The Pleasantville press. (Pleasantville, N.J.) 1912-1929, 1926-01-22

NOTICE IS HEREBY GIVEN by the
Common Council Of Absecon City that the
following ordinance was introduced and
passed first reading at 4 regular meeting
held ON the twentieth day of January,
I926 and VIII be considered for final pas
sage and adoption by said Common Coun-
cial at a regular meeting to be held in
the Council Chambers, City Hall. in said
city, on the tWenty-seVcnth day of jan
uary. 1926, ~ o'clock in the evening.
AN ORDINANCE providing for the issu-
ancc of School Bonds in the sum of
$65, 900. 90 and appropriating the money
arising thefefrom for the purpose of
erecting, constructing and furnishing
a school building in the City of Absecon
City, County of Atlantic and State of
New Jersey.
WHEREAS, The Board of Education of
Absecon City, N. j., has decided that it
of $65,0000O for the purpose of construct
ing and erecting school house and fur
nishing the same, on lands adjacent to
that now occupied by the present school
house in Absecon City, New Jersey, and
has prepared and delivered to each men,
Der of the Board of School Estimate of
Absecon City a certificate of the amount
of money estimated for such purpose;
and
WHEREAS, The Board of School Esti-
mate has fixed and determined that the
sum of $65.000.00 is necessary to be raised
wherewith to construct, erect and furnish
school building on lands adjacent to
that now occupied by the present school
building in Absecon City, n. j.. as set
Education of said City, and has made
two certificates of such estimates one OF
which certificates has been delivered to
the Board of Education and the other to
the Common Council of said City; and
WHEREAS. at the last general election
the majority of qualified voters of, Abse-
con City voted in favor of erecting a
school house and the furnishing of the
nRpI f.xfn n icon dC
in the corporate name of the city to the
amount of $65000.00.
WHEREAS. The Common Council of
said City concurs therein and consents
THEREFORE,, The Common Council of
the City of Absecon City, N. j., does
ordain:
Section l. That we do hereby appro-
pose of constructing, erecting and fur
nishing school building in the City OF
Absecon City, N. J.. on lands adjacent to
building.
Section 2. To provide the necessary
funds for such purpose and for which the
made, there shall be issued by the City
of Absecon City, under it's corporate seal,
signed by it's Mayor. attested by the City
Clerk and countersigned by the City
Treasurer, bonds of the City of Absecon
City in an amount not exceeding Sixty
five Thousand Dollars ($65 ,O00.00). Tween
ty-five (25) of said bonds shall be of the
denomination of Two Thousand Dollars
($2, 100000 EACH numbered from one %
to twenty-five (25) inclusive; and five 90
bonds of Three Thousand Dollars ($3,-
(26) to thirty 900 inclusive, designated
''School Bonds, bearing date the first
day of March, 1926, and be payable as
follows. in the order of their serial num-
Der, at the rate of:
One bond per annum, begi aiming with
the year 1927. to and including the year
1857
They shall be coupon bonds bearing in. in
feieetst G at iie in ie 81 NE odiitt, ti
annum payable semi annually on Octoper
first and April first. at The First Nation
al Bank of Absecon, in the County OF
Atlantic and State of New Jersey. Inter
est coupons shall bear the fac simile sig
nature of the City Treasurer They may
be registered as to principal only, or, up
on surrender of all the coupons. may be
fully registered as to both principal ana
interest The Common Council OF the
City of Absecon shall appropriate and
provide by taxation in the annual tax
levy of said City such sum as may pc
necessary to pay the interest on SAID
bonds and to redeem them as they shall
severally become due and payable. and
the credit and faith of the City of Abse,
con City and the inhabitants thereof shall
be pledged for the faithful payment OF
said bonds and interest thereon as the
same shall become due and payable
Section 3. Said bonds are to be issued
for the erection ana COIlSlIuClioH W q,
school building. including the original
furnishings required for the proper equip
ment of said building, and will be of non
fireproof construction as defined by Sec
ton rs, Sub section CD A OBJ Chapter ~:
page 176, Laws of 1924, and the period OF
usefulness is hereby determined to be
thirty 600 years. ,..
Section A. That the Mayor, CITY Clerk
and City Treasurer be and they are here
by authorized to execute said bonds in
conformity herewith, and the Common
Council is hereby authorized and desig-
mated to sell said bonds at public auction
upon sealed proposals and after notice OF
said sale has been published, as required
by the statute in such case made and pro,
yided. for not less than par and accrued
interest That the advertisement OF sale
shall be published in the "Peasantville
Press a newspaper published in the
County of Atlantic and circulating in the
City of Absecon City, and at least once
in the Bond Buyer" a financial paper
published in the City of New York city
State of New York.
Section s. That the proceeds. realized
from the sale of said bonds shall be paid
to the custodian of school monies of the
CITY of Absecon City, who shall in nc
event disburse the same except on the
warrants or orders of the Board of Edu-
cation of said City,.
This Ordinance shall become operative
when and as provided by law after the
publication hereof after its final passage
SAMUEL JOHNSON, City Clerk.
January 20: 1926.