Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1869-12-29
OUR CITY DEBT.
AN ACT to enable the city of Watertown
to settle its Indebtedness.

AN ACT to enable the city of Watertown
to settle its Indebtedness.
The Peopleof the State Of Wisconsin,, repre-
,eated in Senate and Assembly, do enact az
follows
Section /. The city of Watertown, in this
State, isautherized to issue bonds, PAYABLE
in twenty years from this date, bearing in
terest at the rate of seven per cent. per an
/ mum, payable annually, with interest con-
| pons attached for said interest, to the
! amount of fifty per cent. Of the principal of
all bonds outstanding, which were issued
| by said city to aid in the construction of
| Railroads, without any allowance fer in
/ terest which has accrued thereon. But
| where such Railroad Bonds and their inter-
| est coupons are separately owned, and also
where judgments may be had thereon, to
their respective owners and holders, in sat-
| isfaction thereof such new bonds nav be
issued, according to the respective interests
OF such holders and owners, provided that
the aggregate 50 to be issued shall not, in
any case, exceed the rate of cempromise
above provided for.
Section This section will provide for
Commissioners to negotiate or control the
settlement of the city debt It is not
drawn because of difference of opinion on
the subject.
Some think they should be named in this
act This could be done If the citizens of
w atertoEn VIII now agree to who they
shall be, and will make known their choice.
Others think there should be three Com
missioners to be elected by the whole city,
and others still insist that one shall be cleo
ted from each ward. Let the people settle
| these questions and this section will be
made to comply with their wishes.
Section 3. Said Commissioners shall have
full and free access TO all records of said city
and to all correspondence of the Common
Council of said C ty, and Of any or all its
Committees IN any way relating to SAID city
! debt. Said Commissioners shall then de-
eide what share of said debt shall be agreed
to be compromised, on the part of the hold
ers of the bonds for the same, before any
new bonds shall be issued by virtue of this
| act. After making such decision in com-
pliance Herewith, they shall proceed to eff
| feet settlement Of said city debt at the
| rate in this act provided for All their
! necessary expenses and disbursements in
and about said business shall be paid out of
the treasury of said city. In order to effect
the objects OF this act they may oppoint an
| agent who may be one of their own num-
| Der or not as they may deem best, whose
business 1T shall be- under their direction
| aud control, to negotiate with such bond,
holders for such settlement and com promise,
| and to use all proper and necessary means
to effect that object, Said agent shall be
| reasonably compensated for such service
| and his necessary expenses and disburse-
ments about said business, paid by said
| city. Said Commissioners may remove
such agent and appoint another at their
| pleasure.
Section 4. Whenever said Commissioners
| shall certify to the Common Council Of
| said city that sufficient number of the
| owners of said city debt in amount have
| agreed to such compromise, to authorize
the ISSUES of new bonds by virtue of this act,
! then such Mayor and Clerk shall issue to such
! owners on the surrender to said city Of said
| Railroad Bonds to be cancelled, new bonds
| OF such amount as such owners shall desire,
| at the rates above provided for, which new
bonds shall leach describe the old bond
surrendered for the same or coupons or
| judgment cancelled, and any new bond or
bonds issued for greater amount or rate
than IS herein above provided tor shall be
void.
Section 5. 1t is hereby made the duty of
the Common Council of said city to
promptly levy, collect and pay over to the
holders OF such new bonds, the principal
and interest of the same at the maturity
thereof, But in case default shall at any
time be made in the payment of either
principal or interest of the new bonds to
! be issued by virtue of this act, after udg-
= a.
| of this State in any county where such
| Judgment may be recovered, may direct the
! Sheriff of the county of Jefferson, in tn is
| State, to levy and collect the amount of
such judgment out of the taxable property
of said city, by assessing the same upo n
| the last or next preceding assessment roll
OF the property of said city, in the same
manner that city, county and state taxes
are assessed thereon, and giving the same
time for the payment thereof, provided that
10 taxpayer shall be required to pay any
greater sum, or be subjected to any greater
hardship or Inconvenience, than if such
| judgment was levied by the Common Coun-
Gil of said city and collected by its city
| Treasurer.
Section 7. The said Commissioners shall
have the exclusive control of all negotia.
tlonS lor Tue compromise Oh salo Guy uepb,
| and may allow to each:of the owners there
of interest On the amount of the new bonds
to be issued to each from the date of the
subscription of such respective ow ners to
the agreement to compromise at the rate
aforesaid.
Section Z. All acts heretofore passed au-
thorizing the compromise of said city deb,
or any part thereof and all acts incon sist-
ent with this act, are hereby repealed.