The Pleasantville press. (Pleasantville, N.J.) 1912-1929, 1926-11-12
ORDINANCE NO. 315.

AN ORDINANCE appropriating II,
sum of s1e, 100000 eoT the purpose o.
erecting a four room Portable Schoo
Building in the City of Picasantvillt
and prov d., for temporarily ilnan-
cling the said Undertaking.
WHEREAS the Board of Educa-
ton and the Board of School Estimate
/ of the City School District of the Ctt}
I of Pleasantville have by appropriate
! proceedings fixed and estimated the
/ sum of twelve thousand ($l2,000.90l
/ dollars, as the amount necessary TO
4 pay the cost of the erection and con-
struction in said City School District
| of a certain four room portable school
building and a certificate of the Board
OF School Estimate to that effect has
been duly made and delivered to the
Board of Education and to the Com
mon Council of said City;
NOW. THEREFORE,, for the pur-
pose of coneurring and conserving
thereto be it ordained by the Common
| Council of the City of Pleasantville:
Section l. That the sum of twelve
thousand ($12,000.00) dollars. be and
! the same is hereby appropriated for
the purpose of the erection and con
struction of Il four room portable
school building in the city OF Pleas
antville upon property of the Board
of Education at Woodland Avenue and
! Main Street in the said City of Pleas
antville.
Section 9 That for the purpose of
: providing funds to meet said appro-
! priation and to pay for the cost of the
erection and construction of said
school building, there shall be issued,
temporary loan bonds which shall be
general obligations of the City of
Pleasantvlle in the principal amount
not exceeding twelve thousand (Si2,-
100000 dollars. bearing interest at Il
rate not exceeding six per centum per
annllm. Such temporary loan bonus
shall be issued in anticipation of Ell
Their the levy or collection of taxes or
of the authorization and sale OF per
manent bonds, as may subsequently
be determined. Said temporary loan
bonds shall be signed by the Mayor,
sealed with the corporate seal of the
City. attested by the City Clerk. Said
temporary loan bonds shall be nego-
tiated by the City Treasurer for not
; less than par and accrued interest and
| all other matters. with respect to the
J issuance sale, form and delivery of
such temporary loan bonds are hereby
left to the discretion of the city
Treasurer. provided, however, that
said bonds shall mature in not less
than one yeal. from their date and
may be issued in one instai!ment, or
from time to time. as the money rs
called for by the Board of Education
aud they may be renewed from time
10 time by the issuance of similar
temporary lbttil politS, PlONitittd' tiit
renewal temporary loan bonds shall
mature in not exceeding three years
from the date of the original tempo
rary loan bonds for the renewal of
which. they are issued. and further
provided that the total amount of such
temporary loan bonds and any renew
ais thereof. outstanding at any one
time. shalt not exceed the principal
sum of twelve thousand ($l2,000.0W
dollars.
Section 3. That this ordinance shall
take effect Immediately after final
passage and publication.
introduced and passed on first read
ing at a regular meeting of the Pleas
antville City Common Council held in
Council Chambers Monday evening.
Oct. 49, 1926, and WAS passed on
second reading at a regular meeting
of Pcasantville City Council held
Monday evening. Nov |, 1926, 1t will
he heard on third and final reading
Monday evening November 10.
Dated November /. 1926.
NEHEMIAH ANDREWS.
City Clerk.
Dutad Octobpr 1000