Perth Amboy evening news., 1923-10-04
FOUR

A
An Ordinance to provide for the raising
OF 100000 by the Issuance of Bonds by
the City of Perth AmbOy, to be known as
street Improvement Bonds"
WHEREAS. the City of Perth Amboy
has outstanding temporary bonds in the
amount of $4,000 issued during the yeai
1922. pursuant to ordinances entitled. re-
spectively: IAN ordinance to pave Gordon
Street from Rector Street to Water Street,
Harrison Place from State Street to High
Street, Woodruff Place from High Street
TO Rector Street, Lehigh Avenue from
Prospect Street to the lands of the Lehigh
Valley Railroad Company. Grant Street
from Market Street to Its southerly ter
minus and Fayette street from Maple
Street to Central Railroad of New Jersey.
and providing for the issuance of not ex-
ceeding SIS, 600 temporary Improvement
bonds of the City of Perth Amboy" passed
April 3, 1922, as amended in title and
body by an ordinance passed August 81.
1922, and IAN ordinance to grade and
curb New Brunswick Avenue from the
end of the present brick pavement at
Rathbnrn Place running westerly to the
City Line and providing for the issuance
of not exceeding $4,000 Temporary I'm
provement Bonds of the City of Perth
Amboy, to pay the cost thereof" passed
-ptember s. 1922; and
WHEREAS, the City's share Of the cost
Of the improvements authorized by the
lfot esaid ordinance and temporarily nm
sanced, as aforesaid is Twenty-six Thou
sand Dollars; and
WHEREAS. the said outstanding tenn
1orary bonds will mature during the
month of November. 1923. and funds will
be available to meet the portion which
has been assessed against abutting prop
perty, but there are no funds on hand Tor
the payment of said City's share. and 1t rs
necessary TO raise the sum of Twenty-Slx
Thousand Dollars by the Issuance of bonds
to provide funds to redeem said ontstahu-
ing temporary bonds and expense OF lssu-
- ..., IoaIc nd nth ar inri1pntalS. now
therefore,
BE IT ORDAINED BY THE CITY OF
PERTH AMBOY
Section 1. That there be issued pursu-
ant to Chapter 252 of the Laws OF New
Jersey of 1915, as amended, BONDS OF me
city of Perth Amboy to be designated
street Improvement Bonds" In the
amount of Twenty-Six Thousand Dollars
or such lesser amount as upon the sale
thereof in the manner provided by law
shall produce safa amount.
Section 2. That said bonds shall be IN
such denominations and form ana sha,I
be payable. principal and interest,", IN SUN
medium and at such times and place ana
shall bear, interest at such rate as may
be provided by resolution of the Council
shall be signed by the Mayor ana Ireas-
urer. attested by the City Clerk, under
the seal OF the city, and IL coupons for
the payment of interest be attached they
shall be executed by the facsimile sigma
ture of the City, Treasurer.
section B. The Council OF the CITY OF
Perth Amboy hereby determines and DC
IA That the average probable unex-
PRED period of usefulness OF the I'M,
provements for which said temporary
bonds were issued, computed IN &C
cordance with the provisions OF Chapter
$50 OF the LAWS Of 1916. as amended, Is
tb5 That the annual debt statement
reouired by Section ~ OF said Act was
duly made and filed for the year pre-
ceding the issuance OF said tempogaIg
bonds and has been duly made and hied
for each succeeding year, ana that the
supplemental debt statements sre-
ouired by said section were made ana
filed as therein required prior 10 inc
mourning of the temporary debt hereby
authorized to be refunded.
Section 4. That there shall be levied
IN each year while any OF said oonds
shall be outstanding. in the same manner
and at the same time as other taxes, a
tax upon all the taxable property OF the
said city sufficient to produce the amount
OF principal and interest TO become uue III
the succeeding year.
Sectf n S. This ordinance shall take ell
feet VI bn its publication as PROVIDED py
section . of Chapter 252 OF the Laws OF
1915. as amended, together with the state
ment required by the said section ana
The City Clerk shall have power to select
the newspaper in which II shan De pup,
lshed and to specify the date atter whioh
he bonds shall be issued and delivered
The foregoing ordinance was introdueeo
and passed on first reading at the meet
ing of the Council of the CITY OF Fertn
I mhov N j.. held October list, 1928, and
VIII be considered ana taken up for sec
ond and third readings and nnal passage
81 the meeting of the Council to De heIu
sIxs.iay, october 18th, 1928. in the conn-
Gambler, City Hall. Perth Amooy'
lI5nted, October end, 1929.
: PHILIP p. COSTELLO,
'A-1O-4-1t City Clerk.