The Superior times. [volume] (Superior, Wis.) 1870-1912, 1897-10-23
Reminding Ordinance.
Following is a copy of the Retunding
ordinance passed at the last meeting Of
the Superior Common council:

Following is copy of the Refunding
ordinance passed at the last meeting of
the Superior Common council:
An ordinance to provide for the refunding.
payment or extension of the improvement
bonds of the city of Superior.
The Mayor and Common Council of the City
of superior duly ordain a> toilows:
section A. That special bonds pursuant
to Section = of Chapter le4 of the laws of
ing Interest at the rate of five per cent. per
annum. equal i'll amount 10 unpaid assess
menIs, and against property upon which
assessments have not Ueen paid. IN said city;
that the first annual instaIlment OF SAID
bonds shat be payable March /, lSs3. and the
last March l. 1913. interest and principal pay
able only out of such special assessments
when collected.
b. That said bonds. as well as all other
special bonds on hanci, shall. under the di-
rcction of the council. be disposed of in the
payment OF outstanding improvement bonds
by exchange l. possible, otherwise by SAFE,
ana that no bond shall be disposed OF At less
than par and interest
{. That all money available for sinking
funds. and the money received from tax pay
ers for delinquent taxes and property appli-
cable thereto be USED in payment OF improve
ment bonds urder the direction of the coun-
eli; that harbor bonds aud those issued III
lSyo be excepted from subdivisions b ana c.
u. In case IL shall not be possible TO Tax
up or exchange ali the outstanding improve
ment bonds 10y the use OF moneys on hand
and so to be paid in or received, and by the
exchange or sale OF such special bonds then.
and not otherwise. said bonds So remaining
shall be divided int" blocks of fifteen thnus-
auu dollars each. an agreement shall be en-
tered into between the holders thereof and
the city reducing the interest to five per cent.
extending said bonds 80 that one block shall
come due July first of each year thereafter
ana providing for The payment OF the same
out OF license moneys.
Section ;. That the Comptroller Is hereby
directed to prepare and have duly executed
special bonds in accordance with Section |
Ia reof. to be delivered IA hereafter directed
Dv the common council. ana that tho Comp
lroiier Is hereby directed 10 insert IN lead
ing financial newspapers of the United States
te following advertisements, to-wit:
Notice to owners and holders of improve
ment bonds OF Superior Douglas County,
" Wisconsin.
Take Notice that the City of Superior Wis
consin, Is now ready to refund its outstand-
ing Improvement bonds, including those not
due until January !. ls!S. The bids will be
received by the undersigned TO be acted up
Oh by the Common council as follows:
/. Bids or proposals setting forth the low
est cash price for which SAID bonds or any of
the SAME Will be delivered 10 the city;
=. Bids or proposals setting forth the low
est price ut which S475.utU.UU or IL smaller
amount of said bonds will be exchanged with
the city for special bonds ISSUED under Chap
ter Isl laws of Wisconsin of 1891, copies of
said laws To be furnished on appllcation).
). Bids for the purchase of not exceeding
S415,O0O.tp of special bonds issued under Chap
ter Isl. laws of lSg1, trtiicd checks for per
cent. of the amount of bid to accompany the
same payable TO the city treasurer. sucn
to he received for all or any of said bonds,
ana the bonds 10 b.: delivered on or before
December 80, 1891.
4. The city reserves the right to reject any
and all bids.
;. All bids or PROPOSALS relating to Subdi-
visions and hereof shall specify the date
and the number appearing on the bonds.
b. Bonds and proposals Will be received in
accordance with the above conditions until
December l. lS97, and then be opened and
acted on by the council.
Section 3. That il is the intention OF this
ordinance to invest the proper city officers
with the power and authority 10 do and per
form al acts and things necessary to carry
out its provisions, and the common council
hereby declares its purpose 10 be not to eN-
tend any bonds under subdivision of Sec
ton until al special bonds which the city
has power to execute shall have been issued
and disposed of as far as possible.
Section 4. This ordinance snail take effect
from and after Its passage and publication.