Perth Amboy evening news., 1923-07-11
CITY ADVERTISEMENT

An Ordinance to provide for the raising
of "a. 900. 90 b. the Issuance of Bonds by
the City of Perth Amboy, to be known as
street Improvement Bonds"
WHEREAS the City of Perth Amooy
has outstanding temporary bonds In the
amount of $4,000 issued under date OF
August 1. 1917, pursuant to a resolution
adopted on the 6th day of August. 1917.
and thereafter duly approved, 10 finance
temporarily the cost of paving that part
| of Florida Grove Road lying within the
boundary limits OF the City of Perth Am
boy and north of .Amboy Avenue TO klnsey
! WHEREAS the city's share Of the cost
of such improvement is Four Thousand
Dollars; and
porary bonds will mature on the first day
of August, 1928, and funds Will pc aVall-
able to meet the portion which has oeen
assessed against abutting property, out
| there are no funds on hand for the pay
ment of said city's share, and 1t Is neces,
J sary to raise the sum of -Four Thousand
Dollars by the issuance of bonds to pro-
! vide funds to redeem said outstanding
temporary bonds and expense OF issuing
| new bonds and other incidentals, now,
therefore,
BE IT ORDAINED BY THE CITY OF
I PERTH AMBOY:
Section /. That bonds OF the SAID city
he issued in the sum of Four Thousand
| Dollars to be designated, Street Improve
J ment Bonds." which shall be dated Az
gust 1, 1928, shall bear interest at the
rate of five per centum per annum, pay
able on the first day of February and the
| first day of August of each year, ana snaii
be in the denomination OF one tnousanu
dollars. each, and shall mature as ngmst
In each of the years 1924 to 1877 ooth
sactis5 ? That said bonds shall be in
such form and shall be payable, principal
and interest, in such medium and at sucn
place as may be provided by resolution oil
the Council, shall be signed by the Mayor
and Treasurer. attested by the CITY o!eTh.
under the seal of the city, and IL coupons
| for the yme of interest be attached
thew shall be executed by the fac-simlie
signature of the City treasure ths c,tv of
Perth Amboy hereby determines and de-
clares: var
iod of usefulness of the Improvement for
which said temporary bonds were Is
sued, computed In accordance with the
provisions of chapter 252 of the laws OF
1915. as amended, is not less than ten
years from the date OF said bonds.
(b) THAT the annual debt statement
ranuired by section 10 of said act was
duly made and filed for the year pre-
ceding the issuance of said temporary
bonds and has been duly made and nled
for each succeeding year, ana tnat the
supplemental debt required
by said section were made and filed as
therein required prior to tn mourning OF
the temporary debt hereby authorized
10 be refunded.
Section 4. That there shall be levied In
each year while any of 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 said city
sufficient to produce the amount OF prln-
cipal to become due in the succeeding
year. =,
Section s. Said bonds shall be sold by
the City Treasurer in accordance with the
statute, at public or private sale, as he
shall deem. best and the said treasurer
shall have power to fix the necessary de-
tails and to sell and deliver the oonds
without further action by the Council.
Section s. This ordinance shall take
effect upon it's publication as provided by
section 2 of Chapter 252 of the laws OF
1916. as amended. and the City Clerk
mall have power to select the newspaper
in which 1t shall be published and 10
specify the date after which the bonds
shall be issued and delivered.
The foregoing ordinance was introduced
and passed on first reading at the meeting
of the Council of the City of Perth Amboy,
N. J., held July End. 1923, and Will be
considered and taken up for second ana
third readings and final passage at the
meeting of the Council to be held Monday,
.Iulv 18th, 1923, in the Council Chamber,
CITY Hall, Perth Amboy, N. ].
Dated, July 9th. 1928.
9s2ss-7-s-11 City Clerk.