Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1869-02-03
GUSTAVUS WERLICH,
PATRICK ROGAN,
j. 7. MOAK,
Watertown, January 28th, 1869.
THE PROPOSED ACT AS AMENDED.

Watertown, January 28th, 1869.
THE PROPOSED ACT AS AMENDED.
AN ACT to enable the City of Waterto WI to
settle with the creditors of said city.
Tie People Of tile State o Wisconsin, gepaeSent-
ed IN Senate and assembly, do enact ae f0LloaUS
Section l. There shall be elected in the City
of WATERFOWL, and State of Wisconsin, at the
annual election of city and ward officers on
the first Tuesday of April, A. D. 1862 three
Commissioners Of said city, to be styled
@ Commissioners of the Public Debt" who
hall be freeholders of said city, and whose
term of Office shall be respectively one, two
and three years, as shall be designated on the
ballots for said officers, and annually there
after until the objects and purposes of this
act are effected and completed, there shall
be elected one Commissioner To hold for three
years from the day of his election. Each
Commissioner shall hold till his successor is
elected and qualified. The votes for said
Commissioners shall be returned and can
vassed at the same time and in the same man
ner as votes for other city officers. In case
of a vacancy by death, resignation or re-
moval the Mayor of said CITY, on information
thereof shall call q special election five
days notice, to fill such vacancy.
Section 2. The said Commissioners, SHALL
as soon after their election and qualification
as they shall deem proper, make and execute
under their hands and SEALS and in the name
and on behalf of said city, bonds with in
terest coupons annexed in sums not less than
fifty dollars each, payable to bearer in not
more than fifteen years after date, with an
nual interest not exceeding FIVE per cent. per
annum, and payable at such place within the
United S, ates they shall deem proper, to
commute, purchase, compromise and cancel
! the outstanding city bonds OF said city, is
sued IN aid of the Milwaukee and WatertoWn
Railroad, and the WatertOwn and Madison
Railroad, and shall deliver to the holder or
! holders of such bonds such amount of the
| bonds hereby authorized to be issued as they
| shall agree to give in settlement of their
| claims, not exceeding however twenty-five
| cents on the dollar OF the principal of said
bonds, issued III aid of said Railroads, or if
any part thereof be in judgment, not exceed
! ing twenty-five cents on the dollar of the
! principal of the bonds on which they are
! founded; and said Commissioners shall there
upon cancel the bonds thus surrendered and
| cause the judgments thus paid to be discharg-
| ed OF record. Said Commissioners shallkeep
a record of all bonds by them taken up and
cancelled, and of all judgments by them paid
| and discharged, and Of all bonds by them
issued under this act, with the dates and
amounts, and to whom payable
Section 3. When the bonds provided for by
this act shall be thus executed and delivered,
the faith and credit of said city of Water
town shall be irrevocably pledged to their
payment IN the manner hereinafter provided
for. .-
Section 3. At least two weeks before the
time fixed by law for the making out of the
tax lists Tor said city, in each year, said Com
miSsioners shall notify the Clerk of said city
or the person authorized bV law to NJ, I-a o,t
said tax lists, the amount necessary to be
raised by tax in said city to pay the interest
on the bonds hereby authorized to be exc
cuted and delivered, that has accrued or shall
accrue during the next succeeding year, after
the time for the collection of the annual
taxes, and the amount necessary to be raised
for the sinking fund hereinafter provided for.
IN each year, and it is hereby made the duty
OF the said clerk or other person authorized
TO make out such taz-lsts, TO apportion such
amounts to The tax paye-a Ct said city, and