Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1870-03-02
OUR CITY DEBT.

the bill drawn up by Assemblyman
Hall, entitled san ACT to enable the
city of Watertown to settle its railroad
debts The bill having passed both
houses has now become law, and it
will be read with interest, we are sure,
by our citizens. Those DESTROYS Of see
ing the welfare, happiness and prosper
ity of our city established on firm ba-
sis must be favorable to the aims and
purposes OF this bill The intention Of
the bill is to restore harmony and give
all our citizens common platform to
stand upon in our endeayor to throw
of this dreadful incubus which now
weighs SO heavily upon our city, re-
tardlng to great extent our growth
and business. With this matter of our
Indebtedness settled Waterfowl will
be enabled to take position for wealth
and increase Of population second to
no city in the state, with the excep-
ton, perhaps, of Milwaukee
Published February "a, 1901
CHAPTER 72-LocAL.
AN ACT to enable the city of Watertown to
settle its railroad debts.
The people of the state of Wisconsin, repre-.
sentented in senate and assembly, do en-
act as follows:
Section |. The city of Watertown, in the
state of Wisconsin, Is authorized to issue
bonds payable in fifteen equal yearly install
ments, to the amount in all 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 al
owance for interest which has accrued
thereon and remains unpaid Said new
bonds to be issued by virtue Of this act,
shall bear interest at the rate Of seven per
cent. per annum, payable annually, and
shall have interest coupons ttached for said
interest; and III each coupon shall also be
embraced said annual ingtaiment Of princi-
pal; and the bonds shall be so drawn that
when coupons for such interest audinclud-
lug said instruments of principal are paid,
the bonds themselves shall be fully satisfied
and discharged. Where said railroad bonds
and their interest coupons may be seperate-
ly owned, and also where judgment may be
had thereon, to their respective holders aud
owners IN satisfaction thereof. such new
bonds may be issued according to the re-
spective interests Of sucn holders and own
ers proolded, that the aggregate SO to be IS
sued sinai! not, in any case, exceed the rate
n DrFly1, t-a how
0tde7 further, that in no case shall the rate
OF exchange or payment exceed fifty cents
In new bonds on the dollar of the original
face or principal Of The old bonds, exclusive
OF ali unpald interest coupons or judgments
obtained thereon.
See. 2. Gustavus Werlich Daniel Hall,
Patrick Dewey, Michael J. Gallagher, Fer
ulnand HaItwig, F. edrick Hermann and
Aienson Boomer are hereby appointed com
m1Ssloners IN and fer said city, to be STYLED
commissioners of the public debt" Gusta
vus Werlich for the first ward, Daniel Hall
Tor the second ward, Patrick Dewey for the
third ward, Michael J. Gallagher for the
fourth ward, ferdinand Hartwig for the
nth ward, Fredrlck Hermann for the sixth
ward and Aianson Boomer for the seventh
ward Of SAID city. Said commissioners for
the odd Numbered wards shall hold until
ne frSt Tuesday of April A. D. 1871, and
until their successors are elected and Quail
ned, and said commissioners from the even
numbered wards shall hold until the first
tuesday OF April, D. 1872, and until
their successors are elected and qualified.
On the first Tuesday of April ia the year
1871, aud annually thereafter, at the annn-
al election for city and ward officers in and
iof SAID city, until the objects and purposes
OF this act are effected and ACCOMPLISHED
there shall be elected by the odd or even
numbered wards Of said city as the case NAV
De, commissioners to supply the place of
those whose terms will then expire, Said
commissioners thus elected shall hold for
two years and until the successors are elect
ed and qualified. The votes for said com
missloners shall be returned and can gasseQ
IN tue same manner as votes Tor other city
officers. In case Of vacancy by death. re-
moFal from the ward for which be NAV by
elected or appointed or resignation of any
OF said commissioners, the mayor shall on
information thereof on FIVE DAYS notice.
call special election to fill such vacancy.
SAID commissioners shall elect a chairman
who shall countersign all Of said new bonds
before the delivery thereof, and they shall
report quarterly in each year, their doings
to the common council of said city The
clerk OF said city shall be CT o6Gcio clerk of
the said board of commissioners. and shall
Keep correctrecord ofail their proceedings.
Sec. 3. Such commissioners shall be Gn-
" qualified, after being elected and falinc
the usual oath OF Office to faithfully Derforro
the duties cnjoined by this act They shall
have full access TO all records of said city
a
council OF said city and o. any and all cam
mittees Of said council, and All papers IN any
way relating to said city debts. Said com.
missoners shall have authority to decide
what share Of said debts shall be aureed IN
De compromised on the part Of the holders
OF the Obligations therefor, before anr new
bonds shall issue They shall proceed to e-
tect compromise OF said city debts at the
rate il the first section provided for All
their necessary and reasonable expenses and
disbursements in and about said business
shall be paid by said city.
Sec. i. In order to effect the obiprfa ~
this act said commissioners may apgoint AN
agent, VINO may be one of their own nnn,-
Der or not as they may deem best. whose
business it shall be under their direction
and control, to negotiate with the owners
ana holders OF said city debts, Tor the settle
meEt and compromise thereof, authorized by
Sti!s act, anu to use all proper and necessary
means to effect that object. Said agent shall
Dc reasonably compensated for such service.
when compensation shall be fixed ana
aaaited oy the common coulci, Of said city
ana All his necessary expenses IN anu about
SAID business shall also be paid by said Guy.
Sec. 8. Sud commissioners shall ore
scribe the form Of said new Bonds in CON
tormIty with this act, and tx the dates and
places OF payment ther Of and the times
from which in erest thereon shall run. BIT
said dates and times from which interest is
to run, shall be subsequent TO The passage
OF this act. Each new bond shall designate
the obligation and i ts amount for which it
shall De given in exchange.
Sec. 6. Whenever said commissioner
shall certify to the mayor and clerk, or com
mon council otsaid city, that any owners or
holders OF any Of said railroad bonds or part
OF said city deot, have consented to lhe terms