Five Mile Beach weekly journal., 1923-04-13

ldSStu uI1dIlilouSlN On lTSL IedullB IldL
it will be placed on second and third
reading and final passage at a regular
meeting of the Borough Council to be
held on Saturday, April 2S. 1928, at 8
o'clock P. NJ, at which time all persons
interested may be present and offer OBJ
jections to its final passage.
ORDINANCE No. -
An ordinance to authorize the purchase
by the Borough of West Wildwood of the
water distribution system. property and
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 Dor
ough to finance said purchase and create
bonds.
RESOLVED, by the Mayor and Council
of the Borough of West Wildwood, in the
County of Cape May and State of New
Jersey:
l. 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.
reVenues therefrom for the purpose of
supplying water for the public and private
use of the borough and the inhabitants
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
IGdoOiidblC, lOl u exceed the sum OIL
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. That the borough be and hereby is
authorized to borrow such amount of
money not exceeding Twenty-Five thou
sand dollars as may be required for the
purpose aforesaid, and secure the aymen
of the same by an issue of its bonds not
TO exceed SAID amount in par value, in the
corporate name of the borough, under its
corporate seal. execute by its proper Of
ficers, in such denominations and form
and for such term not exceeding thirty
hVe 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
to a like amount, in such form and on
such terms and in such denominations as
may be authorized by law and the resolu-
ton of Council, for the purpose of hnanc-
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 10
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
Jersey, and the amendments thereof. the
Council hereby determines and declares
that the probable period of usefulness of
said Improvement is thirty-ive years, that
the average assessed valuation of the real
estate and Improvements in said borough
computed on the last three years is S103,-
475 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.