Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1870-03-23

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of the year 1862 provided ia sections and II OF
this act. And whenever any town, incorporated
city or Tili5ge shall have created debt as atore-
said, it shall also be lawful for the state treasurer
and he is hereby required, Immediately upon re-
ceiving the annual state tax or license fee from the
railroad or railroads, for the purchase OF whose
stock such debt shall have been created by any
such town, incorporated city village, to place to
the credit Of such towns, incorporated cities or vii
lagos, any one line OF railroad so having incur
red such Indebtedness, III the state Ueasufy annu-
ally, for and during the full term OF the existence
/ OF such indebtedness or any part thereon, the
whole amount so received, and IN such proportion
to each of such towns, incorporated clues or vii
lagos, any line, SHAH be in an equal ratio
to the whole Of such indebtedness originally incur
red by each.
Sec. s. So long as the tax or license fee upon
any railroad or railroads, parts thereof hereafter
built in this state shall be needed for the purpose
| Of being used IL the payment OF any Indebtedness
incurred for its construction by any town. city or
village, as contemplated in this act and as directed
by section four to be applied by the state treasurer
| for that purpose, and no longer, tax or license
fee OF SIX per centum on the gross earnings m
stead of the rate at present authorized by law, the
| additional three per cent. beng III consideration
of the bonds issued by the several towns cities and
villages in aid Of sid railroad, and shah be col
lected from each, under the same laws and reguia-
tOns nov apply to the collection OF the present
rate Of state tax or lie nse upon railroads
| Sec. g. And the clerk OF any such town, city or
village, upon the issuing Of the bonds in the pay
ment of such subscription to the stock of any such
railroad company, shall make a registration thereof
in a book TO be kept for that purpose in his Office,
| showing the date, amount, number, maturity
and ate of interest of such bonds, and to what
railroad company the same were delivered. And
the said bonds issued and still unpaid. in order
to receive the benefits of this act, shall each be
registered by the holder thereof in the Office of the
secretary of state, who shall cause the same 10 be
registered in book t. be kept for that purpose
/ Such registration shall show the date, amount,
number, maturity and rate of interest of each of
such bonds under what act and by what town.
city or village the same were Issued and the secre-
tary of state shall under his seal of Office certify
upon each of such bonds the fact of such regstra-
ton, for which registration and certificate he shall
be entitled to a fee of twenty-five cents, to be paid
| by the holder of said bend
Sec. T. In all cases when any town ire "rpOrated
city village shall issue bonds under the provi-
sons of law, and be entitled TO the benefit OF this
act it shall be the duty of the town clerk OF such
town, other proper officer Of such Incorporated
city village in whose office the assessment rolls
Of such town, city village are, shall be when
completed, within five days after such completion,
to make out and transmit to the secretary OF state
to be filed in his Office, certificate stating the total
value of all taxable property, real and personal
within such town, incorporated city or village as
exhibited by such assessment
Sec s. When any such bonds of any town. in
corporated city or village shall be registered in
this act provided the secretary of state shall annu
ally ascertain the amount of interest for the current
year, due and accured and to accrue upon such
bonds and from the amount so ascerained he shall
deduct the amount in the state treasury placed to
the credit of such town, incorporated city vii
lage as herein provided and directed and from the
basis of the certificate of valuation of property,
hereinbefore provided to be transmitted to him, or
in case no such certificate shall be flied in his Of
ce then upon the basis of the total assessment Of
such town. incorporated city or village for the year
next preceding, he shall estimate and determine
the rate per centum ON the valuation of property
within such town, incorporated city village, re-
ausite to satisfy the amount of interest unprovded
for, together with the ordinary costs to the state
for collection and disbursement of the same, to be
estimated by him. and he shall make and transmit
to the clerk of such town, Incorporated city viii
lage, or other proper officer whose duty it is or
shall be to prepare the estimate and books for col
lection of state taxes in such town. incorporated
city or village, certificate stating such estimated
requisite per centum for such purpose, to be filed
in his office, and the same per centum shall ther&
upon be deemed added to and be part OF the per
centum which is may be levied, as provided by
law, for purposes of state revenue, and shall be
treated by such clerk or officer, in making such
Inmates and books for the collection of taxes; and
the said tax shall be collected with jhe state reve-
nue. and all laws relating to the state revenue shall
apply thereto, except herein otherwise provided
Sec. 9. The state shall be deemed the Gus odian
of the several taxes collected and credited to
such town, incorporated city village, and shall
not be deemed in any manner liable on account of !
