Perth Amboy evening news., 1923-05-16

An Ordinance to Provide for the Rails
I Ing Of S50,000 By the Issuance o. Bonds
BY the City of Perth Amboy. to Be
known as Water Bonds. Series n"
WHEREAS the City OF Perth Amboy has
I outstanding temporary water bonds issued
in the year 1920 to pay the cost Of GER
tain improvements heretofore duly author
led and made, to wit: extensions and i'm
provements 10 the City's water supply sys-
TEN, including pipes, boilers and wells
and
WHEREAS the said outstanding tenn
porary bonds in the amount of $4,000
viii mature during the year 1928, but
there are no funds on hand for the pay
ment thereof, and it is necessary to raise
the sum OF 10000 by the issuance Of
bonds 10 provide funds to redeem said
outstanding temporary bonds, now, there
fore.
BE IT RESOLVED BY THE CITY OF
PERTH AMBOY:
Section !. That bonds of the said City
be issued in the sum OF Fifty Thousand
(s50,000) Dollars TO be designated Wa
ter Bonds. Series ~" which shall be dated
June 1. 1928. shall bear interest at the
rate of five per centum (5eo) per annunt.
payable sem%i-annually on the first day Of
June and the first day of December Of
each year, and shall be in the denomina-
ton of One Thousand (S1,000) Dollars.
each, numbered / to SO, both inclusive,
and shall mature in numerical order two
bonds on the first day OF June of each
Of the years 1924 to 1913, 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, and shall be signed by the
Mayor and Treasurer, attested by the city
Clerk. under the seal Of the City, and II
coupons for the paymen of interest be
attached they shall be executed by the
facsimile signature of the City Treasurer.
Section 3. The Council of the City Of
Perth Amboy hereby determines and de-
clares that the probable unexpired period
Of usefulness of the improvements for
which said temporary bonds were issued,
computed in accordance with the provi-
sions Of Chapter 253 Laws Of 1916. as
amended. is not less than thirty-three
years from the date of said bonds.
Section 4. That there shall be levied in
each year while any OF the said bonds
shall be outstanding, in the same man
ner and at the same time as other taxes
a tax upon all the taxable property of
the said city sufficient 10 produce the
amount of principal and interest TO be-
come due in the succeeding year.
Section b. said bonds shall be sold by
the City Treasurer in accordance with the
statute and the said Treasurer shall have
power to fix the necessary details.
Section 5. This ordinance shall take et-
feet upon its publication as provided by
section . OF Chapter ESQ Of the Laws Of
1916, as amended, and the City Clerk shall
have power 10 select the newspa per in
which 1t shall be published and to spe-
city the date after which the bonds shall
be issued and delivered.
Introduced April Is, 1928.
Passed May Z. 1928.
Approved May II, 1928.
The foregoing ordinance vas passed on
May 18th. 1873 and approved by the Ma
yor on May nth, 1929. The bonds au-
thorized thereby will be issued and deliv-
cred after the 9Th day of June, 1928, and
any suit action or proceeding to set aside
or Tacate this ordinance must be begun
within twenty days after the publication
Of this statement.
Dated May 18th. 1923.
PHILIP T. COSTELLO,
-f1it-o-lb-lL City Clerk.