Payment by the City of New Brunswick to the Borough of Milltown for the expense of the Construction of a system of sewers in the Borough
AN ORDINANCE.
An ordinance to issue bonds for the payment by the City of New Brunswick to the Borough of Milltown through which said Borough the water supply of the City of New Brunswick flows, of a portion of the expense of the Construction of a system of sewers in the Borough of Milltown:
BE IT ORDAINED BY THE MAYOR AND COMMON COUNCIL OF THE CITY OF NEW BRUNSWICK:
Section 1. That the Common Councill of the City of New Brunswick under and by virtue of the provisions of a certain act of the Legislature of the State of New Jersey, entitled, “An Act to authorize cities and other municipalities having a public water supply derived from sources beyond the city limits to protect the same from pollution by providing for the payment of a portion of the expense of the construction of a system of sewers to any municipality through which said water flows, and providing also for the raising and expenditure of the money necessary for this purpose,” approved April 17, 1914, does hereby determine for the purpose of paying to the Borough of Milltown, through which Borough the water supply of the City of New Brunswick flows, a portion of the expense of the construction in said Borough of Milltown of a system of sewers, to appropriate and borrow the sum of twelve thousand five hundred dollars, ($12.500) and to issue bonds therefor in the corporate name of the City of New Brunswick.
Section 2. Said bonds shall bear date of December 1, 1914. The bonds issued shall be twelve in number of the denomination of one thousand dollars each, and one of the denominations of five hundred dollars: shall bear interest payable semi-annually on the first days of June and December in each year at such rate not exceeding five per centum per annum as shall hereafter be determined by resolution of
Common Council; shall be sold at public or private sale at not less than par and accrued interest: shall run for a period of twenty years; shall be signed by the Mayor, countersigned by the City Treasurer and the City Comptroller and attested by the City Clerk; shall be either registered or coupon bonds, and if coupon bonds, the interest coupon attached thereto shall be signed by the facsimile signature of the City Treasurer and the City Comptroller. The principal and interest of said bonds shall be payable at the office of the City Treasurer of the City of New Brunswick, New Jersey, in lawful money of the United States of America. The property, faith and credit of the City of New Brunswick are hereby pledged to secure the principal and interest of said bonds.
Section 3. That there shall be included in the tax levy for each and every year until the principal of said bonds shall have been fully paid and discharged a sum sufficient to pay the interest on said issue of bonds for that year, and also a sum equal to at least two per centum of the principal of said issue of bonds, which said, last mentioned sum shall be paid into the Sinking Fund of the City of New Brunswick, and shall be invested and reinvested from time to time for the purpose of providing for the payment of said issue of bonds at the maturity thereof.
Section 4. That the proceeds of the sale of said bonds shall be used exclusively for the purpose expressed in the title and in the first section of this ordinance and for no other purpose.
Section 5. This ordinance shall take effect Immediately.
In Common Council on October 19, 1914, the above ordinance was read the first and second time, adopted by sections, passed on second reading, and ordered to be engrossed for a third reading and published according to Law.
Adopted October 19, 1914.
Attest:
EDWARD BURT. President.
ELMER J. MCMURTRY
City Clerk.
Passed in Common Council on third and final reading Nov. 6, 1914.
Attest:
ELMER J. McMURTRY,
EDWARD BURT, President.
City Clerk.
AUSTIN SCOTT,
Approved 16, November 1914.
N23-41-Mon.
Mayor.