Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1907-08-08

provided in the preceding section Said
bonds shall be signed by the mayof and
clerk, be sealed with the cofpoiaste, seal
of the city and contain such recltals as
may be necessary to show that lucy are
chargeable only to particular propelae y speci-
flying the name and the number anu amount
of said bonds and such other PROVISIONS as
the council shall think proper ~ insert.
Such bonds shall in no event DC general
CITY liability.
annual or semi-annual interest coupons or
registered bonds without interest," coupons
as the common council may dlle 80. Inc
total issue in each case shall pc payable
in annual installments for a period not
exceeding ten years from the GATE OF issue
and shall draw interest at rate not eX-
ceeding six pei, cent. per annumI,, ,, interest est
payable annually or semi annually as the
common council shall determine ana snail
be sold at not less than par Inc pro-
ceeds OF the sale of sucn Donos shaI pc
credited by the city treasurer 20 speclal
fund for said Improvement anu may be
paid to the contractor for such work when
payment is due him and the counClI snail
so direct or the contractor may TAKE such
bonds as payment for work done with the
permission of the council.
Section 925-2S9. The city may levy for
term not exceeding five years. special
tax not exceeding one-fourth Oh one per
cent. of the last equalZed assessment or
said city, per annum, upon all the property
taxable in such city for. the payment OF
the city's portion of said Improvement as
determined by the common council and
may issue general city improvement bonds
for the payment of the city's share OF said
able out of the proceeds of SAID special
tax; or may order the same pald out OF
the general fund of the city or out OF the
ward fund of such ward or WARDS as the
council may determine
Section 925-290 The city clerk shall
carefully prepare a statement OF the spe-
cial assessments ON which the bonds are
issued and record the same together with
a 0f bonds office.
Section 925-291. Payment or bonds.
The city treasurer shall, out of the special
fund hereby created for that purpose pay
bonds as the same become due and charge
the same to said fund.
Section 925 292 Collection of assess
ment redemption. In each year after the
issuing of said bonds until all OF them are
paid and the tax roll for the year is pre-
pared sufficient of the special assessment on
each parcel of land covered by said bonds
to pay the annual installment Of the prin-
cipal and interest on the amount OF said
special assessment then unpaid shall be
evidenced on the tax roll as SPECIAL tax
on said property and thereafter this tax
shall be treated in all respects as any other
city tax and when collected the same shall
be a special fund for the payment OF such
other purpose. Amy bond holder or bond
holders may redeem from any tax sale as
fully as II owners of the land under section
1165, of the statutes.
ceeding to avoid any of the special assess
ment or taxes levied pursuant to the
same or to restrain the levy OF such taxes
or the sale Of lands for the non-payment Of
such taxes shall be brought within nine
months from the end of the period of thirty
days limited by the city Improvement no
tice provided for by section 925-296 and
not thereafter. This limitation shall cure
all defects in the proceedings and defects
OF power on the part of the officer making
the assessment except in cases where the
Ion dc fnhI 10 hn a
the city has no power to make any such
assessment or the amount Of the assess
ment has been paid or redemption made.
Section 925-294 Foreclosure Of bonds
procedure lis pendens The special i'm
provement bond herein mentioned shall be
a lien against all lots, parts of lots or
parcels Of land against which special as
sessments have been made, which lien shall
take precedence Of all other claims or
liens thereon, and when issued shall trans
fer to the holder thereof all the right,
assessment made on account OF the I'M
provement mentioned therein and the liens
thereby created. with full power to en-
force the collection thereof by foreclosure
foreclosed; but the time Of redemption
therefrom shall be nxed by the court, and
a copy of the bond foreclosed may be filed
as part Of the Judgment roll In said
action in lieu of the original thereof. II
within ninety days after the commencement
of the annual sale of lands for taxes the
amount to pay any installment of prin-
cipal or interest shall not have been col
lected by the city, the owner or owners
Of at least one-third In par value Of the
bonds issued on any single Improvement
to collect the same by foreclosure thereof,
and shall recover, In addition to the amount
of said bonds and interest all costs against
the property of the party or parties in de-
fault; provided, however, that the owner
of any property covered by such bonds,
or the holder Of a lien thereon or other
person interested in the property may re-
deem the same at any time before judg-
nlent by paying to the county clerk the
amount due against such property, to
gether with ten per cent additional there
on, which shall be In full for all costs
chargeable to such property In such action.
Any number Of the holders of such bonds
for any single Improvement may join as
plaintiffs In any such action and any num-
terested in the property covered by the as
sessment upon which such bonds are issued
and on which they are a lien may be
joined as defendants in any such action;
closure shall be commenced upon the bonds
issued account of a single improvement
such ACTIONS may BE be cor consolidated, Any
meDt who do not join as plaintiffs may be
made defendants and their rights adju-
dicated in the action. Such bonds shall
be equal liens upon the property for the
assessments represented by them without
priority one over another, to the extent
of the several assessments against the lots
and parcels of land against which the
special assessments shall have been made.
Upon the commencement of any such action
the plaintiff shall cause notice thereof to
be filed In the Office of the county clerk
and county treasurer, designating the par
ticular property affected by such fore
closure; and thereafter no redemption Of
any such property from such assessments
shall be had without payment Of all costs
heretofore accrued In such action except
as hereinbeTOre PROVIDED.
Approved July 16, 1907.