THE FIEST $1,000,000 



99 



coupon bonds with the option to the holder to have them 

 registered or exchanged for registered bonds: will be exe- 

 cuted by the county officers, and the whole issue duly coun- 

 tersigned, ^principal and interest payable in gold coin. 



"The proceeds will be required for use by the Park Com- 

 mission from time to time during a period of not less than 

 two, nor more than three 3^ears. At least $750,000 will be 

 required during the present year. 



THE C0UNTY''S INDEBTEDNESS. 



"The county of Essex has a population of 300,000, and 

 an assessed valuation of $178,165,000. Its present total 

 indebtedness is $766,859, or less than one-half of one per 

 cent, of the assessed valuation. 



"The act under which the bonds are issued requires the 

 annual levy of a county tax sufficient to meet interest and 

 principal when due. A county tax for any purpose is 

 entitled to priority in payment over local taxes for munici- 

 pal purposes. 



"Sealed proposals will be received by the Finance Com- 

 mittee of the Board of Chosen Freeholders, at a meeting, 

 to be held by said committee, at the freeholders' room, in 

 the courthouse, at Newark, N. J., on Tuesday, July 30, 

 1895, at 3 o'clock P. M., which meeting will remain open 

 until 3:30 P. M. Proposals should be: 



"1. For the whole of said bonds, to be issued at once. 



"2. For $1,000,000, to be now issued. 



"3. For the whole amount, to be issued in instalments 

 of not less than $500,000 during a period not exceeding 

 three years. 



"4. For any part of said bonds. 



^^The purchaser to pay the interest accrued on said bonds 

 to the time of delivery. 



"Under the statute, no bids can be received at any other 

 time or place. 



"The Finance Committee reserves the right to reject any 

 and all proposals, if in its judgment the interest of the 

 county requires such action." 



