
New Jersey.
Sec. 2. That there shall be levied in
each year when any of the said bonds
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. 8. That this Ordinance shall take
as provided by law.
W. COURTRIGHT SMITH.
RALPH L. CARLL,
ALFRED TAYLOR,
Commissioners.