Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1878-04-11
THE HERALD.
LAWS OF WISCONSIN.
Published March Is, 1878. |
CHAPTER lee.

Published March 10. 1871
CHAPTER 1879.
AN ACT authorizing the counties, cities vii
lagos, and towns of this state to refund thei
indebtedness.
sented in senate and assembly, do enact a.
follows:
Section /. The present bonded indebted
ness of any county, city, village or town il
this state may be paid up or retired by the is
suance Of bonds OF the same amount by the
constituted aud statutory authorities having
charge and power, by law, over the interests
of the bond payers; provided, however, and
only when existing bonds can be retired OF
paid by the substitution of money realized By
such issuance of new bonds in the place and
stead of existing bonds. bearing rate of in.
terest not exceeding that of the bonds 50 au.
thorized to be retired or paid.
Section Q. In case any holder Of existing
bonds shall be willing to surrender bonds Of
any county, city, village or town, and accept
in their place and stead other bonds at the
same or lower rate of interest, exchanging
said existing bonds for such new bonds at q
par value of each, then the constituted and
statutory authorities Of any such county, city,
village or town prescribed in the first section
Of this act, may, in their discretion, make such
exchange by the retiring of such existing
bonds and the substitution and issuance there
for of such new bonds, and may extend the
date of payment of such substituted bond for
a period not exceeding ten years beyond the
time when the principal of such existing
bonds, so surrendered, would have become
payable; pr vided, that no such extension
shall be for more than twenty years from the
time such debt was created, except in case OF
bonds issued prior to November l, 1874.
Section 3. Whenever any bonds of any
county, city, village or town shall become due
and payable, or in anticipation thereof, the
constituted or statutory authorities having the
power, by law, over the interests of bond pay
ers may, in their discretion, 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, for a 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 az least FIVE different public places in
such county, city, village or town. The terms
of sale Of such bonds shall be shat to the per-
son bidding the highest sum, not less than par
est 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 for sale shall not have
been sold as authorized by this act, or if any
portion Of them shall remain unsold at the ex
piration of thirty days, such bonds so remain
ing unsold may then be disposed of by the
statutory authorities il, such manner as in theil
judgment will be for the best interests OF the
bond-payers, but in no case shall new bonds
be sold except at a rate of interest as low Il.
that borne by the bonds for which the new
bonds are to be exchanged Such new bonds
shall bear date and draw interest from til,
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 denominations not exceeding one hun
dred dollars, nor less than twenty five dollars
Section 4. The money arising from the sal,
OF new bonds, as provided in the foregoing sec
zion, shall be applied to the payment and sat
isfaction of the bonds then becoming due an,
payable.
Section 5. The principal and interest o
all bonds authorized to be issued pursuant /,
the provisions of this act shall be paid in tn
lawful money of the United States.
Section 6. This act shall take effect and b.
in force from and after its passage and publ
cation.
Approved March Is, 1878,