The Washburn times. [volume] (Washburn, Wis.) 1896-1976, 1905-10-05

part Of said bonds, anu said mayor and clerk
shall sell said bonds to the highest and bestre-
sponsible bidder hereof but at not less than
par and and accrued interest," and shall deposit
all moneys received therefrom with the City
Treasurer of the City of washourn, as a fundfor
the payment of said judgments, and thereupon
said City Treasurer shall Immediately pay all
such judgements and all surplus, if any, by
premium upon said bonds, shall remain in the
general fund of the said City of washburn.
.e< Section Z There shall be and hereby is
levied upon the taxable property OF the city OF
Washburn, direct annual tax sufficient to pay
the interest theron. as it falls due, and to pay
and discharge the principal thereof within
twenty years from the time of the issue of said
bonds.
Sections The bonds hereinafter referred
to shall be in form substantially as follows:
FORM OF BOND
No. 100000
United States of America, City of Wash
burn, Bayfield, County, State Of Wisconsin.
FUNDING BOND.
KNOW ALL MEN BY THESE PRESENTS, That
the city of Washburn, in the county Of Bayfield,,
and State of Wisconsin. acknowledges itself
indebted and promises to pay to the bearer, one
thousand ($1OOOOO) dollars in gold coin of the
United States of America, at the present stand
ard of weight and fneness, for value received
twenty years from the date hereof, at Illinois
Trust and Savings Bank in the city of Chicago,
Illinois, with interest thereon at the rate of five
cent per annum, payable semi annually, in like
gold coin, on the first days of May and Novem-
Der in each year atthe Said Illinois Trust and
Saving Bank in the city of Chicago Illinois, upon
presentation and surrender of the annexed cou-
pons as they severally become due.
The city of Washburn may at it's option at
the end of each year, pay two (2) of this series
of bonds beginning with number one and pay
ing them consecutvely in the order of their
numbers, until all are paid.
This bond is issued by the common council
of the said city of Washburn, for the purpose of
paying the valid unpaid jud gment Indebtedness
agrinst the city of Washburn, and under and by
virtue Of and in full compliance and conformity
with the provisions of chapter 311 of the laws
Wisconsin, for the. year 1905, which said chap
ter is entitled IAN act amending section 925133,
of the statutes of $685. subsequently amend
ed. for the funding and refunding city debt, >
and which said act was approved June Z, 1905,
and published June Z 1905, and UNDER pursuant
to and in all respects in full conformity with the
provisions of an ordinance adopted by vote in
favor of the same by more than three-fourths of
all the members of said common council elect
said vote having been taken at regular meet
inc more than one week after the proposed
ordinance had been published in the official pa
pe1s of the city which ordinance was so adopted
on the day Of October, A. D. 1905, and is
in all respects in conformity with the provisions
of Chapter Eli of the laws Of wisconsin for the
year 1905, aforesaid, and provided for the
funding of said Judgment indebtedness and it
is hereby certified that all the requirements of
law have been fully complied with by the proper
officers in the issuing of this bond
It is further certified that this issue of
bonds has been duly authorized bya vote of more
than three-fourths of all the members of the said
common council elect, at regular meeting
more than one week after the said ordinance
had been published in the official papers of said
city and on the day of October, A.
D. 1905, and the total indebtness of the
city of washburn including these bonds does
not exceed the limit prescribed by the cOnsttu-