The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1872-01-25
The Building Of Bridges in Mantle

woo
The following is synopsis of a bill in
troduced in the upper house of the State
Legislature, On the 18th inst, by Senator
Schmidt. 1t was read the first and second
times, and referred to the Committee On
Town and County Organizations:
Section authorizes the Board of Alder
men of the City of Manitowoe to borrow 4
sum of money not exceeding sixty thous.
and dollars, at such times as such Board
may deem necessary, the rate of interest
not to exceed ten per centum per annum.
The second section confers power on the
Board of Aldermen to issue city orders or
city bonds In payment of the sum of money
so borrowed which shall be signed
byi the Mayor and City Clerk, and
be in such denominationsas shall be
thought best by the Board of Alder
men, land shall specify the time when
such order or bond shall tscome due and
payable; such bonds or orders not to be is
sued for longer period than ten years af-
ter date of issue. The orders or bonds
shall have interest coupons attached for the
interest falling due thereon each year: such
coupons shall be taken In payment for city
taxes IN sucn years IN which such coupons
may become Que and payable. Section 3
provides that the money so borrowed shall
be used for the following purposes only:
A sum not exceeding so, 1909 for the BALD
ing Of a bridge across Manitowoe River at
a place where Main street crosses said river.
\ sum not exceeding $40, 900 for rebuild
the bridge at Eigth street. A sum not ex-
ceeding $50, 900 for building a bridge across
the ManitOwoc River at such place above
Main street as the Board of Aldermen may
deem best for the public interest. Section
provides that if the sums above specified
should not be needed for the building of any
or all of the bridges as specified in Section
), the residue Of the money so borrowed
may be used for the purpose Of building an
other bridge across the ManitoYOc River,
above Main street, as said Board NAV deem
best. No money borrowed under this act
shall be used for the purpose of repairing
bridges, or paying interest or principal on
the orders or bonds issued under this act; or
interest or principal of any indebtedness
which the city may have contracted or may
hereafter contract, or for any purpose
whatsoever, except as specified in Sections
and Of this act. Section ) provides for
the mode of payment, and authorizes the
City Clerk to add, annually, to the amount
of taxes levied and assessed by the Board
OF Aldermen for the purpose Of defraying
the general and special expenses Of the city,
a sum equal to the whole amount Of princi-
pal and interest on such. orders or bonds
which may become due during the year
next srcceedi; 9 the collection of such taxes,
and the sums added to the amount of taxes
levied shall be assessed and collected in the
same manner as is now or may be hereafter
provided by law. Section makes it the
duty of the Treasurer to pay, on presenta-
ton, out of any money in his hands, ali
bonds or orders issued under the provisions
of this act, or any coupons thereto which
may become due or payable. Should such
orders be paid out of the general fund of
the city said fund shall be reimbursed by
the taxes ordered TO be levied by Section 5
of this act. Section provides the manner
IN which said orders, bonds, or coupons
shall be cancelled, after payment OF the
same, and destroyed, as is provided for the
cane liation of city orders and bonds
Section prohibits the reinsurance of any
order, bond, or coupon which has been
paid or Cancelled. Section 9 repeats all
acts and parts of acts that may conflict
with the provisions of this act. Section 10
provides that this act shall be in force
from and after Its passage and publication