Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1877-02-22
Published February 10, 1s77.]


AN ACT relating 10 narrow gauge railroads and
amendatory of section B Of chapter 1872 of the
genera! laws of 1872, as amended by chapter 317
o! the laws OF 1874, and chapter III of the laws
of 1875.
The people of the State O. Wisconsin represented
in Senate and Assembly, do enact as follows:
Section 1. Section l3 of chapter 1 2 of the gen.
eral laws of 1872, amended by section1 of chap
ter BIZ OF the laws of 1874 and also by chapter III
OF the laws OF 1873, is hereby amended by adding
at the end of said section !, the following to wit:
TFoGaded h0UeCer, that the sub cription for first
mortgage bonds or stock so to be made and paid
III money, lands Or other property, by any coun v
town. city or village, shall in instance be for
any amount, including existing indebtedness. in
the aggregate exceeding five per ccntum on the
value OF the taxable property ther in, to be as.
ceraned by the last assessment for State and
county taxes previous to the making of such sub
scrip ion, or the incuriing OF such Indebtedness:
ana procided .tH'ther, that whenever any tax
above mentioned Is to be levied collected. the
county board OF super isors of any such county,
the Wn board of SUPERVISE of anv such
town, the common council of any SUI b city, and
the board OF trustees OF any such Wills ge other
local governmental board of any such cor 1oration
or rmunicipality, ywhatey .Inu it may be called
shall have The ght Instead OF ievyfng such
tax, to orrow sum of money sufficient TO pay
the amount so roposed to be raj. cd by tax tOr
period notseXceeding hve years, and a rate of in
terest not exceeding ten per centnm annum,
and to issue such negotiable bonds o; other obli-
cations as shall be necessary to secure the same,
to the person or persons corporation corpora
uons OF whom the said moEey shall be borrowed;
and said bonds or obi cations and the coupons
and installments of interest thereon when due
shall be paid in the same as any c ther
Indebtedness of such municipal corporation, and
the proper officers of eylry such corporation
are hereby autho. lied and emp )wered and it is
here " declared and made their duty firm and ir-
revocab.e, as pat of the obligation OF said con-
tracts, to levy and provide for til Z ect ON of a
direct annual tax sufficient to pay the interest on
said indebtedne As it lis due and also to
pay and discharge the principal thereof a. it ma
lures &C ording 10 the terms II said bonds Or obl
cations.
Section 2. This act shall not be construed to
authorize the municipal corpo ationS Or the au-
thorltles thereof, herein mentioned, to sell any
negotiable bonds or other obligations, issued in
accordance with this act, at less than their par
value.
Section 3. This act shall extend and be held ap-
plicable to all subscriptions for bonds o stocks
heretofo e made by co ntf. town. city vii
lage, under or in pursuance of this act acts here
by amended. whenever the amount of such SUBJ
scripton shall not have exceeded the limits $pec-
fed in the first pT0vso above enacted in section
of article NJ. Of the const tuition Of this STATE
and all such subscriptions are hereby ratified and
confirmed.
Section 4. This act shali lake eject from and
after its passage and publication.
Approved Feb {, 1871. sS~COPY.