The Penn's Grove record., 1923-02-23

of bonds to the Amount of Fifty
Thousand Dollars for the Purpose of
ments in the Borough of Penns
Grove.
BE IT ORDAINED by the Council of
the Borough of Penns Grove:
l. Bonds to the amount of fifty
thousand dollars shall be issued by the
Mayor and Common Council of the
Borough of Penns Grove to provide
funds for improving streets with water
bound macadam or penetration process
which said amount of money is hereby
deemed necessary to be raised therefor.
2. Said bonds shall be duly executed
under the corporate seal of the Mayor
and Council of the Borough of Penns
Grove, and shall be signed by the
Mayor and attested by the Clerk. They
shall bear interest at the rate of five
per centum per annum and shall be
dated the first day of July, 1922.
8. 1t is hereby determined and de-
clared:-
ness of the improvement for which
said bonds are hereby authorized is
deemed to be ten years.
i. The averaged assessed valuation
of the taxable property, including
improvements of the Borough of Penns
Grove computed upon the next three pre-
ceding valuations thereof in the man
1852. Pamphlet Laws of 1916, as amend
ed is 50, 1861, $4,000.
c. The net debt of the Borough of
ItIlUS NIONt tOilpbltu III II 1
provided in Section IL of the Act
aforesaid is $39, 100000.
d. The statement required by Section
70 of the act aforesaid has been made
and filed as therein required.
4. The said bonds shall be issued in
denominations of one thousand dollars
each and one-half of the bonds shall
become due in five years from the date
of the issue of said bonds and the bal
ance in ten years from the date of the
issue of said bonds; said bonds shall
hAar intarnGt Of the rntn Dt 1Np nGI
cent per annum, payable semi-annually
on the first day of January and the
first day of July of each year. The
faith, credit and property Of the Bor-
ough of Penns Grove is hereby pledged
for the payment of the principal and
interest of said bonds.
5. Express power is hereby delegated
to the Mayor, Collector and Clerk OF
the Borough of Penns Grove to deter
mine all matters in relation to said
bonds subject to the Limitations of the
statutes in such case made and provfd-
ed. and of this ordinance, and the bonds
terest. at such places as shall be Sc
lected by the Mayor Collector and
c. said bonds shall be sold upon
sealed proposals or at public auction
as provided in the Act aforesaid. and
accrued interest, and all moneys re-
ceived from the sale of said bonds
shall be applied and used as provided
" Z. The Borough Collector shall be
and is hereby authorized to pay the in
tarest on said bonds and the principal
thereof as the same becomes due.
s. This ordinance shall take effect
Immediately.
introduced at a regular meeting of the
Mayor and Council of the Borough or
Penns Grove, held March 18th, 1922.
Approved.
ROBERT w. KIDD.
/ Attest: Mayor.
CLYDE w STRUBLE.
Clerk.
The foregoing ordinance was adopted
on the 9th day of March, 1922. The
bonds authorized thereby will be issued
and delivered after the 18th day OF
March. 1923. such bonds shall not be
issued if protests against the same are
filed under Section 8, Chapter 252,
Laws of 1916, as amended. unless a
proposition for the ISSUANCE thereof
shall be adopted at an election under
said section. 2-23-1t