The Pleasantville press. (Pleasantville, N.J.) 1912-1929, 1927-10-07

equipping of new high school build
ing on the Franklin Avenue site in
the City School D'-trict of the City of
Pleasantville, New Jersey.
Section 2. That there shall be rails
ed the sum of Thirty-five Thousand
Dollars ($35,000) to fund like princi-
pal amount of temporary obligations
of the City of Pleasantville now out
standing and unpaid issued temporar-
lily to pay the cost of acquiring said
school site.
Section 8. That said amounts ag-
gregating Six Hundred and Thirty five
Thousand Dollars $685.. 000) shall be
borrowed for such purposes and the
repayment of such sum together with
interest thereon shall be secured by
the issuance of School Bonds in the
corporate name of the City of Pleas
antville, pursuant to the provisions of
an act of the Legislature of the State
of New Jersey, entitled IAN Act to
establish thorough and efficient sys-
tenn of free public schools and to pro-
vide for the maintenance, support and
management thereof" approved ,Octo-
Der 10. 1903, and the acts amenda tory
thereof and supplemental thereto.
Section 4. That said bonds shall be
issued in the aggregate principal am
cunt of $685. 900. of the denomination
of One Thousand Dollars Isl ,OOO) each,
numbered from one % to six hundred
thirty-five $3.50 both inclusive, dated
October ], 1927. and maturing in nu-
merical order as numbered, fifteen G5)
bonds aggregating 5000 on the first
day of October in each of the years
1929 to 1857. both inclusive, and TWEEN
ty eco bonds aggregating $4,000 on
the first day of October in each of the
years 1858 to 1867 both inclusive.
Section s.. That said bonds shall
bear interest at rate not exceeding
six per centum per annum and the in
tereSt thereon shall be payable semi
annually April l and October /. Said
! bonds shall be signed by the Mayor
and City Treasurer and sealed with
the corporate seal of the City. attested
by the City Clerk, and the coupons.
if any, attached to said bonds shall
be signed with the facsimile signature
of the City Treasurer. and said bonds
shall be sold in the manner provided
by law for not less than par. and all
suance. sale and form of said bonds
shall be determined by resolution of
the Common Council.
Section 6. The City shall in its an
nual tax levy raise money sufficient to
pay the interest and principal of said
bonds as may mature during each year.
Section 7. That $4,000 of the pro-
ceeds of sale shall be applied solely TO
the funding of the temporary obliga
tons of said City heretofore issued to
pay the cost of said school site. and
the balance shall be applied solely to
the cost of erection, furnishing and
equipping of said new school building
and to the payment of the cost of is
suing the bonds.
Section g. 1t is hereby determined
that the period within which said
bonds shall mature is 40 years. said
improvement being classified as the
construction of building of re-proof
construction and the acquisition of
land for school purposes
Section o. That this ordinance shall
take effect Immediately upon its pas
sage and publication as required by
law.
Passed third and final reading after
hearing at a regular meeting of the
Common Council of the City of Pleas
antvile, N. j.. held in Council Cham
bers, City Hall. on Monday evening.
October 3rd. 1927.
GEORGE r. ENGLEHARDT.
President Common Council.
Approved October g. 1927.
CHARLES e. JACKSON,
Mayor.
NEHEMIAH ANDREWS.
City Clerk.