Five Mile Beach weekly journal., 1922-07-14
ORDINANCE No. AZ

An Ordinance authorizing the issuance
of Sc, 000.0 90 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
city, adopted May 6, 1920, and March Ia,
1922.
WHEREAS, on May 6. 1920, and March
IA. 1922. under Ordinance Nos. 104 and 1913,
Temporary Improvement Notes for So
200.0 we're 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 ~amendatory
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 A. 1917, and pup
lished according to law.
AND WHEREAS, the said Temporary
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 inn
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, On the State OF
New Jersey, DO ORDAIN:
Section /. 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-
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 Thereon,
Bonds of said City shall be issued IN an
amount not exceeding Six Thousand Dol
lars Csc, 100000 for the purpose OF paying
off the Temporary Improvement Notes OF
said city heretofore issued under Ordl-
nances Nos. 40 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 Regls-
tered Bonds of the denomination of Five
Hundred Dollars ($500.00) each; and num-
bered from One a. to II inclusive, dated
August Is, 1922. and maturing IN numerl-
cal order. one bond on the htteenth day
of August in each and every year from
1924 to 1895 said Bonds shall bear inter-
est at the rate of five (5) per cent per
annum, said interest shall be payable
"semi-annuaIly 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 hneness or its equivalent, at the office
of the Marine National Bank of Wildwood,
New Jersey.
See. ?. 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 ana in
terest to mature in the succeeding year.
Sec. 8. 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