River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1877-02-22
pproved February 6, 1871.
| Published February IS, 1877. /
CHAPTER


AN ACT relating to narrow guage railroads
and amendatOry of section Is, OF chapter ls2,
OF the general laws OF 1872, as amended by
chapter SIT of the laws OF 1874, and chapter
III of the laws OF 1875.
The people OF the State of Wisconsin, repre-
scented in Senate and Assembly. do enact as
follows:
Section |. Section Is Of chapter IS2, OF the
general laws OF 1872, as amended by section
OF chapter 3l7 OF the laws OF 1874, and also
by chapter III of the laws OF 1875, is hereby
amended by adding at the end of said section
/. the following, to-wit: Provided, however,
that the subscription for first mortgage bonds
or stock so to be made and paid in money,
lands or other property, by any county, town,
city or village, shall in no instance be Tor
any amount, including existing Indebtedness
in the aggregate exceeding five per eentum on
the value OF the taxable property therein, to
be ascertain ID by the last assessment for state
and county taxes previous to the making OF
such subscription, or the mourning VI such in
debtedness, and provided further, bat when
ever any tax above mentioned is TO be levied
or collected, the county board of supervisors
of any such county the town board of super
visors OF any such town, the common council OF
any such city, and the board OF trustees OF any
such village, or other local governmental
board ofany such Incorporation or municipality,
by whatever name il may be called shall have
the right, instead of levyiDg such tax, to bor-
amount so proposed to be raised 10y tax, for
period not exceeding five years, at rate OF
interest not exceeding ten per centum per an.
mum, and TO issue such negotiable bonds OF
other obligations as shall be necessary
to secure the same, to the person
or persons, corporation or corpo-
rations of whom the said money shall be bor-
rowed, and said bonds or obligations, and
the coupons and installments OF interest
thereon, when due, shall be paid in the same
manner as any other Indebtedness of such
municipal corporation, and the proper officers
OF every such corporation are hereby author
lied and empowered, and it is hereby de-
clared and made their duty, firm and irrevo-
cable, as part of the obligatiO' OF said con-
tracts, to levy and provide for The collection
of direct annual tax sutficien, 20 pay the in
terest ON said indebtedness az it falls due, and
also to pay and discharge the principal there-
of as it natures accord ing to the terms OF said
bonds or obligations.
Section .: This act shall not be construed
to authorize the municipal corporations or the
authorities thereof, herein mentioned, to sell
any negotiable bonds or other obligations, is
sued in accordance with this act, at less than
their par value.
Section 3. This act shall extend and be
held applicable to all subscriptions for bonds
or stocks heretofore made by any county,
town, city or village, under or in pursuance
OF this act or acts hereby amended, whenever
the amount OF such subscription shall not
have exceeded the limits specified in the first
proviso above enacted or in section 8 of article
II OF the constitution of this State, and all
such subscriptions are hereby ratified and
confirmed.
Section 4. This act shall take effect from
and after its passage and publication.
Approved February z, 1917