The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1863-05-07

ness
The people Of The state Of Wiscoa&in. represented
az senate and assembly, do enact as to70us;
Fec. /. The city of Kenosha is hereby author,
lied tC Issue new bonds in exchange for the bonds
and scrip heretofore used by said city, on harbor
and railroad account. now OUTSTANDING add I'M
redeemed, or for the judgments heretofore rem.
dered thereon, for the purpose of compromising
the Indebtedness OF said city on such terms as may
be- agreed upon By the city and its creditors
Sec. ]. The bonds authorized to be issued nv
virtue of this act glal bear date at the time when
issued shall be IN suchforms, contain such slip,
ulatIons and conditions, for such sums, at such
rate OF interest, not exceeding seven per cent. and
Tor such amounts, not exceeding twenty per cent,
OF the Indebtedness of said city, on the lst. dav
OF January, 1868, as may be agreed uuon Dy he
city and its creditors. The interest on said bonds
shall be payable annually on the first day Of June.
IN each year, at the Office of tue treasurer Of the
city Of Kenosha. aud the principle shalIbe pay,.
ahle twenty-five years from the first day of June
1868 but by the terms of said bonds the came
shall be redeemable at pleasure of said city. at
ery time after five years from the date Of the
same.
Sec. 3. After the issue of said bonds. the citv
council shall annually levy and collect a tax suf-
hcient to provide for the payment of the interest
on said bonds, which tax shall be levied and col
!lected upon all real and personal property with
IN said city subject to taxation, at the same time
anu IN the same manner as provided by law for
the collection OF other taxes in that city. All cnu>
pons for interest on said bonds, shall be- receivable
N payment of all city taxes, except taxes levied
for school purposes.
Sec. 4. RnyalB. Towslee Harvev Durkee. An
drew Sehohen and George Bennett. of said eity. ,re
hefeby appointed commissioners to conduct The
negotiations for a compromise of the old iriebts
edness 10 NEE. aal confer with the cradirors nf
me cIty. and to fsceive'a and make ~ ,os;ti,n, fgr
The settlement Of said indebte5- - Soi5 60.
mlssI'uers may yet separet-', nv i -. -
all action byIhem takea .uaa be reuorfrG nv f5 hen
to the city coUaoil. f''eu0 y mem
sec, . A'.er the commissioners appointed a.
e'oLosa' shall have reported Ia the city council
proposition BY them received Tor the seftle.
ment of the city Indebtedness, which shall be sat-
i~stactOry to said city council. said city council
shall pass on ordinance authorizing fhe mayor
and clerk OF said city to execute and deliver the
bonds authorized by thjs act, in ion Of
the outstanding indebtedness of said city. The
rate per cent OF new bonds ~ be given for for
mer Indebtedness, tie time. Of paymeat. rate Of
interest, &c shall be fully set forth in such Or
dirance which ordinance shall thereupon he
published Tor two weeks IN some newspaper prints
ed III said city. Alter such publication. salt OF
dinance shSl be submitted to d vote of the quail
fled electors OF said city. at a time TO be appoints
ed by sHid common council. TIE voIe shall be
by ballot, IN which shall be printed the words,