The Pleasantville press. (Pleasantville, N.J.) 1912-1929, 1926-10-22
ORDINANCE NO 21s-

AN ORDINANCE appropriating lie
sum of sl3.000QQ ,oT me purpose Of
erecting n -four room Portable School
Building in the City of plcasantvillc
and providing for temporarily linan-
cling the said undertaking.
WHEREAS the Board of EdUcI-
ton and the Board of School Estimate
of the City School District of the City
of PlcasantVille have by appropriate
proceedings fixed and estimated the
sum of twelve thousand t$l2.000 .hnl
dollars, as the amount necessary to
pay the cost of the erection and con-
struction in said City School District
Of certain four room portable school
building and Il cCrtiiiCatc of the Board
of School Estimate TO that effect has
been duly made and delivered To the
Board of Education aud to The Com
mon Council of said City;
NOW. THEREFORE, FOR the plU-
pose of concurrinE and eonSentinG
thereto be it ordained by the Common
Council of the City of Picasantvllc:
Section /. That the sum of twelve
thousand ($l2,00o.00) dollars. be and
the same is hereby appropriated for
the purpose of the erection and con
struction of a four room portable
school building in the City of Pleas
mtvillc upon property of the Board
Of Education at Woodland Avenue and
Main Street in the said City of Pleas
antville.
Section g. That for the purpose of
providing funds to meet said appro-
priation and to pay for the cost of the
erection and construction of said
school building. there shall be issued.
temporary loan bonds which shall be
general obligations of the City of
Pleasantvilc in the principal amount
not exceeding twelve thousand (S12,-
100000 dollars. bearing interest AZ Il
rate not exceeding six per ccntum per
annurn Such temporary loan bonds
shall he issued in anticipation OF e.
thcr the levy or collection of taxes or
of the authorization and sale of per
manent bonds, as may subsequently
be determined. Said temporary loan
bonds shall he signed by the Mayor.
scaled with the corporate seal of the
City. attcstcd by the City Clerk, Said
temporary loan bonds shall be uego-
tated by the City Treasurer for not
less than par and accrued interest and
all other matters. with respect to the
issuance. sale. form and delivery of
such temporary loan bonds are hereby
left to the discretion of the City
Treasurer, provided however that
said bonds shall mature in not less
than one year from their date and
may be issued in ono installmcnt or
from time to time AS the money is
called for by the Board of Education
and they may be renewed from time
to time by the issuance of similar
temporary lOttn lDlltlS, prov lttu, iiit'
renewal temporary loan bonds shall
mature in not exceeding three years
from the date of the original tempo
rary loan bonds for the renewal of
which, they are issued, and further
provided that the total amount of such
temporary loan bonds and any renew
ais thereof outstanding at any one
time, shall not exceed the principal
sum of twelve thousand ($l2.000.00)
dollars
Section J. That this ordinance shall
take effect immediately after final
passage and publication.
introduced and passed on first read
ing Ut regular meeting of the Pleas
City Common Council held in
Council Chambers Monday evening,
Oct. IS. 1926, and will be heard on
second reading at a regular meeting
of Pleasantville City Council to be
held Mon ~ ==--,-i-s~ Mo- y 1905
n.ss NEHEMIAH ANDREWS.
CITY Clerk.
Dated, October is, 1926.