The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1863-04-16
March 90, 1868.
Published March u, 1863
CHAPTER o


AN ACT authorizing the borrowing of money on
the faith and credit of the State, TO defray eXs
traordinary expenditures.
Tie people of the state Of Wisconsin,, represented
an senate and assembly, do enact as foHoVs:
Section /. For the purpose of defraying e~xtraor-
binary expenditures on the enlargement of the
capitol, a loan fifty thousand dollars is hereby
authorized, and required to be made on the faith
and credit Of the state, in the form hereinafter pre-
scribed.
Sec. 2. The Governor, secretary 0 f state, and
state treasurer, or q malOrlty of them, shall cause
to be prepared state bonds Of the state of Wiscon-
sin, with coupons for interest attached. to the NUN
Der of fifty. each for the sum of one thousand dol
lars, which bonds shall be payable to bearer, sign
ed by the Governor, and countersigned by the
secretary Of state and 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 New York, as the state treasurer shall select,
with interest at the rate ofsix per centum per ans
num-, payable semi annually, on the first days of
April and October, in each year, from the first
day Of April, 1868 and the principal to fall due on
the first day Of April, 1868.
Sec. 3. At such time as he shall deem most ad
visable. the state treasurer shall advertise in the.
state papers, Lpaperl for ten days, for sealed pro-
pOsal5 for the purchase of the bonds so executed
On the day mentioned in the advertisement, all
proposals shall be opened by the Governor, secre
tary of state and state treasurer. Said bonds
shall be sold to the person or persons offering the
highest price therefor and in case no proposals
shall be received within the time limited, said
officers may sell said bonds TO any person or per-
sons: prov5ded, that i'll no case shall any of said
bonds be sold at less than par, or until an equal
amount Of the bonds falling due on the first day
of April, 1863, have been paid and Cancelled, lean
ceIled.l
Sec. 4. An annual tax ofsix per centum of the
taxable property of the state, as may be s~uficien
to pay the coupons ettached to the bonds so sold
as they may become due, is hereby levied upon
such property, for the years 1863, 1864, 1865, 1866
and 1867. to be collected with and in addition to
the state taa levied in each of said years, and the
proceeds of said tax are hereby appropriated to
| pay such coupons and III addition thereto there
is hereby levied upon such taxable property, in
the year 1867, the sum Of fifty thousand dollars, to
be added to and collected with the state tax of that
year: which sum OF fifty thousand dollars is here
by appropriated to the payment of the principal
OF SAID bonds.
Sec. 5. The tax levied by this act, in any year
is to have the same force and effect as if The Leg
islature in such yeachad passed mn act levying
such tax and if, from any cause, the proceeds OF
any tax therein levied shall be insufficient 10 pay
the interest and principal Of said loan, as the same
respectfully tall due. the state treasurer shall pay
the deficit out of any money in the state treasury
not other appropriated.
Sec. Is. This act shall take effect and be in force
from and after it's assage and publication.
Approved March %, 1868.