The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1862-04-25
VOL. 3.-NO. 40.
Published April 8, 1862
CHAPTER 2o6

AN ACT authorizing the borrowing OF
money on the faith and credit of the state,
to dvfray extraordinary expenditures. +
The People of the state of Wisconsin
represented an Senate and assembly, do
enact as toliows .y.Fr.- gara-4 s...u
Section l. Eor the purpose of defray>
ing extraordinary expenditures, on the en-
largement of the capitol and erecting a
hospital for the insane, loan of fifty
thousand dollars is hereby authorized aud
required to be made on the faith and cred
it of the state, in the form hereinafter pre-
seribed.
Sec. 2 The governor. state treasurer
and secretary Of state, or majority OF
them, shall cause TO be prepared state
bonds Of the state of Wisconsin,, with cou
pons for interest attached, to the number
OF tit::r, eac!, for the sum Of one thousand
dollars; which bonds shall be payable 10
the bearer, signed by the governor, and
countersigned 10y the secretary of state
! ard state treasurer, and the seal of the
state shall be affixed thereto Such bonds
| shall be made PAYABLE at such bank in
the city of NewYork, as the state treas
urer may select, with interest a, the rate
of six per centum per annum, payable
Semi annually, on The first DAYS of April
and October in each year, from the first
day of April, 1862, and the principal TO
fall due on the first day of April. 1867
! Sec 3. The bonds and coupons, when
so executed, shall be placed in the nands
/ Of the state treasurer. who shall iinmedi~
atsly advertise in the state paper, for tel'
days, for sealed proposals for the purchase
Of the same Gu the dav mentioned in
the advertisement, all proposals shall be
| opened by the governor, secretary of state
and state treasurer, and said bonds shall
be sold TO the person or persons offering
the highest price therefor; and in case nc
proposal, shall be received within the
time limited, said officers may sell sale
bonds to a " person or persons provided
tha. in no case shall any of said bonds b'
sold at less than par, or until an equa
amount of the bonds falling due on tn,
first day of April, 1862, have been pait
and Cancelled.
Sec 4 An annual tax of such per cen
tum of the taxable property of the state
as may be sufficient to pay the coupons at
tached to the bonds SO sold, as they ma,
be come due, is hereby levied upon suci
taxable property for the years 1862, 1868
1864. 1865 and 1866, to be collected
with aud in addition to the state tax lev
led in each of said years, and the procee /
of such tax is are hereby appropriate,
to pay such coupons and in addition
thereto there is hereby levied upon sucl
taxable property, in the year 1866, tn,
sum of fifty thousand dollars to be addet
to and collected with the state tax of tha
year. which sum of fly Thousand dollar
is hereby appropriated to the payment 0
the principal of said bonds.
Sec s. The tax levied 10y this act, il
any year, is to have the same force an,
effect As if the legislature in such yea
had passed an ac; leyying such tax au,
when the proceeds Of any tax herein lev
led, shall be insufficient to pay tie nteres
and principal of said loan, as the same re
spectively falls due, the state treasure
shall pay the dcfci, cut of any monev il
The state treasury not otherwise appropri
atel
Sec. 6. This AZ, shall lie published i'm
rneaiately. and take effect from its publ
cation. Approved April I, 1862.