Perth Amboy evening news., 1923-04-12
ORDINANCE AUTHORIZING THE
ISSUANCE OF $50 900. SCHOOL BONDS
OF THE CITY OF PERTH AMBOY.

-
WHEREAS. the Council Of the City Of
Perth Amboy by a resolution duly adopted
on the third day of May 1920 made APP
proprlations in the AMOUNT Of Thirty
pose of grading and eNcavating work pre-
paratory. TO erecting. a school building. on
the block bounded by Hall Avenue. Alto
| Vista Place. Arnold Avenue and jacques
| Street in the City of Perth Amboy. and
did by said resolution postpone the deter
mination of whether the sum SO appro,
priated should be raised by the levy and
collection of a tax Or provided for by the
issuance Of permanent School Bonds I'M
I'm further action with reference thereto
by the Council; and.
| WHEREAS. said resolution provided for
| raising said appropriation by Temporary
Loan Bonds in the amount of Thirty
Thousand Dollars ls30,O00.l. which bonds
were thereafter duly issued and are now
WHEREAS. Fifteen thousand Dollars
($15.000.) OF said Temporary Loan Bonds
will mature on May II. 1923. and Fifteen
mature on July IL. 1923. and this Council
deems 1t necessary and advisable to raise
the sum of Thirty Thousand Dollars $780,
o0o.) appropriated by said resolution by
the Issuance of permanent bonds for the
purpose Of paying said Temporary Bonls
Now. therefore. BE IT oRDAIN-
ED BY THE CITY OF PERTH AMBoY
as follows:
Section l.. That for the purpose of pro-
viding funds 10 pay the principal of Thir-
ty Thousand Dollars $3.50. 000.) of Temper
dIy Gbdil 6Niipp biu y Etlu CITY lEEu-
ed, pursuant to a resolution of this Council
duly adopted on the third day of May
1920, there be. issued bonds in the cor
porate name of the City of Perth Amhoy
in the amount of Thirty Thousand Dollars
tsS0,o09,9. which bonds. shall be designat-
Nav i, I93S. shall be Of the denomination
of one thousand Dollars ts1.o0O.). num-
bered one % to thirty 900. both inclu-
per centum (5So(. per annum. payable
semi-annually on the first day Of May and
the first day of November in each year.
and shall mature in numerical order one
bond on May LIST of each of the years 1926
to 1s64. both inclusive. Said bonds shall
corporate seal of the city. and the inter-
est coupons thereto attached shall bear the
The principal and interest of said bonds
shall be payable at the office of the City
Treasurer in the City of Perth Amboy.
Section .. The property. faith and cred
1t of the city are hereby and shall re-
main pledged to secure the m of
the principal and interest of said bonds.
The City Council of the City of perth Am-
boy shall yearly. SO long as any of said
bonds shall remain outstanding. cause to
be assessed. raised and collected by tax in
the same manner as other city taxes are
or shall be raised and collected the
amount necessary to meet the interest to
accrue on said bonds in the ensuing Year.
and principal of such bonds as shall ma
Section 8. Said bon Is snail be 'ssued
III SUN / DIS nid bt bFftdllNt pit~
scribed by resolution of this Council.
They shall be sold upon sealed
proposals, after due notice pub
lished at least twice. the firss publication
to be at least ten DAYS prior 20 The sale
in the PERTH AMBOY EVENING NEWS.
u newspaper published in the City CT
Perth Amboy. and also once in the BOND
BUYER. a financial paper published in the
City of New York. Such notice shall
state the matters required by law and
shall be in such form as the CITY clerk
shall deem best and he is hereby author
lied to fix the date of such sale. The pro-
ceeds of the sale shall be paid 10 the
Custodian of School Moneys and applied
solely to the purpose herein set forth.
The foregoing ordinance was introduced
and passed on first reading at the meet
ing of the Council of the City Of Perth
Amboy. N. j., held April End. 1923. and
will be considered and taken up for Sec
ond and third readlngs and final passage
at the meeting of the Council to be held
Monday. April 18th. 1928. in the Council
Chamber. City Hall. Perth Amboy. n. j.
Dated, April 4th. 1928.
PHILIP P. COSTELLO.
City Clerk.
2SS55-4-5-1s