Perth Amboy evening news., 1923-11-13
CITY ADVERTISEMENT


An Ordinance to Provide for tho Raising
of $4,000 BY the Issuance of Bonds by
the Issuance of Bonds BY the City OF
Perth AmbOy, to BE Known "Street
Improvement Bonds"
Whereas, the City of Perth Amboy has
outstanding temporary bonds in the
amount of $s5.500. issued during the year
1922, pursuant to ordinances entitled, re-
spectiYely: IAN ordinance to pave Gordon
street from Rector Street 10 Water Strest,
Harrison Place from State Street to High
Street, Woodruff Place from Eieh Street
to Rector Street, Lehigh Avenue from
Prospect Street to the lands of the Le-
high Valley Railroad Company. Grant
Street from Market Street to its Southerly
Terminus and Fayette Street from Maple
Street to Central Railroad of New Jersey,
and providing for the issuance of not eX-
ceeding $75CO0 Temporary Improvement
bonds of the City of Perth Amboy," pass
ed April 3, 1922, as amended IN title ami
body by an ordinance passed August 2l,
| 1922, and IAN ordinance to grade and
| curb New Brunswick Avenue from the end
of the present brick pavement at Rath-
| burn Place running westerly to the city
| line and providing Tor the issuance of not
exceeding $4,000 Temporary Improve
| ment Bonds of the city of Perth Amboy,
to pay the cost thereof passed septem-
| ber g, 1922 and
Whereas. the City's share of the cost Of
| the improvements authorized by the afore-
| said ordinance and temporarily financed,
| as aforesaid, is Twenty-siN Thousand Dol
| lars and
81
! ary bonds will mature during the month
! OF November, 1928, and funds will b.
| available to meet the portion which has
| been assessed against abutting property,
| but there are no funds on hand for the
| payment of said city's share, and 1T is
| necessary to raise the sum of Twenty-SiN
| Thousand Dollars by the issuance OF bonds
| to provide funds to redeem sl!d outstand-
| ing temporary bonds and expense of is-
suing new bonds and other tncidentals'
! now therefore, -
BE 1T ORDAINED BY THE CITY OF
PERTH AMBOY:
Section 1. That there be issued pursu-
| ant to Chapter 252 of the Laws OF New
! City of Perth Amboy to be designated
| "Street Improvement Bonds" in the
amount of TwentySix Thousand Dollars
or such lesser amount as upon the sale
thereof in the manner provided by law
5hall produce said amount.
Section .. Said bonds shall be in such
denominations ard form and shall be pay
able, principal and interest in such med
ium and at such times and place and shall
bear interest at such rate may be pro-
vided by resolution of the Council. shall
be signed by the Mayor and Treasurer
attested by the City Clerk, under the seal
of the city, and II coupons for the pay
nent of interest be attached they shall be
executed by the facsimile signature of thS
City Treasurer.
Section 3. The Council of the City n!
Perth Amboy hereby determines and de
olares:
(a) That the average probable unex'
pired period of usefulness of the improve
ments for which said temporary bonds
were issued, computed in accordance witt
the provisions of Chapter 252 of the Laws
OF 1916. As amended, Is fifteen years.
(b) That The annual debt statement re-
auired by Section - OF said Act was dul!
made ami filed for the year preceding th'
issuance OF said temporary bonds end has
heen duly made and filed for each succeed
ing year, and that the supplemental debt
staten ents required by said lection were
made and filed as therein required priol
10 the mourning of the temporary debl
hereby authorized to be refunded.
Section 4. That there shall be leviel
in each year while any Of the said bond'
shall be outstanding, in the same manner
| and at the same time as other taxes q
tax upon all the taxable property OF the
said city sufficient to produce the amount
of principal and interest to become duC
in the succeeding year.
Section g. This ordinance shall take
effect upon its publication as provided b.
| Section OF Chapter 252 OF the Laws oi
!, 1916. as amended, together with The state
ment required by the said section. and
! the City Clerk shall have power to select
the newspaper in which it shall be pub
. l,shed and II specify the date after whicr
the bonds shall be issued and dt tlivered.
The foregoing ordinance was passed OF
the 15th day of October, 1923, and ap
/ proved on the 18th day of October, 1923
, The bonds authorized thereby will b
! issued and delivered after the srd da,
! OF December 1923. and any srit action o
proceeding to sat aside or vacate this or
: dinance must be begun within twentl
days after the publication CT this state
"s PHILIP P. COSTELLO.
29Oe----1I-13-It - - -. Ciy eierk' I.