The Superior times. [volume] (Superior, Wis.) 1870-1912, 1881-05-07
Published March %, 1884,

CHAPTER LOT.
NACT 70 authorize loans and extensions OF loans
from the trust funds of this state.
The people of the state Of Wisconsin, represented1n
senate and assembly, do enact as follows:
Section l. In addition to the investments permitted
by existing laws the commissioners Of public lands
hereby authorized, in their discretion to inYest
the school fund, the university Juno, tne ao LA
school fund and the agricultural college fund, from
time to time moneys belonging TO funds may
be in the state treasury, in loans TO towns villages
cities and counties within this state, as hereinafter
provided and every town. village city and county in
this state is hereby empowered to borrow OF said
commissioners, from said funds or either OF them,
such sum sums of money, for such time aud upon
such conditions and terms as may be agreed upon by
and between the commissioners, and the town, VII
lage city county applying for loan, subject now
ever, to the limitations, restrictions and condl'lons
herein set forth.
Section 2. The loans provided for in this act may
be made for any term not exceeding twenty years,
NAV be made payable in instanents and may be Ia
such amounts shall not in connection with ali oIh-
indebtedness OF the town. village, city or county,
applying therefor, exceed five per ccntum OF ths
average assessed valuation Of the taxable property
therein for the three years next preceding the apph
cation for such loan provided that such loan may be
made TO pay oil existing Indebtedness, and may DO
paid over in instaments as fast such indebtedness
the evidence thereof is cancelled. The interest to
be reserved and paid upon such loans shall be at tne
minimum rate ests bished by law at the time the
loan is made, and shall be paid in advance from that
date to the first day Of the next January and therea
ter annually in advance, as hereinafter provided
Section 8. Every application for a loan under the
provisions of this act shall be made in writing, stating
the amount required, the purposes to which is to be
applied, and the time and terms of repayment, and
shall be accompanied with due proof Of the assessed
valuation for the preceding three years of the taxa
bic property within the town, village, city county
making the application, and of the existing indebt-
edness thereof; but 10 loan shall be made to any
town unless it shall appear to the satisfaction of the
said commissioners that all the supervisors OF such
town have approved and authorized the application
therefor: to any village unless it shall appear that
the application therefor has been approved and
authorized by vote of not less than threefourths Of
all the trustees of such village, had and taken by
ayes and noes duly recorded at a regular meeting
thereof; nor to eny city unless It shall appear that
the application therefor has been approved and
authorized by q vote Of not less than twothirds Of
all the members of the common council, had and
taken by ayes and noes duly recorded at regular
meeting thereof nor 10 any county unless the app-
cation therefor shall have been approve and author
lied by the vote of not less than twothrds of all hs
members of its board of supervisors at some regular
or special session thereof.
Section L. In case the application for any hoan
under the provisions of this act shall be approved by
the said commissioners, they shaI forthwith cause
certificates Of Indebtedness to be prepared in proper
FORM and transmitted to the town, village, city or
county submitting the application. The said certi-
fcaes shall be executed and signed for town By its
chairman Of supervisors, for village by its pres-
dent for city by its mayor, and for county by the
chairman of it's board of supervisors, and shall be
eountersjgned respectively By the town, village, city
county clerk, and returned to the said commits
Foners, to be deposited with the secretary OF state
who shall thereupon draw his warrant upon the state
treasurer for the amount of such loan and the same
less the interest thereon to the first day OF the next
succeeding January, shall be paid to the treasurer of
the town, village city or county making such loan, or
as he may direct, and said certificates of indebted
shall then be absolute and conclusive evidence
of the existence and validity Of such Indebtedness
and that all the requirements Of law concerning the
application f. - ---fA>4 and the accentance of
such loan. e. ID with.
Section 8. All the rsyapie property IN any town,
village city, county which has heretofore obtain
ed or shall hereafter Obtain any loan from the state
any of its trust funds shall stand charged for the
payment OF the principal and interest thereof, and
the boundaries of such town. village, city county
shall not be changed or altered SO to exclude
therefrom any land included therein at the time Of
making such loan until such loan shah be fully paid
without the consent Of tho commissioners of public
lands and upon such terms az they shsl prescribe;
and there shall be annually levied upon the taxable
property of such town, village city or county, be-
eides all other taxes, tax sufficient to pay the annual
interest and the installments Of principal of such
loan as hereinafter provided, and the shall be
special charge to be paid next after the state tax, cut
Of all moneys collected taxes within said town, VII
lage, city or county.
bectien g. The secretary Of state, g. tbs time when
he furnishes statement o. the state tax to that off,
Ger, shall In every year. furnish to the county clerk
of each county in which any such special charge for
principal interest account Of any loan from the
state any of its trust funds Is due or VIII becoms
due within the next succeeding twelve months from
sstd county from any town, village city therein
statement of the amount or amounts thereof show
ing in detail tho amounts due or to become due
aforesaid from any town, village or city In said
county. The county clerk, receiving such state
pent, shall apportcn and include the amount to be
paid by the county in his spportiorInent Of the
state to the several towns villages and cities in
his county, and shall add to the amount thus appor
toned to each town, village or city, oil special
charges, IL any, that 20 be paid by such town, vii
lge city, account of any losn thereto from the
state any Of its trust funds. The amounts tina
spportoned and included shau be stated in separate
sums and carried out in all tax-rcs and reports in
separate columns, but otherwise the same shall be
levied charged end inset ted il the several taKros
and be collected and PAID over with ana IN the same
manner as tho state tax until paid into the treasury
and in OF neglect refusal to pay any SUN or
Sums when due, the shall be subject to al the
provisions OF law applicable to cases Of ds1sut In
payment Of state tax.