The Pleasantville press. (Pleasantville, N.J.) 1912-1929, 1924-08-16

AN ORDINANCE appropriating the sum
of Fifty Thousand Dollars for the pur-
City Of somers Point for school pur-
poses and for the enlargement and fur
nishing of the present school house In
said City of Somers Point and provid-
ing for temporary financing said under
WHEREAS. the Board of Education
and the Board of Estimates of he City
Point have by appropriate proceedings
fixed and established the sun of Fifty
Thousand Dollars $3.50. 000) as the amount
certain land in said city School District
for school purposes and for the enlarge
ment of the present school house in said
School District, n purchasing the nee
certificate of the Board Of School Esti-
mates to that effect has been duly made
and delivered to the Board of Education
Now. Therefore, for the purpose of con-
curing and consenting thereto,
Be IL ordained by the Common Council
Of SEXTON .ne G1'y o. S That the roin sum new Of 'e Fiffy
Thousand Dollars $3.50, 000J be and is
hereby appropriated for the purpose of
enlarging the existing school building in
the necessary furniture therefor and for
the purpose of purchasing for school pur-
poses a tract of land in the school dis
trict of the City of Somers Point, located
partly on First Street and partly on Sec
ond Street, adjoining the present school
lot.
viding funds to meet said appropriation
to pay the cost of said lot and the
enlargement of said school building and
the necessary scnooi Iurniture tnereior:
temporary loan bonds which shall be gem
eral obligations of the City of Somers
Point in the principal amount not exceed
ing Fifty Thousand Dollars $3.50, 000) bear
ing interest at a rate not exceedinG six
per centum per mum. Such promissory
notes or temporary loan bonds shall be
issued in anticipation of either the levy
or collection OF taxes or of the authorize
ton and sale of permanent bonds as may
subsequently be determined Said notes or
tsmpqraTy loan bonds m1th s nal be signed = by by
of the City. attested by the City Clerk,
and the coupons. If any, shall be signed
by the facsimile signature of the City
Treasurer. Said notes or temporary loan
bonds shall be negotiated by the City
Treasurer for not less than par value
md accrued interest and all other mat
form and delivery of such notes or tempo
rary loan bonds are hereby left to the
discretion of the City Treasurer, provid-
ed, however, that said notes or temporary
one year from their date and may be
issued in one instalment or from time to
time, as the money is called for by the
newed from time to time by the ISSUANCE
of similar notes or temporary loan bonds.
provided the renewal notes or temporary
loan bonds shall mature in not exceeding
three years from the date of the original
notes or temporary loan bonds for the
renewal of which they are issued, and
further provided hat the total amount
of such notes or temporary loan bonds
and any renewals thereof outstanding at
any one time shall not exceed The prin-
cipal sum of Fifty Thousand Dollars
$3.50. 000).
Section 8. That all proceedings hereto
fore taken pursuant to a resolution adop-
ted by the Common Council February 20.
1924, appropriating the sum of $50. 900 fof
the purpose aforesaid, are hereby ratified
and confirmed.
Section 4. Tha his ordinance shall
take effect Immediately after final pas
sage and publication.
Passed third and final reading this Sth
day of August, 1924.
CHARLES WOLF.
President OF Common Council
JAMES G. scULL.
City Clerk.
Approved August 3, 1924.
GEORGE COLL.
Mayor.