Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1876-03-08

we lay before cur readers to-day the
| bills now before the Legislature, changed
and amended it is hoped by the gentlemen
having the matter in charge, to suit all
those who are sincerely in favor of Kidding
eur fair city of this Railroad Debt incubus
If the gentlemen have succeeded in inter-
preting the wishes of the Taxpayers, it is
necessary that all friends of these measures
| should assist by all the means at their
command to secure the passage of the bills
| by the Legislature. 1t is not certain that
the several provisions will be satsfa ctory
| to the state autho rites but it is hoped that
they are in accordance with the wishes Of
our people and that they can be changed
so as TO meet the demand Of the law
makers TWAS thought best to change the
amount TO be borrowed to ''not euceeding $780,
000," 80 as to meet every contingency, and
avoid the necessity for further legislation.
The board of adjusters will of course d,aw
only an amount sufficient to accomplish The
purposes of the bill, which will surely not
reach theamount authorized to be borrowed
The bills read as follows:
SECTION l. For the purpose of compro.
missing and settling the railroad bond IN
debtedness of the city of Watertcwn in the
State of Wisconsin, Gustavus Werlich, Amos
Baum and Edward johnson are hereby
appointed adjusters, to be known as sthe
board of bond adjusters," with full power
and authority to borrow on behalf of said
City of the Commissioners OF School and
University Lands, a portion of the trust
funds Of the State, not exceeding the sum
of one hundred thousand dollars, and to
purchase OF, and from the holders thereof
any and all bonds here tofore issued by said
city to aid in the construction of the Mil
waukee and Watertown and WATERFOWL &
Madison railroads, at sum not exceeding
fifty per cent. Of the principal of said
bonds, and also to settle, compromise and
discharge any and all judgments which
have or may be rendered on any such
bonds, at and for a sum not exceeding
fifty per cent. ofthe principal of the bond
or bonds upon which said judgment or
judgments Were rendered, provided that all
unpaid coupons shall be surrendered at the |
time of the purchase of any bonds or settle
ment of any judgment obtained on bonds,
together with any and all judgments tina,
may have been obtained On such unpaid
Coupons, to the end that fifty cents on the
dollar Of the principal shall be the maxi.
mum amount TO e paid tor any bonds
Sec. 2. The members of said board of
bond adjusters shall hold their Office until
the obj-ct and purposes of this act are fully
accomplished, and before entering upon
their duties shall severally take aud SUBJ
scribe the usual oath of office and severally
enter into surtles in the sum of Ten
thousand dollars 10 be deposited with the
City Clerk to faithfully discharge their dutip
In the even. Of a vacancy in said board b
cath, resignation or removal from he
city the same shall be fl ed by appoint nent
- said board of 20 a, suitable person
SEC. g. Said board OF bond adjusters at
their first meeting shall elect one of their
number chairman, who shall preside at ali
meetings, and may call special meetings
of the board, " henever he shall deem it ex.
pedient, and shall! also at the same time
"lect one of their number secretary, who |
shalt keep full and accurate minutes of all |
The proceedings of said board Said board |
shall at all times have free access to all |
records, correspondence, and papers in the
uihce Of the city clerk, in any way relat-
ing to the bond Indebtedness Of said city
SEC The said board of bond adjusters
shall deposit all bonds by them purchased
o, settled in the office of the State Treas
ursr for safe keeping, and shall cause all !
judgments rendered on any of said bonds !
or coupons and by them settled or compro-
no bo
n trust for SAID city and such bonds and
judgments shall be held by the state as
security and shall not be delivered up TO
said board of adjusters until said city of
Water.own shall haYe refunded all money
received from the state together with all
interest due thereon. After the said board
shall have fully accomplished the objects
and purposes of this act, they shall deposit
all their records and papers, relating to
their business in the Office of the city clerk;
all reasonable expenses and disbursements
incurred by said adjusters in and about the |
business shall be paid by the city.
SECTION l. The Commissioners of School |
and University Lands are hereby authuriz |
ed to loan portion of the trust funds of |
this State, not exceeding one hundred |
thousand dollars to the board of Bond Ad- |
justers of the city Of WATERFOWL, in this
state, and the said board of Bond Adiusters |
are hereby authorized to borrow of said |
commissioners for the purpose of liquidat-
ing the bonded Indebtedness of said city, a |
sum of money not exceeding the amount
above named.
SEC. 2. The said Commissioners of School |
and University Lands shall pay over to said |
board of Bond Adjusters the money so |
loaned, at such time or times, and in such |
sum or sums as the said board shall require
the same for use for the purposes aforesaid;
and all sums Of money received by the said !
board shall bear interest at the rate of seven |
per cent. from the date of the receipt of
such sum or sums of money, and said in
terest shall be paid annually together with
not less than one tenth of the total amount
(re eive- On said:losn, till the whole Is paid |
SEC. 3. Each and every year till the
whole loan is repaid, the Secretary of State
shall, when he apportions the state tax
among the several counties, return to the
City Clerk of said city of WATERFOWL, the |
amount of interest due the state upon said
loan, together with ten per cent. of the sum
received bY said hoard IN sold lion ond