Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1869-03-31
rHlhl:ah.d NEarch 20. leaa1
! Act tie enable the City Of waterto wn to

the Ere. Tuesday ~ april, a. =. leJ9 three
Comm .ssloEers Of sald CITY, e be STYLED
Commissioners Of the Public Debt" rho
shall be freeholders Of said city, and whose
term of Office she'll be respectively one, two
md three years, se shall be designated on the
ballots for said ol5cers, and annually thereaf
Ter until the objects and purposes of this act
are effected and completed there snail be elect
Ell che Commission er to hold for three years
from The day of his election Each Commits
siener shall hold This office till his successor
i elected and qualified. The votes for said
Commissioners shall be returned and can,
vassed at the same time and in the same mar
ner as votes for other city officers In case
e a vacancy By death, resignation or re
-aayal, the Mayor of said city, on information
thereof, shah cali special election on five
days notice, to fill such vacancy.
Section 2. The said Commissioners, shall
az soon after their election and qualification
az they shall deem proper, make and execute
under their hands and seals, andin the name
and on behalf Of said city, bonds with in
terest coupons annexed, IN sums notices. 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 8 ates az they shall deem proper, to
commute, purchase, compromise and cancel
the outstanding city bonds Of said city, is-
eued 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, fifty
cents on the dollar of the principal of said
bonds, issued in aid of said Railroads, or if
any part thereof be in judgment, not ex-
ceedino fifty 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 shall keep
s. 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 8. 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 ia the manner hereinafter provided
for. ~ 81 s-
Section q. At least two weeks before the
fine fixed by law for the making out of the
tax lists for said city, in each year, said Com
missioners shall notify the Clerk of said city,
or the person authorized by law to make out
said tax lists, the amount necessary to be
raised by tax in said city to pay the interest
en- the bonds hereby authorized to be exc
cuted and deferred, shat has accrued or shall
accrue during the next succeeding year, after
the time for the collection of the annual
Eaxes, and the amount necessary to be raised
for the sinking fund hereinafter provided for,
in each year, and it is hereby made the duty
oil III =
TO make. cut such lists, to apportion such
amounts to the tax payers of said city, and
enter the same on said lists, to be collected
as other taxes and said amounts are hereby
assessed and levied annually for that pur-
pose. And in case there shall be no Clerk of
said city, or other person authorized to make
out said tax-iiats at the proper time fixed by
law, or in case such Clerk or other person
shall neglect or refuse to so apportion and
enter said amounts upon said tax lists, at the
proper time fixed by law for making out said
istsy then and in that case the Judge of the
ireuit Court of jefferson County, in this
tate, IS hereby authorized, and it is madehis
uty, in term time or vacation, upon the ap-
plication Of said Commissioners, showing
such vacancy in the office Of Clerk Of said
city, or such neglect or refusal, to forthw ta
appoint some proper person to act in the
place Of said Clerk, and who shalt immedi-
ately after his appointment, perform the
duties Of said Clerk, in appertIoning and en-
tering on said tax-lists said amounts and
he shall be entitled to have the possession and
custody of said lists for that purpose, and
when thus completed, shall deliver said lists
10 the Treasurer Of said City for collection,
with his warrant attached thereto, in the form
now required by law, in the place of said
Clerk. $50 =
r cLon I IL
ectel, in the manner provided for inlLhe next
preceding section, annually the sum of ten
thousant dCllars as sinking fund, which
shall be used by said Commissioners for the
purpose of buying up at as great q discount
rs possible, any OF the bonds hereby author
lied, or any of the public in debtedness of
said city, giving preference to such holder or
holders of said bonds rs shall agree to take
tho Least amount in discharge of their de-
mands, after due notice given in the official
State newspaper at the City Of Madison.
Section D.. The Treasurer of the City of
WATERFOWL shall, in addition to his bond re
quired by law add to andinsert in his official
bond, aud in the penalty thereof, the sum of
thirty thousand dollars, for the safe keeping
and faithful application Of said sinking fund,
and of the amount raised for interest IN each
year.
Section {. Said Commissioners shall have
the right, by their draft, duly signed by at
least Il majority CT them, TO draw out OF the
City Treasury such amounts OF said sinking
fund, from time to time, as shall be necessary 4,
and no oitener, TO buy up aud discharge any
of the outstanding bonds of said city, az pro
vided IN section five of this act and said
drafts shall be sufficient vouchers in the hands
Of said Treasurer TO account for said fund
and said sinking fund sb al in no case be di-
verified from the exclusive purpose provided
for ia this act. And any bonds when can
celed and discharged, shall be deposited with
shc Clerk of said City, and said Clerk shall
forthwith again cancel said bonds, and enter
q memorandum of the dates and amounts
thereof, and the time when received by him
and Cancelled, in book to be kept by him for
that purpose which shall be open to iuspec-
ton only by the Common Council of said city
aud said Commissioners.
Section g. The annual interest upon the
bonds uhorized to be issued by this act,
shall be payable at the Office Of the Treasu-
rer of said City, upon presentation of said
coupons 10 the City Treasurer, and said cou-
pons when so raid, shall be sufficient Vouch-
ers for the same.
Section 9. Said Commissioners shall re-
ceiyc such reasonable compensation for their
services rendered un,!er this act, from said
city, as the Common Council of said city
shall deem proper, in addition to their actual
expenses and disbursements, to be allowed
and paid as other claims from the general
fund of said city.
Section 10, Said Commissioners, bcfrc en-
terjng upon their duties under this act, shall
earb give q bond payable to he CITY Treasu-