Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1913-08-22

mayor and common council of any
city are hereby authorized and en-
powered, upon the recommendation of
said board, under the name and cor
Dorate seal of the municipality, to is
sue and dispose of bonds to an extent
not exceeding the estimated cost Of
any work proposed to be undertaken
by said board bearing not to exceed
five per cent per annum interest, pay
able semi annually. Such bonds may
be issued in series as the necessity for
the expenditure of money In the prog
ress of the work of the board may
arise. Said bonds shall be drawn pay
able to bearer and shall be styled
Dock Bonds" or "Harbor Bonds" of
the municipality issuing them They
shall be of such denomination as the
trustees Of any village or the common
council of any city may determine,
payable in lawful money Of the United
States with semi annual interest cou-
pons attached. They shall be signed
by he president Of the village or tho
mayor of the city and countersigned
by the village or city clerk OF the
municipality. They shall be sold to
the highest responsible bidder but the
right to reject any and all bids and
proceed to readvertise when bids are
not satisfactory is reserved. The bonds
may contain such provisions for their
redemption as may be prescribed by
ordinance, but not less than five per
cent of the principal thereof shall be
annually set aside as a sinking fund
The treasurer of the municipality shall
have the care and custody of all mon
eys received from the sale of said
bonds, and shall pay out the same
on the authorized warrants of the
board signed by its president and
countersigned by it's secretary and
not otherwise. The proceeds from the
sale of the said bonds shall be ex-
pended by the board; first in payment
of the expenses Of the issuance of the
bonds; second, for the preparation of
the plan provided for in this sectioni
third, for the purchase of lands and
docks or in pursuance OF expropria-
ton or condemnation proceedings; and
fourth, in the construction of retaining
or sea walls, docks, basins, piers, slips
wharves, warehouses and equipment
cranes, belt railways, all other struc-
lures and appliances, and in the main
tenance, operation and manag ement Of
the same, and in the exercise of the
general powers of the board.
II. The principal and interest Of
said bonds shall be paid by prefer
ence from the revenues Of said board
of the municipality issuing them and
the net revenue collected by the board
after paying operating expenses, Is
hereby pledged to secure the principal
and interest of said bonds.
IL. The board shall annually make
to the president Of the village or the
mayor of the city, full report of it's
doings for the year, including an item
lied account of it's receipts and ex-
penditures, and of it's estimated re-
ceipts and expenditures for the ensu-
ing year. Such report shall be made
at the same time as reports of the
other departments of the municipality
are submitted. Such report shall also
include a careful estimate of the
amount necessary if any, over and
a hoy no m q tn6
the board to pay interest and provide
for the sinking fund on it's bonded in
debtedness then outstanding, and to
provide for the necessary expenses OF
the board in the maintenance and OPP
Grafton of the dock and harbor prop
erty Whereupon a tax levy sufficient
to raise the amount named in said
estimate of the board shall be made
by the trustees of the village or the
common council Of the city in such
manner and at such times as other
taxes are levied The amount of such
tax shall in no case exceed one mill
upon the assessed valuation Of thu
village or city in addition to the tad
necessary to pay the interest ano
sinking fund on the outstanding bonds
of the board
IS. All moneys received by this
board shall be paid to the village or
city treasurer and by him kept in
separate fund to be known as the
Dock Fund or "Harbor Fund DIS"
bursements shall be made by the treas
urer of the village or city signed by
the president and countersigned by the
secretary of the board in pursuance OF
it's general purposes, and after express
authority, or ordinance, or resolution
of the board. The books of the board
shall from time to time be audited by
the proper village or city officer or
committee in such manner and at such
times as may be directed or prescrib-
ed by ordinance.
Section g. All acts or parts Of acts
in conflict herewith are hereby repeal
ed, provided however, that this act
shall not be construed as in any wise
amending or superseding the charter
provisions OF any village or city,
whether incorporated under special or
general charter
Section g. This act shall take effect
and be in force on and after OCTOBER
1, 1918.
Approved Aug. 7. 1913. Copy Law.