Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1907-08-08
city indebtedness or liability in the follow

city indebtedness or liability In the follow
ing cases:
(a) For the refunding of valid general
city bonds heretofore issued or issued by
village or other municipality to whose
property. rights and liabilities the city has
succeeded
tb) For the funding of general city liza
bility existing by reason of the fact that
the city has received and has had the use
and benefit of moneys raised by the issue
or sale of bonds purporting to be gen
eral city liability : but which are technic
ally invalid for the failure to levy tax
as required by section Of article IL, OF
the constitution, or are not IN lawful form.
or where there was some defeet IN mold
ing an election in some of the pro-
ceedings upon which the bonds We're based
This subdivision shall apply only to cases
in which the moneys were applied to gen
eral city purposes, and ought justly to be
repaid by the city, where there is an actual
existing liability for such repayment, ana
where such liability did not at the time
the money was so received exceed the hFe
per cent. limit of the constitution.
(c) For the funding of general city liza
biiity arising from the fact that the city
has issued special street, sewer, harDor,
hospital, dredging docking, river and other
Improvement bonds which do not consti-
tute a general city liability, but where
the city has collected assessments levied
for the payment OF the bonds and the
same have been lost or diverted to other
purposes. such bonds not to exceed the
amount so collected with interest. Pro,
diversion constitute general city liza
bility.
(d) For the refunding of street, sewer,
harbor, hospital, dredging, docking, river
and other Improvement bonds which for
any reason constitute q general city liza
bility not exceeding the constitutional debt
limit.
(e) For the funding of judgments
against the city, which cannot in the
judgment of the council be paid by cur
rent taxation, Such funding or refund
years from the time of their Issue and
! may be negotiable coupon bonds payable to
bearer at rate Of interest not exceeding
that of the debt funded or refunded.
Such bonds may be sold at not less than
par and accrued interest and the proceeds
used to pay the liability for which they
were issued, or may be exchanged for the
evidence Of liability replaced by them NO
such bonds shall be issued unless author
lied by an ordinance adopted by vote in
favor of the same by at least three-fourths
of all the members of the common council
| elect, said vote to be at a regular meet
ing not less than one week after the pro
| posed ordinance shall have been published
in the official paper Of the city. All such
of the city in annual fnstallments, the last
installment being payable not more than
twenty years after their issue. Before or
at the time of issuing said bonds the
| council shall provide for the collection of
direct annual tax, sufficient to pay the
| interest thereon as it falls due and to pay
and discharge the principal thereof with
| in twenty years from the time of the issue
of such bonds. Said funding or refund
ing bonds need not be authorized by a vote
of the people, and shall be signed by the
mayor, countersigned by the city clerk and
sealed with the corporate seal. Said Off
| GERS before executing said bonds shall as
certain that they do not exceed the limit
prescribed by the constitution Of the state
of Wisconsin and that all provisions re-
quired by the constitution and laws of
Wisconsin have been duly complied with.
| Refunding bonds whose issuance, by ordi-
| nance heretofore adopted has been directed
to be made in the manner provided by sec
| ton 925--133 of the statutes, shall be Is
sued, and further proceedings in regard
thereto shall be taken, in accordance with
| the provisions Of this act.
Approved June Is, 1907.