any such bonds except to the extent of the money
received for their payment under the provisions Of
this act. The state shall annually collect in lawful
money, all the said taxes to be placed to the credit
of such town, incorporated city village afore-
said for and until the bonds are fully paid. and |
shall apply the same when collected, to the pay
ment of the principal and annual interest on such
registered bonds OF such town. incorporated city
village, and for and during the remainder of the !
term of years during which such registered bonds |
shall remain unpaid. The funds provided for in |
section four of this act, accruing from taxes or Ii
cense fees collected on the property earnings of
said railroad railroads, and the surplus of the
other funds in this act provided, remaining after
the payment of the interest the bonds, shall be |
applied 10 the payment of the principal of said
istered bonds, as hereinafter provided at the Office
of the state treasurer and the interest coupons and
bonds, when fully paid shall be returned to the |
Office of the state treasurer and shah be Cancelled
and destroyed, and the funds derived from the |
special taxes collected the increased assessment
the year 1869, and the tax levied to meet the
interest said registered bonds, shall continue to
be annually applied TO the payment Of interest and |
principal until the bonds are fully paid.
Sec. 10. And it shall not be lawful to register |
any bonds under the provisions of this act, to
receive any of the benefits advantages to be de-
rived thererom until after the railroad for the pur
chase of whose stock said bonds were issued shall
have been completed to such point may have been
agreed upon, to, into through such town, |
incorporated city village, and shall have
thereon, and none of the benefits, advantages or
provisions of this act shall apply to any debt,
less the question of making the subscription TO the
stock OF such railroad company, shall first have
been submitted to an election of the legal voters of
such town, incorporated city village, as herein
before provided.
Sec Il. In all towns cities and villages having
incurred indebtedness and issued bonds therefor,
to which this act applies, there shall annually be
raised especial tax" called the railroad tax
the amount of which shall be ascertained by ap-
plying the same rate per centum used in produc-
ing the state and county taxes combined for the
year. to the excess for increased value) of taxable
property after it is equaZed for that year. that
of the year 1869, and the clerks of the several
towns, cities villages (as the case may be) shall
add the amount thereof, thus ascertaiued to the
other taxes to be raised and cause the to be
collected, and the town treasurer is hereby direct
ed and required to collect the same with the other
taxes, and when collected TO treat it part and
parcel of the state tax, and when received by
the state treasurer, it shall be credited to such
town, city village and used in the payment of
its bonded Indebtedness as contemplated in this
act.
Sec r. This act shall be construed to authorize
and provide for the payment and the registry by
the secretary of state, of bonds issued in payment
of subscriptions to the capital stock of any such
railroad to the extent of five thousand dollars per
mile and more, in the aggregate of its entire
length within this state; also to provide that the
amount of stock which any town, city village
votes for or subscrlbes, shall not exceed It's equal
proposition Iproportionl according to the equaizcd
value of the property of the several towns, cities
AMI villages through which the railroad such
portion thereof is t. be built within fixed time,
under single agreement, \, sses.
Sec. 13. The bonds of each and every town, city
and village, issued and registered required by
this act, shall be numbered from number one, up
wards in the same order issued, and endorsed by
a reservation printed on the back of each, thattrey
shall be payable in the same order, and fast
the funds provided from all sources by this act in
| the hands of the state treasurer viii warrant
whether due according to the terms therein ex-
pressed not and for this purpose said treasurer
shall cause to be inserted, in the first daily issueof
the official state paper, in January, April July and
October Of each year, notice giving the name of
the town. city or village whose bond or bonds are
provided for, and their numbers thus PAYABLE from
| the funds in the treasury applicable thereto and
the effect of such notice shall be to stop the interest
on such bond or bonds designated. from after
ten days after such publication, and until their pre-
sentation for payment with all unpaid interest cou-
pons attached
Sec IA. This act shall not be construed to pro-
hibit towns, cities villages from issuing bonds in
aid of railroads in any greater amount than five
thousand dollars per mile, under any laws hereto
fore hereafter to be enacted by the legislature of
1 this state.
! Sec. Is. This act shall take effect and be in
force from and after its passage and publication.
| Approved March 4, 1870
Published March 9, 1S7Gl
CHAPTER 3l.-GENERAL.
| AN ACT to amend section 16 of chapter 81 of the
revised statutes, entitled of cemetery associa-
TONS
The people of the state of Wisconsin, represented
in senate aud assembly, do enact as follows:
Section l, Section 10 of chapter 81 of the revised
statutes is hereby amended by striking ont the