Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1883-03-21
Boar of B0Rd Commissions

Board Of BoRd Commissioners.
The following is the bill to establish
Board of Bond Commissioners to settle
the railroad debt of this city which has
been introduced in the Assembly and
referred to the Judiciary Committee:
To enable the City of WAtertown to settle its
Railroad Debts.
The people OF the State of Wisconsin, repre-
scented in Senate and Assembly, de enact a.
follows:
Section 1. The city of Watertown in the state
of Wisconsin is authorized to issue bends pay
able in fifteen equal yearly installmenta, to lhs
amount in all OF tny per cent Of the principal
Of all bonds outstanding, whicg were issued by
said city to aid in the construction Of RAILROADS
without any allowance for interest which has
accrued thereon and remains unpaid. SAid;new
bonds t. be issued by virtue Of this act shall
bear interest at the rate of six per cent per an
mum, payable annually, and shall have interest
coupons attached fol- said interest, and in each
coupon shall also be embraced said annual in
sLallment of principal and the bond shall be so
drawn that when coupons Tor such interest and
including said lnstallments of principal are
paid, the bonds themselves shall be fully salts
fed and discharged. Where said railroad bonds
ard their interest coupons may be separately
owned and also where judgment may be had
thereon, TO their respective holders and owners
in satisfaction thereof, such new bonds may be
issued according to the respective interests OF
such holders and owners; provided thatthe ag-
gregate so TO be ISSUE shall not in any case ex
ceed the rate of compromise above provided
for and provided; further, that in no case shall
the rate OF exchange or payment exceed fifty
cents in new bonds on the dollar OF the origins,
face or principal of the old bonds, exclusive of
all unpaid interest coupons or judgments OBJ
tanned thereon.
Section 2. Gustavus Werlich, Ernest Gross
mann, Amos Baum, Edmund sweeney, Marshall
J. Woodland, Ulrich Habheggcr and Alanson
Boomer, are hereby appointed Commissioners
in and for said city tn be styled Commissioners
Of the public debt ofthe city of Watertown;" said
commissioners shall hold their office until the
objects and purposes of this act effected and
accomplished. In case of q vacancy by refusing
or neg Letting to qualify by death, removal from
the city, or resignation of any of said commits
soners, the commissioners remaining in Office
shall appolntsome competent citizen OF the city
OF Watertown to ill such vacancy. Said com
missioners shall elect one of their number to be
chairman and shall also elect one or heir number
10 be their clerk, who shall keepR currectr cord
of all their proceedings, and report quarterly in
each year their dsings to the common council
of said city. The books and papers of said COM
miSsi0ners shall NJ all times be open TO the in
spsctIOn OF any citizen.
section ). said commissioners shall be duly
qualified after being appointed and taking the
usual oath of office to faithfully perfo, m the du-
ties enjoiued by this act. They shall have full
acces, to all records of said city, and to all cor
respondence of the common council of said city
and of any and Ill committees of said council
and TO all papers and other things relating to
said city debt and the performance OF their du-
ties under this act They shall proceed to eff ct
compromise of said city debts at the rate
ia the first section provided for; provided,
that in no case shall said commissioners issue
any new bond or bonds in settlement of Ruy
BOND, coupon or judgment against which they
believe the said city has good legal defense, or
against which the city shall be defending in the
courts until the validity thereof shall be estab-
lished bya competent court. majority of said
commissioners shall form a quorum for the
transaction of business. All the necessary and
reasonable expenses and disbursements OF said
commissioners in and about said business shall
be paid by SAID city.
Section 4. In order to effect the objects of this
act, said commissioners may appoint an agent
who may be one of their number or hot they
may deem best, whose business it shall be, un-
der their direction and control, to negotiate
with the owners or holders of said CITY debts for
the settlement and compromise thereof, author
lied by this act and to use all proper and neces-
Sary means to effect that object Said agent shall
be reasonably compensated for such service,
which compensation shall be fixed by said com
misSiOners and paid by the common council Of
said city, and all his necessary expenses in ana
about said business shall also be paid by saio
city.
Section 5. Said commissioners shall prescribe
the form of said new bonds in conformity with
this act, and fix the dates and places of payment
thereof, and the times from which the interest
thereon shall run But said dates and times
from which interest is to run, shall be subse-
quent to the passage of this act. Each new
amount for which it shall be given in exchange
and no such new bond shall be issued bearing
date prior to the Grst day of April in the year il
which it shall be issued. and all bonds and cOu
pons shall cease to draw interest alter becoming
due, unless duly presented for payment at the
proper place and time, and payne thereof ii
refused.
Section g. Whenever said commissioners shall
ascertain that any owners or holders of any O.
said railroad bonds or part of said city debt
have consented to the terms of compromise au
thorized by this act then said commissioners are
hereby authorized to issue, duly signed by The
chairman ana clerk of said commissioners, under
the seal of said city, to such owners or holders
on the surrender to said commissioners of the
obligations for said debt or bonds to be Cancelled
new bonds at the rates in the first section of this
act provided Tor. All Of said old bonds WheI
surrendered shall be Cancelled and then deposit
ed with the clerk of said CITY, who shall keep al
exact record thereof.
Section 7. The clerk of the said commission
ers shall keep an exact record of all new bonds
that may be issued, (Which shall be duly mum
bered by him) and shall include in the aforesaid
quarterly report to the common council COPY
of said record.
Section 8, There is hereby levied an annual
tax upon all the taxable property in said city
sufficient to meet and pay the principal and in
terest OF SAID new bonds, as the same shall be.
come due. And said commissioners shall certify
by the first day of November in each year the
amount necessary to be raised that year to meet
and pay SAID principal and interest, as fast as
the same snail fall due, to the city clerk OF
said city, who shall and is hereby required to
put said amount in the tax list or that wear and
in case OF failure of said commissioners to certi
fly such amount by the time above mentioned,
the common council of said city are REQUIRED to
direct the clerk of said city to put such amount
into the tax list OF that year. and the treasurer of
SAID cry snaI! keep the same In separate fund,
and shall not pay out any part thereof except to
pay and taAe up the coupons for principal and
interest annexed to said new bonds, which cOu-
pons, after the maturity thereof, shall be receiv-
a q rKyINf O1 lOxY