River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1876-03-30
Published March IS, 1851
CHAPTER 1874
Approved March s, 1875

AN ACT 10 authorize counties, towns, cities
aud villages 10 establish sinking funds for
payment Of cir bond d Indebtedness.
The people Of the state OF Wisconsin, repre-
sented in senate sno assembly, do enact as
Section Whenever any town, county,
city or eODorated village in this state shall
have a bonded indebtedness, IL shall be law
tai for the board Of supervisors OF such town
or county, the common council OF such city,
or the board Of tTmtees Of such Incorporated
village, TO establish a sinking fund, 10 be APP
proprated only to the payment Of il, bonded
indebtedness, whenever the same shat become
due.
Section 2. The board Of supervisors Of any
such county or town, or the common cOun-
Gil or the board Of trustees OF any such city
or village, Tor the purpose OF establishing
sinking iund tor the payment Of such iudeht-
edne s., may levy tax on the taxable pioper-
~, OF such County, town, city or village, not
exceeding six .mills Of the assessed valuation
thereof, Tor the year IN which Il Is levied, ex-
elusive OF the tax IL shall levy annually 10 paw
interest on such bonded indeb'e inesi, until
the bonded Indebtedness Of such county, town,
city or village is paid ard extinRushed which
shall he carried upon the annual tax roll, and
I've collected a. other taxes are
Section 3. In addition 10 the tax provided
tor 10 section two g. Of this act, there may
be set apart Tor such sinking fund all moneys
received tor licences or from other sources, in
case the expenditure OF such moneys h not
otherwise provided for by law.
| Section 4 The money 80 collected and set
/ apart shall constitute sinking fund, and
shall lie used and applied only 10 the extin-
/ guishmeut oi such b nded indebtedness, and
/ shall be invested by OF under the directi, OF
such county or town board OF supervisors, or
common council Of city, or village trustees,
either inihe outstanding bonds ofsuch county,
| town, city, or village, for the teneht OF which
! such sinking fund l. established, or In inter.
fgt bearing bonds Of the United States, or
/ loaned on mortgage upon unncumbered real
estate, which shall b. worth, aside from per-
/ ishable Improvements, AZ least three times the
amount Of the losn, aud every such loan shsll
~ made payable AZ least one year previous 10
| the time when the outstanding bonds Of such
county town, city or village iOf whose benefit
such sinking innd was established shall be.
come due
section .. IN case any such sinking fund
shall b. invested, in whole o. in part, ln the
outstanding t0nds Of the same county, town,
| .uy or village, such lonis shall 10 regarded
/ and considered g. all in,ents and purposes
I paid and extiuguished, EXCEPT that Il shall 10
/ the duty oi the proper hoard Of iupefvisors o.
/ such county or town o. common c0u oil Of
/ the oiiy or village trustees. 30 annually levy
and collect, 50 long a. & shall 10 necessary %
maintain such sinking fund. q sum tqual 90
The interest on such honds, la Which ~ ca
| linking fund may have leen in whole ~ IA
part invested, In the same manner ~ sum
equal 70 the Interest upon the other binds oi
I such iouniv, own, city, ~ village outtfan 4.
Ing, Il isfisd shd sollsc'sd, which sum,