Perth Amboy evening news., 1923-09-20

Ar Ordinance to pave Fayette Street from
the easterly side of Stanford Street west
erly to its westerly terminus, and pro-
vldlng for the issuance of not exceeding
Fifteen Thousand (s15 .000) dollars tenn
porary Improvement bond of the City of
Perth Amboy.
BE IT ORDAINED BY THE CITY OF
PERTH AMBOY:
Section /. That Fayette Street from the
~easter1y side OF Stanford Street running
westerly TO its westerly terminus, be paved
as a local Improvement, the cost of which
shall be assessed upon lands benefited
thereby. with concrete in accordance with
the plans and specifications prepared by
the City Surveyor, including the several
matters incident and appurtenant to said
paving and shown by said plan.
Section 2. Said work shall be done I'M
der the direction OF the City Surveyor. the
Committee on Streets and Sewers and the
Superintendent Of the Street Commission
er.
Section 8. The owners of any lands on
said street shall, within forty days after
passage of this ordinance. make the neces-
sary connections with the water, gas and
sewer mains in said street.
Section 4. There shall be issued to meet
the initial cost of such Improvement tenn
porary Improvement bonds of the City of
Perth Amboy. in ar amount not to ex-
coed fifteen Thousand Dollars, which
bonds shall bear interest at not exceed
ing SO six per centum (6 per cent? per
annum. payable semi-annually.
Section 5. Said bonds shall be in such
lOIh hS mas DteH pTONlueu Dy TeboluIlOu
for temporary improvement bonds of the
City of Perth Amboy. shall be signed by
the Mayor and Treasurer and attested by
the Clerk under the seal OF the City, and
If coupons for the payment of interest be
attached. they shall be executed by the
facsimile signature of the City Treasurer.
The said officers who are to sign the bonds
may fix any details not fixed by the res
olution Of this Council or by this ordi-
nance.
Section g.. There shall be levied in each
NrAA ..IEI 80, - . - - - l.
standing, in the same manner and at the
same time as other taxes, a tax in amount
not less than "a of the principal of such
temporary bonds certified TO be outstand-
ing prior to the annual budget in each
year. provided that such amount be reduc-
ed in any year by the amount of assess
ments actually collected and held for the
payment of such bonds.
Section 7. That the Council of the City
of Perth Amboy hereby determines and de-
clares as follows:
(a) The probable period Of usefulness
of said improvement in ten years.
(b) That the average assessed valua-
tion of the taxable real property lin
Guiding lm~provements) OF said City Conn
puted upon the next preceding three
values thereof In the manner provided
in section IL of Chapter 252 of the Laws
of 1916. Is $27.07S.152Oo {.
(c) hat the net debt of the City of
Perth An1boy computed in the manner
provided in said Section -, Is 1884,
692.63.
I'D That the annual and supplement-
al debt statement required by Section II.
have been made and filed as therein
required.
Section g.. The City Treasurer be and
hereby Is directed to negotiate the sale of
said bonds according to the statute.
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 September 18th. 1928.
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, October LIST. 1923. in the
Council Chamber. City Hall. Perth Am
boy. N. ].
Dated. September IS. 1923.
PHILIP p. COSTELLO.
S10g-9-2O-o7 CITY Clerk.