The Pleasantville press. (Pleasantville, N.J.) 1912-1929, 1927-03-11

AN ORDINANCE approprating the
sum of S35,000.00 for the purpose of
purchasing land upon which to erect
nigh school building in the City OF
Pleasantville. and providing for tom
pofariiy financing the said UNDER
taking
Whereas. the Board of Education
ana the Board Of School Estnn.'a of
the City School DISCREET Of the CITY Of
PieasantYillc llaYs. h. appropriate ro-
of ThrtyGvc Thousand (S35. 000O0)
Dollars as the amount necessary to
gay The cost OF tue pIfThaSe Of IA
upon which ii is proposed TO erect Il
hiSh school building in the City Of
PleaslntNlllc and Il crrtificata Of tie
Board Of School Estimate to that eff
rect has BEEN duiy MAZE ana delivered
! 10 the Board of Education aud to the
| Common Council of said City.
Now. Therefore. for the purpose of
concurring and conscnting thereto. be
ii ordained by the Common Council of
the City of Pleasantville:
Section /. That the sum of Thirty
five Thousand 1885, 100000 Dollars be
and the same is hereby appropriated
Tor the purpose of the purchase of
land upon which it is proposed to erect
high school building in the City of
'leasintvillc. which is tract three
hundred feet fronting on Franklin
boulevard by depth of two hundred
City feet extending Mt right angles
thereto. aud is bounded by Franklin
Boulevard. Madison Avenue. Chester
Avenue and Anslcy Boulevard. us
shown upon map of Anslcy Park
PicaSantVillc, New jersey. being the
development of the Scaboard Dcvclop-
ment Corporation of 1916 Atlantic Ave-
nue., Atlantic City. New Jersey. which
tract is to be purchased for the sum
Of thirty-fve thousand 1888. 10000
Dollars under an agreement upon the
part Of the said Seaboard DEVELOPMENT
Corporation to fill i'm and grade the
same 10 such grade as shall be desfg-
mated and required by the Board OF
Education of the City of Pleasantvillc.
Section 2 That for the purpose of
proVIialns funds TO meet said appro-
prialion and to pay for the cost of the
purchase of said land there shall be
issued temporary loan bonds, which
shall be general obligations of the
CITY of Pieasantville in the principal
amount not exceeding Thirty-n five
Thousand (S35,00000) Dollars, bearing
interest at rate not exceeding six
per ccntum per annlum. Such tempo
rarN loan bonds shall be- issued in
anticipation of either the levy or col
| lection of taxes or of the authorization
ana sale of permanent bonds, as may
subsequently be determined Said
temporary loan bonds shall be signed
by the Mayor scaled with the corpor-
ate seal of the City attcStcd by the
City Clerk. Said temporary loan
bonds shall be negotiated by the City
! Treasurer for not less than par and
accrued interest ana all other matters.
with respect TO the issuance, sale.
form and 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
| ture in not less than one year from
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. and they may be re-
newcd from time to time by the issu-
ancc of similar temporary loan bonds,
provided. the renewal temporary loan
bonds shall mature in not exceeding
three years from the date of the orig
NAL temporary loan bonds for the re-
newal of which they are Issued and
further provided that the total amount
of such temporary loan bonds and any
renewals thereof, outstanding at amy
ono time, shall not exceed the prip-
cipal sum of Thirty-five Thousand
| 1888. 000.00) Dollars.
| Section 3. That this ordinance shall
| take effect Immediately after final pas
sage and publication