The Pleasantville press. (Pleasantville, N.J.) 1912-1929, 1927-04-08
ORDINANCE No. 327

AN ORDINANCE appropriating the
sum of $35, 600 90 for the purpose of
purchasing land upon which to erect
& high school building in the City Of
pleasantvllc. and providing for tenn
porarily financing the said under
taking.
Whereas. the Board Of Education
and the Board Of School Estimate OF
the City School Dis..ict OF the city uf
Pleasantville haYa, h. appropriate i'ro-
ceedings t&ed and aa.'EIetcd The sum
of Thirty-fivc Thousand ($35, 100000
Dolla RS. as the amount necessary 10
pay the cost OF the PURCHASE of iepd
upon which it is proposed 10 erect Il
high school building in The city of
Plcasantviile and certificate ut the
Board Of School Estimate to that cf-
feet has been duly :na;te aad delivered
to the Board of Education and to the
Common Council of said City:
Now, Therefore. for the purpose of
concurling and conserving thereto, be
il ordained by the Common Council of
the City of Pleasantvillc:
Section l. That the sum Of Thirty
five Thousand ($35. 100000 Dollars. be
and the same is hereby appropriated
for the purpose of the purchase of
land upon which il is proposed TO erect
a high school building in the City of
PIeasantville, which is II tract three
hundred feet fronting on Franklin
Boulevard ~ q depth of two hundred
fifty feet, extending at right angles
thereto. and is bounded by Franklin
Boulevard, Madison Avenue, Chester
Avenue and Ansley Boulevard, as
SHOWN upon Il map of Ansley Park,
PleaSIntVillc, New Jersey, being the
development of the SeabOard Develop
ment Corporation OF 1916 Atlantic Ave-
nue.. Atlantic City, New Jersey. which
tract is TO be purchased for tue SUN
II II tfNf Il 4 =,
Dollars under an agreement upon the
part OF the said Scaboard Development
Corporation TO fiji in and grade the
same to such grade as shall be dcsig-
mated and required by the Board of
Education of the city Of plcasantVillc
Section .. That for the purpose of
providing funds to meet said appro
priation and TO pay for the cost OF the
purchase of said land, there shall ne
issued temporary loan bonds. which
shall be general obligations OF the
City of pleasantylle in the principal
amount not exceeding Thirty-iive
Thousand ($35,000.00l Dollars, bearing
interest at a rate not exceeding six
per ccntum per annum. Such tempo
lary loan bonds shall be issued in
anticipation OF either the levy or col
lection OF taxes or OF the authorize ton
and sale OF permanent bonds. as may
subsequently, be determined Said
temporary loan bonds shall be signed
by tho Mayor. sealed with the corpor-
ate seal Of the city, attcsted by the
city Clerk. Said temporary loan
bonds shall be negotiated hy the CITY
Treasurer for not less than par and
accrued interest and all other matters.
with respect 10 the issuance sale
form ana delivery Of such temporary
loan bonds are hereby left to the dis
erection of the City Treasurer provid-
cd, however. that said bonds shall ma
n la han on
their Date and may he issued in one
installment, or from time to time as
the money is called for by the Board
Of Education. ard they may be re-
newed from time to time by the issu-
ance of similar temporary loan bonds
provided the renewal temporary loan
bonds shall mature in not exceeding
three years from the date of the orig
inal temporary loan bonds for the re-
pcwal Of which they are issued. and
further provided that the total amount
of such temporary loan bonds and any
renewals thereof. outstanding at amy
one time. shall not exceed the prin-
ciDal sum of ThrtY-liVc Thousand
($35 900 00J Dollars
Section 3. That this ordinance shall
take effect Immediately after final pas
sage and publication.
Notice is hereby given ny the Com
mon Council Of the Git. of Pleasant
Vile. y, j., that the FOREGOING ordn-
ancc was passed on second reading at
- regular meeting held on the 2lst day
of March. 1927 and will bc further con-
sidered by said Common Council at a
regular meeting to be held in City
Council Chamber. City Hail. Pleasant
vile. on the 4th day of April. 1927. at
O'Clock in the evening. for third and
final passage at public hearing.
NEHEMIAH ANDREWS.
City Clerk.