Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1878-04-03
published March ~, 1878. ]
CHAPTER 100.


AN ACT authorizing the counties cities villages.
and towns OF this state to refund their indebted
ness
The people Of the state of Wa.eonsin, represented In
senate and assembly. do enact as Jotiocs:
Section I. Tho present bonded Indebtedness OF
any county. city. village or town In this state may
the same amount by the constituted and statutory
authorities nay y, charge ana power by aw over
retired or paid by the substitution Of money real
an% stead OF existing Somds bearing rate q @
terest not exceeding that OF the bonds so author
Section 2. In case any holder Of existing bonds
shall be willing to surrender bonds OF any county,
City % an ts Tas
Interest, exchanging said existing bonds for such
sn% e coany
city village or town prescribed ~ the irst section
and the substitution and Issuance therefor Of such
And sSs ar s sl1s e,
ten years beyond the time when the principal OK
such existing bonds, 70 surrcn RE, would have
shall be fcf more than twenty years from the time
sHcS dsHt va; created EXCEPT case Of bonds Is
.section s. Whenever any bonds Of any county.
city village or town shall become due ana payable
tory authorities having the power, by law, over
ne Interests Of bond may In their dsc I.
having not more than twenty years to run. All
bonds which may be issued under the provisions
of this act shall first be offered for sale within the
county city, village or town Issuing them, for
perIod OF thirty days; notice OF such sale shall be
by advertisement In newspaper printed IN such
county city, village or town, II one be printed
therein and II not, then by advertisements posted
in at least five public places in such county, city.
village or town. The terms OF sale OF such bonds
shall be that to the person bidding the highest sum-
not less than par, aud 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. II the bonds SO offered for sale shall not
have been sold authorized by this act, or II any
portion OF them shall remain unsod at the expira-
ton Of thirty days. such bonds SO remaining unsOld
may then be disposed Of by the statutory authori-
ties IN such manner As IN their Judgment VII be
for the best interests OF the bond but In no
case shall new bonds be sold except at rate OF IN
terest 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 interes: from the
date OF the payment OF the bonds SO retired, and
shall lie made payable at some stated place WITHIN
the state OF Wisconsin, and shall be Of denomIia-
tions not exceeding one hundred dollars, nor less
than twenty five dollars.
Section L. The moneys arising from the sale OF
new bonds as provided In the foregoing section,
shall be applied to the payment and satisfaction Of
the bonds then becoming due and payable. !
Section s. The principal and Interest OF all bonds
authorized to be issued pursuant 10 the provisions
OF this shall be paid In the lawful money OF the
United States.
from and after Its passage and publication
Approved March ID. 1878.