The Pleasantville press. (Pleasantville, N.J.) 1912-1929, 1924-01-26

AN ORDINANCE to provide for this
issuance OF Permanent Sewer Bonds OF
the CITY OF Pleasantvillei New Jersey
IN the amount of Two Hundred On
Thousand Dollars.
WHEREAS pursuant to the provision.
of an ordinance OF the City OF Pleasant
8 vile, n. J., passed by the Common Coun.
Gil September 3. 1917, a sanitary sewer
system and necessary house connection.
r and a modern sewage disposal plant have
been constructed in said City, and il il
estimated hat said Improvements Wer,
completed on October 10. 1921; and
5 WHEREAS pursuant TO the provisions
Z of said ordinance an assessment was dull
l made upon the lands benefited by sail
-s.-1 --..--m.nr Z.
finally duly confirmed aggregated &c.,
370.53; and
WHEREAS the total cost of said i'm
.provement, including the amount so as
sessed, and including engineering costs
and interest during the construction pc
riod and the estimated cost of issuing
bonds will amount to 1927 .370.53, the total
cost of said improvement to be borne by
general taxation being the sum of SPOIL
600, and the total cost of said improve
ment borne BY special assessment being
the sum of 500. 370.53; and
temporary notes or bonds
have heretofore been issued temporarily
to finance the cost of said improvements.
and said special assessments in the am
cunt of $53. 554.8 heretofore rave been
paid, and there are now outstanding and
unpaid temporary notes or bonds so is
sued in the aggregate principal amount
of S255. $685., maturing November %,
1928, S201 100000 of which represents that
taxation, $42. S15.73 OF which represents
that part Of the cost TO be borne by spe-
! cial assessments duly levied and confirm
ed, now remaining unpaid, and S14,95AS0
of which represents moneys in hand col
lected from said assessments and not yet
paid on said bonds. and it is necessary to
direct the issuance OF permanent bonds
in the principal sum Of SOL 100000 to fund
said SOS, 19S.05 temporary notes or bonds
and to pay the balance of the cost of
said improvements OF S2.S01.95 to be
borne by general taxation.
Be il Ordained by the Common Council
of the City of P~leasantvIlle. New Jersey:
Section J.. That it is necessary to raise
the sum of Two hundred and One Thou
sand Dollars for the purpose of funding
temporary notes or bonds of the City Of
"PleasantV1lle, y. J., nov outstanding and
unpaid in the principal sum of Sl9S.19S.05,
issued temporarily to finance the improve
ments heretofore made and completed
pursuant to the provisions OF an ordl-
nance entitled An Ordinance to provide
Tor the construction, installation and COM
pletIon Of a sanitary sewerage system
and the necessary house connections
from the sewers to the curb line Of
streets, and a modern sewage disposal
plant in the City of P~leasantville, New
Jersey, and TO provide for the payment OF
the cost thereof, passed by the Common
Council September 5, 1917. and to pay
the balance of the cost OF said improve
ments to be borne by general taxation.
said S201, 900 being the portion of the total
cost of said improvements to be borne by
general taxation.
Section .. That to raise said amount
of S201. 900, there shall be sold and issued
permanent negotiable Sewer Bonds of the
CITY of P"leasantville. New Jersey, in the
amount of Two Hundred and One Thous-
and Dollars. All of said bonds shall ma
ture within the period of usefulness here
in declared and determined, and all other
matters with respect to the issuance,
sale and form of said bonds shall be de-
termined by resolution of the Common
Council.
Section 8. The proceeds of sale of said
bonds shall be applied to the funding of
the said S19S, 1896 temporary notes or
bonds of said City and the payment OF
the cost of the improvements above de-
scribed.
section 4. 1t is hereby determined:
fa) hat the period of usefulness of
the improvements for which said bonds
are to be issued is forty years from Octo-
Der 10, 1921, said improvements being
hereby classified as Sewer System under
Subdivision A of Section 4 CD of Chapter
252, Laws of New Jersey of 1916 as amen
Cbl That the average assessed valua-
ton of he taxable real property Gnclud-
ing Improvements of such municipality
computed upon the next preceding three
valuations thereof in the name provid-
ed in Section u of Chapter 252, Laws of
New Jersey of 1916 as amendedl is
SS.595. 463.
fcl Tha the net debt OF the munich
pality computed in the manner provided
in said Section u of Chapter 252. Laws
of New Jersey of 1916 as amended and
supplemented. is S245, 971.43.
Id Il is hereby certified that the sup
Elemental debt statement required by
Section II OF Chapter 252, Laws Of New
Jersey of 1915 as amended and supple
mented, has been filed in the Office of the
City Clerk.
Section 5. This ordinance shall take
effect Immediately after final passage and
publication.
The foregoing ordinance WAS passed by
the Common Council of the City Of Pleas
antville. N. j., on December 8, 1923. and
was approved by the Mayor on the 18th
dav of December, 1923.
The bonds authorized thereby viii be
issued and delivered after the 18th day
OF February, 1924, and any suit. action or
proceeding to set aside or vacate this
ordinance must be begun within twenty
DAYS after the publication of this state
ment.
NEHEMIAH ANDREWS,
CITY Clerk.
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