The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1868-04-23
UUIISnVU n PIN . IoUo'I
CHAPTER 4O7-LocAL.


Published April 2, 1861 "9. q.
CHAPTER 407-LocAL.
AN ACT to enable the city of Kenosha to rec
adjust and fund its Indebtedness.
The people of the State of Wisconsin, repre-
sented in senate and assembly, do ems ct as
follows: i3' - u
Section 1. For the purpose of enabling the
city of Kenosha to compromise and reduceit
outstanding debt, and to fund the same up
on such reduction and compromise, the said
city of Kenosha is hereby authorized and en-
powered to issue new bonds to be exchanged
for the bonds and obligations heretofore is
sued by the said city, or in taking up and cam
ceiling the Indebtedness aforesaid then out
standing and unredeemed, and provide the
means of payment of snch Indebtedness and
of such judgments as shall then have been rem.
'dered against said city on account of such In
debtedness, upon compromise of all such
claims as may be agreed upon between said
city and the holders.
Sec. 2. The bonds authorized to be issued
by this act shall not be issued until 1t shall
have been satisfactorily ascertained by the
city council that the Indebtedness of said city
can be adjusted and fully settled by such is
sue, to the amount of one hundred and TWEEN
ty thousand dollars, and the said Issue shall
not exceed the sum of one hundred and TWEEN
ty thousand dollars.
Sec. 8. AS soon as the city council of said
city shall have ascertained that such funding
and substitution can be accomplished, it shall
have power to make and issue the bonds of
said city in amount not exceeding the sum of
one hundred and twenty thousand dollars,
Such bonds to be payable in twenty years, to
be numbered and be of uniform date, with the
option of the city to pay the same at any
time after five years, and bearing such rate of
interest (not exceeding seven per cent per an
num) as to the council may seem advisable
such bonds shall contain a provision for the
payment semi-annually of the interest accru-
ing thereon, at such place or places ais may be
stipulated and such other provisions for the
security of the holders, or payees, as shall be
satisfactory to the holders and to said city
council, and in form to accomplish the OBJ
ject in view, and the said council shall by or
dinance prescribe and carry into effect all the
agreements .authorizedi by and made under
and by virtue of this act from time to time.
Sec. 4. Upon the issue of any portion oil the
bonds authorized by this act by the city cocn
ell, it shall be their duty annually at the tine
of making the ordinary annual levy of taxes,
to levy upon all the taxable property of the
city sum sufficient to pay the interest upon
all the bonds provided by this act, actually
issued and used in funding and adjusting the
the city debt in season to pay the accruing
interest at maturity, and at the same time to
levy sum sufficient to pay off and liquidate
the said sum of one hundred and twenty
thousand dollars, or such sum as shall have
the bonds herein provided for, st maturity or
sooner and any provision of law requiring
a submission of the question of raising such
taxes, or leving the same, to vote of the
citizens or inhabitants of said city, is hereby
repealed.
Sec, s. The city council shall upon the pas
sage of an ordinance authorizing the funding
and substitution of the debts submit the same
TO the qualified voters of the localities sub
Jet to be assessed to pay the taxes therein
provided for, and if majo rity of such elect
ors voting on the question at an election
called for that purpose by the council shall
decide affirmatively, the council shall there
upon proceed to nominate and appoint dis
Greet person who shall be freeholder resi-
dent ia said city, to be called the ''comptroll-
er" whose duty 1t shall be, to assume under
the direction OF the city council, the manage.
meut of the debt, to ascertain it's amount and
character, to keep record of the same and
it's management of all transfers made by au-
thority of this act, and OF all the proceedings
of the council with reference thereto, of the
issue, date and time of payment of all bonds
issued under this act, and such Other particu-
lars as shall enable the council at all times to
know the state, condition and amount OF the
Indebtedness of the city, and such books shall
be open at allIreasonable hours for the inspec-
ton of all persons.
Sec g. The comptroller, under the direction
of the council shall exchange and substitute
the new securities for the old, and shall nego-
tate the sale of the same when necessary or
expedient to accomplish the reduction and
funding of the debt, and he shall annually at
a time to be fixed by the council, and oftener
if required, report to the council the condi-
ton of the debt, and shall recommend such
financial measures for adoption by the council
as to him shall be expedient he shall be re-
quired to give bond in the discretion of the
council in such a sum as they shall direct, be-
fore entering upon the discharge Of the duties
of his Office, and such bond with at least two
sureties shall be annually renewed by him and
by the formal vote of the coucil:
Sec. Z. The compensation of the comptroll-
or shall be fixed by the council, at the next
meeting succeeding his appointment, and may
be diminished or increased from time 10 tlne'
as circumstances shall warrant AFTER the e1-
piration of one year from the time Oh nxiihg,
increasing or diminishing such compensation.
Sec. 8. That portion of the city OF henosnA
annexed to the town of Pleasant fralrle lot
ordinary purposes Of taxation, being part OF
the northwest fractional quarter OF section
five. snail be liable to pay annually its pro-
norton of the debt, principal and interest SO
adinsted and funded and 1t shall be the du-
vof the city clerk annually, and before the
6rst day of November in each year to certify
70 the town clerk of said town of Pleasant
Prairie the amount of tax chargeable on such
annexed territory, and it shall thereupon be
The duty of such town clerk to apportion and
assess the same recording to the value of the
several lots in such territory, as fixed by the
assessor of said town, putting them into .
separate column Of the assessment roll, ep6