Perth Amboy evening news., 1923-10-11

An Ordinance to provide for the raising
of $4,000 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 year
1922, pursuant to ordinances entitled, re.
| spectively: AN 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 VENUE 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, 900 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 AN ordinance to grade and
curb New Brunswick Avenue from the
end OF the present brick pavement at
| Rathburn Place running westerly TO the
OF not exceeding $4,000 Temporary I'm
provement Bonds of the City of Perth
Amboy, to pay the cost thereof" passed
September 5. 1922; and
WHEREAS. the City's share of the cost
of the improvements authorized by the
aforesaid ordinance and temporarily fin
anced' as aforesaid. is Twenty-six Thou
sand Dollars; and
WHEREAS. the said outstanding tenn
porary 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 for
the m of said City's share, and it is
necessary to raise the sum of Twenty-Six
Thousand Dollars by the issuance of bonds
to provide funds to redeem said outstand-
ing temporary bonds and expense of issu-
ing new bonds and other incidentals, now
therefore,
nm Ir c~PnAINEn nv rtrr rrx ON
PERTH AMBOY:
Section /. That there be issued pursu-
ant to Chapter 252 of the Laws of New
Jersey of 1916. as amended, bonds of the
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 said amount.
Section 2. That said bonds shall be in
such denominations and form and shall
be payable. principal and interest, in such
medium and at such times and place and
shall bear interest at such rate as may
be provided by resolution of the Council,
shall be signed by the Mayor and Treas
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 3. The Council of the City of
Perth Amboy hereby determines and de-
clares:
Ia That the average probable unex-
PRED period of usefulness of the i'm
provements for which said temporary
bonds were issued, computed in ac-
cordance with the provisions of Chapter
252 of the Laws of 1916, as amended. is
fifteen years.
(b) That the annual debt statement
required by Section IL of said Act was
duly made and filed for the year pre-
ceding the issuance of said temporary
bonds and has been duly made and filed
for each succeeding year, and that the
supplemental debt statements re-
filed as therein required prior to the
mourning of the temporary debt hereby
authorized to be refunded.
Section I. That there shall be levied
In each year while any of said bonds
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 due in
the succeeding year.
Section s. This ordinance shall take eff
feet upon it's publication as provided by
Section 2 of Chapter 252 of the Laws of
1916, as amended. together with the state
ment required by the said section, and
the newspaper in which 1t shall be pub
lished and to specify the date after which
the bonds shall be issued and delivered.
The foregoing ordinance was introduced
and passed on first reading at the meet
ing of the Council of the CITY of Perth
will be considered and taken up for Sec
ond and third readings and final passage
at the meeting of the Council to be held
Monday. October 18th, 1928, in the Coun-
ell Chamber. City Hall, Perth Amboy.
N. j.
Dated, October End. 1923.
PHILIP p. COSTELLO,
2s614-1o-4-Di City Clerk.