Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1878-03-29

a. ACT authorizing Tie counties, cities, villages.
aud towns aI this state 70 refund their indebted
ness
Yhf pfople II M state n WISCONSIN represented IN
senate AMI assembly, datnact as fottoes:
section i. The present bonded Indebtedness OF
any county city, yillage % town IN this state may
be paid M ~ retired by the issuance Of bonds of
the same amount hy the constituted aud statutory
authorities having charge and power by Law, over
the interests uf The bond payers; provided how
ever. AMI only when such existing bonds can he
ICED ~ such issuance 1T new bonds i'll the place
and stead Of existing hnn.ts bearing 7 rate q IN
.ertst not exceeding THAI of the bonds SO author
I1rtl ~ ~ retired Ut paid
section ~ ease lny halderef eNistlng bonds
city village M town, and accept IN their place and
interest. exchanging said existing bonds for such
new bonds IT 4 par value q each, then the consh-
tutrtl and statutory authorities ~ any such county,
ctN village or town prescribed iu the first section
Of this act, MAY, ~ Their diSerGtlon make such
and The substitution aud Issuance theretorof such
new bonds, and may rNtend tie date of payment
len wears beyond the limo when the principal II
such existing bonds, 81 Snrrendeted. would have
shall ID for more than twenty years FROM The time
such debt was created. except IN case q bonds Is
sued prpr Is November |, ISL
city, village Of town shall become dine an, payable.
the Interests 81 hond PAYERS, may ~ their dserr-
hayin n nj more than wenfv wears III RIM Xii
bonds, which may b. iSsned under the provisions
county, city, village or town issuing them, for u
period az thirty days notice Of such sale shall he
w advertisement nancwsnaper printed ~ such
county atty. village Or town. II one be printed
therein, and II not, then Ivy advertisements paYted
In at least FIVE public places m such 'GIltN, city,
village or town. fhe terms q sale "a such bonds
shalt be that 10 THE person bidding the highest SUN.
not less than par aud Offering To aorcpt the lowest
rate III Interest for the whole nr ANY part ~ said
bonds the said bombs Ia whole ar lii part shall be
issued. II the hants offered FOR sale shall mot
have heel sNd authorized hy this art, On II any
portion If them shalt remain uHsnla II lie pNptla
ipn nc thirty AaNS. such bonds remaining unsod
may Then 10 disposed III hs the statutory anthof
tics I'll such manner rs IN THUR judgment W be
Tor tile heS Interests RI the huni payers. tut ~ no
ease shall new bonds he sold except at rate ~ IN
tergst rs low that borne hy the bonds for which
the new bonds are ~ be exchanged such ueW
bonds shall bear date aud draw interest from tho
datpaf the payment N the bonds 50 retired anil
shall be made payable at some stated place within
the state Of Wisconsin,, and shall Tn - deh0uiha-
items not exceeding one hundred dollars, u1t less
than twenty five dollars.
section4 Tile moneys arising from tile sale q
new bonds rs provided III the foregoing section,
shall bp applied To the payment and satisfaction "
tile bonds thpn becoming due and payable
sections The principal ami Inter" i ~ All bonds
authorized to IN ssuea pursuant M the provisions
az tins net shall ~ paid iH the lawful money Ill the
United states
Section Il This aet shall take effect AMI ne lnfafCe
Approved Mareh#I1 lsls