Perth Amboy evening news., 1923-04-05
AN ORDINANCE AUTHORIZING THE
Issuance OF $50. 900. SCHOOL BONDS
OF THE CITY OF PERTH AMBOY

WHEREAS. the Council OF the City Of
Ferth annoy by a resolution duly adopted
on the third da% of May 1920 made sp-
PToprlations IN the amount of Thirty
Thousand Dollars 1880. OOO.) for the pur-
pose OF grading and excavAting work pre-
pa l Ia{ b9rpg 70 erecting a school building on
Vista Place. Arnold Avenue and Jacques
street IN the City of Perth Amboy, and
mination of whether the sum SO appro-
priated should be raised by the levy and
eoIlectlon OF a tax Or provided for by the
issuance of permanent School Bonds I'M
gu further action with reference N arefo
by the Council; and.
WHEREAS, said resolution provided for
raising said appropriation by Temporary
Loan Bonds in the amount Of Thirty
thousand Dollars 1880. 00O.), which bonds
were thereafter duly issued and are now
WHEREAS. Fifteen thousand Dollars
'Sl5.00e.4 of said Temporary Loan Boods
wv mature on May y, 1923. and Fifteen
mature on July II. 1923. and this Council
aeens 1t necessary and advisable to raise
ne sum OF Thirty Thousand Dollars $780,
uOO.) appropriated by said resolution by
the issuance Of permanent bonds FOR the
purpose OF paying said Temporary Bonds
Now, THEREFORE. BE IT oRDAIN-
y d By THE CITY OF PERTH AMBOY
Section J.. That for the purpose of nro.
Vldlng funds to pay the principal Of Thfr-
~ Thousand Dollars $3.50, 0OO.) of Tempor-
aIy Loan School Bonds of said city issu-
ed. pursuant to a resolution Of this Council
duIy adopted on the third day OF May
1870. there be. issued bonds in the cor
porate name OF the City of Perth Ambov
IN the amount OF Thirty Thousand Dollars
's3O. 1000, which bonds shall be designat-
cd school Bonds" shall bear date Of
Of one thousand Dollars 1,000.) num-
bered one l1) to thirty 900. both inciu-
slve' shall bear interest at the rate of five
per centnm taeo( per snnum. payabia
semi-anuually on the first day of May and
the first daN Of November in each year.
and shall mature in numerical order one
BOND. on May LIST OF each OF the years 1925
to 1854. both inclusive. Said bonds shall
be signed by the Mayor and Treasurer.
and attested by the City Clerk under the
corporate seal Of the city. and the inter-
est coupons thereto attached shall bear the
fac-simile signature Of the City Treasurer.
The principal and interest of said bonds
shall be payable at the office of the City
Treasurer in the City Of Perth Amboy.
section 2. The property. faith and cred
VI or the city are hereby and shall re-
main pledged to secure the payment OF
The principal and interest OF said bonds.
The CITY Council Of the City of psrtll Am
BOY snail yearly. so Ions as any of said
bonds shall remain outstanding. cause 10
be assessed, raised and collected by tax in
the same manner as other city taxes are
or shall be raised and collected tbs
amount necessary TO meet the interest Is
! arcrue on said bonds in The ensuing year,
ana principal Of such bonds as shall ma
Section 3. said bon Is snail he issued
IN such form as NAV he I~areattsr prce-
They shall be sold upon sealed
proposals., after due notice pub.
lished at least twice, the firs5 publication
to be at least ten days prior % the sale
In the PERTH AMBOY EVENING NEWS
q newspaper published in the city q
Perth Amboy. and also once in the BONE
BUYER. a financial paper published in tn,
City OF New York. Such notice shai
state the matters required by law and
shall be in such form as the CITY CletI
shall deem best and he is hereby author
lied to fix the date of such sale. The pro.
ceeds of the sale shall be maid TO thu
Custodian of School Moneys and applied
solely To the purpose herein set forth.
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 April end. 1923. ano
will be considered and taken up for sec.
ond and third readings and final passag.
at the meeting Of the Council to be held
Monday. April 18th. 1923. in the Council
Chamber, City Hall. Perth Amboy. n. ].
Dated. April 4th. 1923.
PHILIP p. COSTELLO,
City Clerk