Perth Amboy evening news., 1923-09-06
AN ORDINANCE PROVIDING FOR THE
RAISING OF $4,000 BY THE IS
SUANCE OF SCHOOL BONDS
OF THE CITY OF PERTH
MRO

WHEREAS, pursuant to the provisions
OF an act of the Legislature of the State of
New Jersey, entitled: IAN act to Estah :
lsh a Thorough and Efficient system of
we PUBIC schools and to provide for the
maintenance, Supper and Management
thereof" approved October 10. 1903. the
hoard OF Education of the City of Perth
Amooy heretofore, to wit: In the year
1870 decided that 1t was necessary 70
raise money for the purpose of erecting
and furnishing a school building on the
ploek bounded by Hall Avenue, Alta Vista
race Arnold Avenue and Jacques Street
IN SAID city of Perth Amboy and prepared
and delivered to each member of the
Board of School Estimate of said CITY A
statement of the amount of money esti-
and.
WHEREAS. he Board of School Esti-
mate OF said City fixed and the
aml9une necessary for such purpose and
aforesaid, two certificates setting forth
such amount, one of which was duly de-
Lvered to the Board of Education and the
otner 10 the Council of the City of Perth
Amboy; and
WHEREAS, by ordinance adopted on
the fourth day of October 1920, the Coun-
eli made an appropriation, in the sum of
Ten Thousand dollars (s10, 600. O0), for the
purpose OF paying the costs and expenses
Oh preparing plans and specihcations and
other preliminary work incidental to the
construction of said new school building
diu dullOTiZeQ the DOrfOWlnR upon Tenn
porary Loan Bonds of the City of Perth
Amboy of said sum of Ten Thousand Dol
lars, pursuant TO Chapter 112 of the Laws
OF 1915, being a supplemental to the act
aforesaid; and
WHEREAS. by resolutions of aid Coun-
ell duly adopted from time to time there
after. the said Temporary Loan has been
extended, which loan will come due on the
years from the date of the original bor-
lowing. and IL is necessary to raise said
sum: NOW. THEREFORE. BE 1 7
ORDAINED BY H CITY OF PERTH
AMBOY, AS FOLLOWS:
Section l. That there be issued for the
purpose of raising the sum of Ten Thou
sand Dollars $50. 000.0 O) to be applied to
the payment of the outstanding Temporary
Loan Bonds of the City of Perth Amboy
issued for the purpose of providing a part
of the cost of erecting and furnishing n
school building in said city, as set forth in
the preambles hereof, bonds in the cor
porate name of the City of Perth Amboy
in the amount of Ten Thousand Dollars
$50, 0O0.)), which bonds shall be desig-
mated as School Bonds. shall bear date of
October l, 1928. shall be of the denomin-
alton of One Thousand Dollars Isl, 900. 00)
each, numbered ! to 10 both inclusive,
shall bear interest at five per centum
go per annum, payable semi-annually
on the first day of April and the first day
OF October of each year, and shall mature
in numerical order-one bond on the first
day of October of each of the years 1925
to 1894, both inclusive. Said bonds shall
be signed by the Mayor and Treasurer and
attested by the City Clerk under the cor
porate seal of the City, and the interest
coupons thereto attached shall be anthem
ticated by the facsimile signature of the
City Treasurer. The principal of and in
terest on said bonds shall be payable at
the office of the City Treasurer in the
City of Perth Amboy..
Section 2. The property, faith and
credit of the City are hereby and shall
remain pledged to secure the payment or
the principal of and interest on said bonds.
Amboy shall yearly, so long as any OF
said bonds shall remain outstanding, cause
to be assessed. raised and collected by
tax or in the same manner as other city
taxes are or shall me raised and collected
the amount necessary to meet the interest
to accrue on said bonds in the ensuing
year and the principal of such bonds as
shall mature in said year. +,
Section 3. Said bonds shall be sold by
the City Treasurer at public OF private
have full power, without further action by
this Council to award said bonds, and
upon TIE execution thereof, to deliver them
and receive the proceeds thereof and ap-
ply said proceeds to the payment OF the
outstanding Temporary Loan Bonds men
toned IL the preambles hereof.
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 August goth, 1928. and
will be considered and taken up for second
and third readings and final passage at
the meeting of the Council to be held
Monday, September 18th, 1928, In the
Council Chamber, City Hall, Perth Am
boy, N. ].
Dated, September 5th. 1923.
PHILIP P. COSTELLO,
2775e-9-6-12 City Clerk.