Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1878-04-03
Published March 10, 1881
PIER 199

AN ACT authorizing the counties cities villages.
and towns Of this state to refund their indebted
ness.
The people of the state of Wisconsin, represented in
senate and assembly, do enact as foltows:
SectionI The present bonded Indebtedness OF
any county. city, village or town in this state may
be paid up or retired by the issuance 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 how
retired or paid by the substitution Of money real
lied by such issuance of new bonds in the place
a not 0e eSeees that Of the bonds so author
lied to be retired or paid.
shall be willing to surrender bonds of any county
city village and accept in their place and
interest, exchanging said existing bonds for such
new bonds at par value of EACH, then the consti-
citv village or town prescribed in the first section
of this act may, in their discretion, make such
and the substitution and Issuance therefor of such
M aa o pee 9f
zen years beyond the time when the principal of
eo1a 80
shall be for more than twenty years from the time
Ssn a OF bonds
Section Whenever i; any bonds OF any county
or III anticipation thereof the constituted statu
tory authorities having the power, by law, over
lion, cause to be issued, in proper form new bonds
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, tor
period of thirty days. notice of such sale shall be
by advertisement in a newspaper printed in such
county, city. village or town. If one be printed
therein and if 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 par and offering to accept the lowest
rate of interest for the whole any part of said
bonds, the said bonds in whole or in part shall be
issued. If the bonds SO offered for sale shall not
have been sold authorized by this act or If any
portion of them shall remain unSod at the eXp1ra-
ton of thirty days, such bonds so remaining unsoid
han n1 jSnO n f il
ties in such manner as in their Judgment VIII III be
shall new bonds be sold except at a rate OF in
tereSt as low that borne by the bonds for which
the new bonds are to be exchanged Such new
bonds shall bear date and draw interest from the
date of the payment of the bonds SO retired, and
shall be made payable at some stated place within
the state of Wisconsin, and shall be of denomina-
tons not exceeding one hundred dollars, nor less
than twenty-fiy dollars.
Section 4. 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 5. The principal and interest of all bonds
authorized to be issued pursuant to the provisions
OF this act shall be paid ill the lawful money OF tho
United States.
Section This act shall take effect and be in force
from and after its passage and publication.
Approved March Is. 1878.