River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1878-04-18
lPnblished March 90, 1873. /
CHAPTER 100

AN AGI authorizing the counties, caties, VII.
lagos and towns Of this State to refund
their Indebtedness.
The people of the State Of Wisconsin, repre-
sented in Senate and Assembly, do enae
as follows:
section L. The present pouded indebted
ness OF any county. city. village Or town in
this State may be paid up or retired by the
issuanra Of bonds OF the same amount by the
constituted and statutory authorities having
charge and power, by law, over The interests
Of the bond PAYERS; provided however and
only when such existing bonds can be retired
or paid by the substitution of money realized
by such insurance of new bonds in the place
and stead of existing bonds in the place and
stead of existing bonds, bearing rate OF In
terest not exceeding that OF the bonds so au-
thorized TO be retired or paid.
Section 2. In case any holder of existing
bonds shall be Wiling TO surrender bonds oi
any county, city village or town, amt accept
| In their place and stead other bonds at the
same or lower rate of interest," exchaD ging
said existing bonds for such new bonds at a
par value of each, then the constituted and
statutory authorities of any such cou,.ty
| city, village or town prescribed in the FIRST
/ section OF this act, msv, 10 tseir direction
make such exchange by the retiring Of such
| exiating bonds and the substitution and is
suance therefor OF such new bonds, and may
extend the date OF payment OF such substitut.
! I'd bond for period not excee ding ten years
1 beyond the time when the principal Of spch
existing bonds, so surrendered, would have
become payable; provided, that no such ex.
\ tension Eball be for more than twenty years
| from the time stch debt was created, except
IN case Of bonds Issued prior TO November l.
! 1914.
| Section 3 Whenever any bonds of any
county, city, village or town shall become due
aud payable, or in anticipation thereof, the
constituted or statutory authorities having the
/ "a nv lnfPrpgf hDp
| payers may, in their discretion, cause to be
| issued, in proper form, new bonds having no.
more than twenty years t. run. All bonds
| which may be issued under the provision OF
/ this act, shall first be offered To- sale within
1 the county, city, village or town issuing them
! for a period of thirty days notice Of such sale
4 shall be by advertisement In a newspaper print
ed in such county, city, village OF town, II one
be printed therein, and if not, then by adyer.
| tisement posted in at least five public places
| ia such county, city, village or town. The
| terms OF sale OF such bonds shall be that tc
| the person bidding the highest sum, not lest
/ than par, and offering TO accept the lowest
rate OF interest for the whole or any part Of
! said bonds, the said bonds in whole or in part
| shall be issued. If the bonds so offered FOL
| sale shall not have been sold as authorized by
this act, or If any portion OF them shall remain
unsold at the expectation of thirty days, such
| bonds SO remaining nnsold may then be die
/ posed of by the statutory authorities in scueh
manner as in their judgment will be for The
! best interests of the ond-payers, but In nc
| case shall new bonds be sold except at a rate
| of interest as low as that borne by the bonds
| for which the new bonds are TO be exchanged
| Such new bonds shall bear date and draw in
| terest from the date OF the payment OF the
| bonds so retired, and shall be made payable
| at some stated place within the State OF Wis
cunsin, and shall be OF denominations not eX-
cecding one hundred dollars, nor less than
! twenty-five dollars.
/ Section 4. The moneys arising from the
| sale Of new bonds, as provided in the forego-
/ ing section, shall be applied to the payment
/ and satisfaction Of the bonds Then becoming
/ due and payable.
! Section .. The principal and interest OF all
bonds authorized to be issued pursuant TO the
provisions of this act shall be paid in the law
ful money of the United States.
Section 3. This act shall take affect and be
in force from and after its passage and pub
! LEGATION.
1 Approved March Is, 1873