Five Mile Beach weekly journal., 1923-05-03
BOROUGH OF WEST WILDWOOD
Notice Of Passage OF Ordinance

The following Ordinance, No. IS, was
unanimously passed after third and final
reading, by the Borough Council of the
Borough of West Wildwood, at a regular
been approved by the Mayor. The pro-
posed purchase will not be made until
after thirty days from the date of this
publication, as provided by Chapter 1872 of
the Pamphlet Laws of the State of New
Jersey of the Session of 1917, and the acts
amendatory thereof and supplementary
thereto.
An ordinance to authorize the purchase
by the Borough of West Wildwood of the
water distribution system property and
franchises of the West Wildwoo Water
and Power Company, and the ownership
and operation thereof to- appropriate
money for said purchase to provide for
an issue of bonds and notes of the bor-
ough to finance said purchase and create
a sinking fund for the redemption of said
bonds.
of the Borough of West Wildwood, in the
County of Cape May and State of New
Jersey:
/. That the borough acquire by purchase
all of the water distribution system, prop
erty and franchises of the West Wild
wood Water and Power Company in said
borough, if a reasonable price therefor
can be agreed upon, and own. operate,
improve, extend the same and collect the
revenues therefrom for the purpose of
supplying water for the public and private
LOG VI MS OOAO06h anu NiC
thereof; provided, however. that the price
to be paid for said system, property and
franchises shall be such as the Council
of the borough shall by resolution set as
reasonable, not to exceed the sum of
Twenty-Five thousand dollars.
2. That the sum of Twenty-Five thousand
dollars, or so much thereof as may be
necessary. be and hereby is appropriated
for the purpose aforesaid.
3. h the borough be and hereby is
authorized to borrow such amount of
mnnnU mot pXRnn6inO TyynnfV-fNTn fhnI-
sand dollars as may be required for the
purpose aforesaid, and secure the payment
of the same by an issue of it's bonds not
to exceed said amount in par value, in the
corporate name of the borough, under its
corporate SEAL executed by its proper Of
dcers, in such denominations and form
and for such term not exceeding thirty
five years and at such rate of interest not
exceeding six per cent per annum, as the
Council of the borough may by resolution
provide and to issue its temporary bonds
such terms and in such denominations as
may be authorized by law and the resolu-
ton of Council, for the purpose of name
ing the purchase aforesaid, to be paid OFF
when the permanent bonds are issued.
4: That there shall be set aside as a
sinking fund from the revenues derived
from supplying water and from money to
be raised by general taxation, if any is
necessary, sufficient money in each and
every year to pay the interest on said
bonds and the principal thereof at ma
turity.
5. And in compliance with Chapter 252
of the Laws of 1916, of the State of New
Council hereby determines and declares
that the probable period of usefulness of
said improvement is thirty-five years, that
the average assessed valuation of the real
estate and improvements in said borough
computed on the last three years is $1O3,-
ATS that the net debt computed is none
and that the chief financial officer filed the
statement required by law of the financial
condition of the borough before the final
passage of this ordinance by which it is
shown that the bonds provided for in this
ordinance, being for the supply of water,
will not when issued increase the indeb-
tedness of the borough beyond the limit
prescribed by law.
This ordinance shall take effect after
publication as provided by law.
JOSEPH E. WRIGHT,
Borough Clerk.