Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1876-02-23

1
careful perusal rom our readers that al
may understand what is called tor by the
passage of these measures
A Bill to authorize the city of Watertown
| to settle and compromise its railroad
! bond Indebtedness.
The People Of the State of WISCONSIN, rep
resented in Senate ard Assembly, do enuc
| astoiIoavs: .s .
SECTIoN l. For the purpose of eompro.
missing and settling the railroad bond in
debtedness of the city Of Watertown, in
the State of Wise nsin, Gustavus Werlich,
for the first ward, Joseph Bursinger, for the
second ward, Amos Baum, Tor the third
ward, Jacob Weber for the fourth ward,
M. }. Woodland, for the filth ward, Chris
tan Schmutzler, for the sixth ward, and
Alanson Boomer, for the seventh ward, are
hereby appointed commissioners, to be
known as 1.-THE board of bond commission
ers,' with full power and authority to bor-
row Of the commissioners of school and
university lands: portion of the trust
funds of the State, not exceeding the sum
of sixty seven thousand dollars, and to
purchase of, and from the holders thereof
|
SAID city to aid in the construction of
railroads, at a sum not exceeding fly per
cent, of the principal of the said bonds, ex-
Guiding all accrued and unpaid interest
thereon, and also to settle, and compro-
mise discharge any and all judgments
i which have or may be rendered on any
such bonds, at and for sum not exceed
| ing fifty per cent, of the principal OF the
bond or bonds upon which said Judgment
orjudgments were or may be rendered, ex-
| elusive of all accrued interest; provided
| however, that said board may in its discre-
| ton pay in addition to said fifty per cent.
on SAID judgments the taxed costs thereof.
SEC Z. The members of said board of
| cond commissioners shall hold their Office
until the objects and purposes of this act
are fully accomplished, and before entering
upon their duties shall severally take and
subscribe the usual oath Of office, to fa tn
fully discharge their dutieJ. In the eve, It
of vacancy in said board by death, resig-
nation Or removal from the ward for which
they were appointed, the same shall be FL
led by the appointment by said board OF
some suitable person, residing in the ward
where such vacancy exists majority of
said board shall constitute quorum for
the transaction of all business
Sec. 3. Said board of bond commission
ers, at their first meeting shall elect one of
their number chairman, who shall preside
at all meetings, and may call special meet
iags of the board, whenever be shall deem
1t expedient, and shall also at ths same
time elect one of their number secretary.
who shall keep full and accurate minutes
of all the proceedings OF said board. Said
board shall at all times have free access 10
all records, correspondence, all papers in
the office OF the city clerk. in any way re.
lating TO the bond Indebtedness OF said city.
SEC. 4. The said board of bond commits
sioners shall cancel all bonds by them pur.
chased or settled, and deposit the same in
the Office of city clerk for safe keeping, and
shall cause all judgments rendered on any
of said bonds and by them settled or com
promised to be satisfied of record. After
the said board shall have fully accomplish.
ed the objects and purposes OF this act, they
snail 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 commission
ers In and about the business shall be paid
by said city.
A Bill to authorize the commiss oners of
school and university lands to loan por
lion of the trust funds of the State to the
city of Watertown.
The People of the State of Wisconsin, repre-
sented IN Senate and Assembly, do enact as
fottoaCs:ss
SECTION l. The commissioners of school
and university lands are hereby authorized
to loan portion of the trust funds of this
State, not exceeding sixty-seven thousand
dollars to the board of bond commissioners
OF the city OF WATERFOWL, in this State
and the said board of bond commissioners
are hereby authorized to borrow of said
commissioners for the purpose of liquidat-
ing the bonded Indebtedness of said CITY.
sum of money not exceeding the amount
above named, and TO issue to Sd commits
sioners certificates of Indebtedness, tor all
sums received by them on said loan.
Sec. 2. The said commissioners of school
and university lands shall pay over to said
board Of bond commissioners the money 80
loaned, at such time or times, and in such
sum or sums, as the said board may REQUIRE
the same for use, for the purposes afore-
said; aud all sums Of money received by
oe1iA UOdlu ouesIA UCdI lut6IcSL dC LQG rate OF
seven per cent. from the date of the certifi-
Gates of Indebtedness issued therefor; and
said interest shall be paid annually, to-
gether with not less than one-tenth of the
total amount received on said loan, till the
whole is paid. la svsA Esd
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 Watertown, the
amount OF interest due the State upon said
loan, together with 10 per cent. of the sum
received by said board on said loan and
the same shall be levied and collected out
of the taxable property of said city, and
paid over to the State, in the same manner
as other State taxes are collected and paid
Sec. 4. At the time and in the manner
provided tor levying taxes for State and
county purposes, the common council of
said city, shall levy the amount of money
required for the payment of the annual in.
terest, and not less than one-tenth OF all
sums OF money received by said board, on
said loan, as provided for in the preceding