Perth Amboy evening news., 1923-02-21
ADVERTISEMENT
AN ORDINANCE

AN TO PROVIDE FOB
THE RAISING OF $4,000 BY THE ISSU.
ANCE Of BONDS BY THE CITY OF
PERTH AMBOY, TO BE KNOWN AS
GENERAL IMPROVEMENT BONDs.'
WHEREAS the City of Perth Ambo,
has outstanding temporary bonds issued tc
pay the entire cost of certain improve.
ments heretofore duly authorized and
made. and the City's share of the cost OF
which is as follows.
First Street Curbing and Gutter
ing 1,23S.SS
Lewis Street Curbing and Gutter
State Street Sewer No. 6 $500. e,983.sG
Buckingham Avenue Pavement :. 1O,136.7S
$18,s92.s7
other incidentals .....-.......S us
Total sig, o0o.O 90
WHEREAS the said outstanding tenn
porary bonds in the amount of $42, 900 will
mature during the year 1928 and funds
VIII he available to meet the portion which
mas been assessed against AUDITING prop
erty, but there are no funds on hand for
the payment of said City's share. and it is
pecessary to raise the sum of 1 1000 by
the issuance of bonds to provide funds to
redeem said outstanding temporary bonds
ana expense OF issuing new bonds and
other ineidentals, now, therefore.
BE IT ORDAINED BY THE CITY OF
PERTH AMBOY:
Section 1. That bonds of the said City
be issued in the sum of $19, 900, to be des-
ignated GENERA Improvement Bonds"
which shall be dated April 10, 1928. shall
bear interest at the rate of five per cent
UNI toSo) per annum, payable on the tenth
day OF October and the tenth day of April.
or each year, and shall be in the denomi-
nation Of One Thousand ($1,0 900 Dollars
each, and shall mature as follows:
One bond on the 10th day of April in
each OF the years 1924 to 1912, both
inclusive.
Section ,. That said bonds shall be IN
such form and shall be payable principal
and interest in such medium and at such
place as may be provided by resolution of
the Council. shall be signed by the Mayor
and Treasurer, attested by the City Clerk.
1noer the seal OF the City, and if coupons
Tor the payment of interest be attached
they shall be executed by the facsimile
signature of the City Treasurer.
section 3. The Council of City of Perth
Amooy hereby determines and declares:
(a).. That the average unexpired period
or usefulness Of the improvements for
which said temporary bonds were issued
computed in accordance with the provis-
Ions OF Chapter 252 Laws of 1916. as
amended, is not less than twenty wears
from the date of said bonds.
tpp..Ihat the annual debt statement re-
CURED by Section IL Of said Act was duly
made and filed for the year preceding the
issuance of said temporary bonds and has
been duly made and filed for eath succeed
ing year. and that the supplemental debt
statements required by said section were
made and filed as therein required prior
to the mourning OF the temporary debt
hereby authorized to be refunded.
section 4. That there shall be levied in
each year while any of the SAID bonds
shall be outstanding, in the same manner
and at the same time as other taxes, a
tax upon all the taxable property Of the
said city sufficient TO produce the amount
OF principal and interest to become due in
succeeding year.
Section 5. Said bonds shall be sold by
the city Treasurer in accordance with the
statute and the said Treasurer shal have
power to fix the necessary details.
Section e. This ordinance shall take ef-
feet upon its publication as provided by
section , OF Chapter 252 of the Laws of
1916, as amended, and the City Clerk shall
have power 10 select the newspaper in
which 1t shall be published and to specify
the date after which the bonds shall be
issued and delivered.
The foregoing ordinance was introduced
and passed on first reading at the meet
ing of the Council OF the City of Perth
Amboy, n. j., held February 18th, 1923,
and will be considered and taken up for
second and third readings and final pass
age at the meeting of the Council to be
held Monday, March 5th, 1928, in the
Chamber, City Hall, Perth Amboy,
n. J.
Dated, February goth. 1928.
PHILIP P. COSTELLO,
E-oo5-S-El-- City Clerk,