Perth Amboy evening news., 1923-04-30
AN ORDINANCE
ordinance 10 provide for the raising OF
$50. 900 by the issuance of bonds by tbs
city of Perth Amboy. to be known as
"Wate Bonds, Series N"

-
WHEREAS the City of Perth Amboy has
outstanding temporary water bonds issued
in the year 1920 TO pay the cost of GER
tain improvements heretofore duly au-
improvements to the city's water supply
system. including pipes, boilers and wells;
and
WHEREAS the said outstanding tenn
porary bonds In the amount of $4,000
Will mature during the year 1923. but
there are no funds on hand for the pay
ment thereof. and 1t is necessary to raise
the sum of $4,000 by the issuance of
bonds 10 provide funds to redeem said
outstanding temporary bonds, now, there
fore.
BE IT RESOLVED BY THE CITY OF
Section /. That bonds of the said City
be issued in the sum Of Fifty Thousand
CsSo,ooo) Dollars, to be DESIGNATED Wat,
June !, 1928, shall bear interest at the
rate of five per centum (5 90 per an
num-, payable semi-annually on the first
day of June and the first day of Decem-
Der of each year. and shall be in the de-
nomination of One Thousand (s1,00O) Dol
lars. each. numbered / to 90, both in
elusive, and shall mature in numerical or
der two bonds on the first day OF June
of each of the years 1924 to 194S, both
inclusive.
Section 2. That said bonds shall be in
such form and shall be payable princi-
pal and interest in such medium and at
such place as may be provided by resolu-
ton of the Council, and shall be signed by
the Mayor and Treasurer. attested by the
City Clerk, under the seal of the City, and
IL coupons for the payment 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 provis-
ions of chapter 252 Laws OF 1915, as
amended, is not less than thirty-three
years from the date of said bonds.
Section 4. That there shaft be levied
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 amour; Of
principal and interest to become due in
the succeeding year.
Section 5. 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 s. This ordinance shall AXE ef-
feet upon its publication as provided by
section 2 of Chapter 252 of ihe Laws OF
1915, as amended, and the City Clerk shall
| have power to select the newspaper in
which it shall be published and 20 specify
the date after which the bonds shall be
issued and delivered.
The foregoing ordinance was introduc.
ed and passed on first reading at the
| meeting of the Council of the City OF
Perth Amboy, N. j.. held April 10th, 1928
and will be considered and taken up fol
second and third readings and final pass
age at the meeting of the Council to be-
held Monday, May z. 1923, in tho Council
Chamber. City Hall. Perth Amboy. N. j
Daetd April 18th. 1928.
PHILIP P. COSTELLO.
2Ss1s-i-2O-SO City Clerk,