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

" cHAPTER IS, LAWS Of isis. o
AN ACT-To create section 927-19m
of the statutes, to lega1ize certain
acts Of the railroad commission and
to validate bonds issued and sold by
any city for the purchase Of a
utility.
The people Of the state of Wisconsin,
represented ia Senate and Assembly.
Section 1. There is added to the
statutes a new section to read: Sec
ton 927-19m. 1. Whenever hereto
fore the railroad commission Of Wis
consin has under the provisions of SEQ
ton 1797m-S2 of the statutes fixed,
determined and certified the just COM
pensation to be, paid for the taking of
the property of public utility by a
and conditions of the purchase and
sale, and thereafter, upon the applica-
ton Of the public utility or the mum
icipality, has set rehearing for the
REORGANIZATION of such compensation
or the other terms and conditions of
such purchase and sale and has.upon
such rehearing, changed the amount
Of such compensation or the other
terms and conditions Of such purchase
and sale so fixed and determined in the
first instance, or, in lieu of such COM
pensation or other terms and condi-
lions of such purchase and sale so
fixed and determined in the first in
stance and has, by order, ratified, ap-
proved and adopted the compensation,
terms and conditions for such pur-
chase and sale set forth in any agree
ment made and entered into by the
the act Of the said commission in set
ting such rehearing and the order Of
said commission upon such rehearing
are hereby validated and confirmed,
ditions of such purchase and sale thus
fixed and determined by the order of
the commission upon such rehearing
shall have the same force and effect
as If the same had been fixed and de-
termined upon the hearing in the first
instance.
O. Any municipality which has
for ere the purpose of obtaining the funds
necessary to pay the purchase price OF
the property of public utility &C
CURED by such mu,nicip pshtyyo. in the he
manner provided III, IN su6seetion I o OF
any or all Of said bonds so issued for
such purpose, Is authorized and en-
powered to issue second series of
it's municipal bonds and apply the pro-
ceeds derived from the sale of the
whole or a part thereof, as may be
required, to. the payment Of the prin-
cipal sum borrowed upon the pledge
of such prior bonds issued as afore-
said, together with interest thereon at
the rate of not to exceed five per cent
per annum from the date Of borrow
Ing until thus paid and all commits
sions and expenses paid or incurred in
securing such principal sum, or to ex-
change any of said second series of
bonds for any Of such prior bonds,
which have been sold or pledged and
are outstanding, and which shall be
redeemed at the face value thereof to-
gether with interest thereon at the
rate of not to exceed five per cent per
annum from the date Of sale or pledge
thereof until the date of such ex-
chan or redemption; and all acts of
such municipality In issuing such prior
bonds and pledging the same and all
obligations thereby incurred or at
tempted to be incurred are validated
and confirmed,
Section 2. This act shall take effect
upon it's passage and publication.
Approved April Is, 1913. Copy Law.