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

claiming such of the lands described
in the petitions as the county board
deems worth the expense OF reclama-
ton.
(d) The county board may at any
time during the life of bond issue
made under the preceding provisions
of this subsection issue additional
bonds in the same manner for the
purpose of securing funds to loan to
individual petitioners who are of less
number than twenty-five and who may
be either resident or NONRESIDENT
freeholders within the county but who
otherwise comply with the preceding
provisions of this subsection.
10. The county clerk shall keep all
petitions filed under subsection
open to public inspection
II. All bonds issued under the auth
GRITTY of this section shall constitute
general county liability and shall be
non taxable, semi-anual interest pay
ment coupon bonds, executed In oehal1
of the county by the chairman OF the
county board and countersigned by the
county clerk, payable principal and In
terest at the county treasurer's oH1ce
at such time as the chairman OF the
county board and the county clerk to-
gether shall determine but within
period of no less than five years nor
more than twenty years from the date
of issue. All bonds issued under the
auCnOrIIy Oh ILLS SCCIIOI OOiOAN
being offered for sale be submitted to
the attorney general together with
transcript of all proceedings held pc
fore, or by order of, the county board
with reference to the reclamation work
contemplated and the bond issue pro-
posed and no such ponds snaI ne
valid unless approved by the attorney
general and officially indorsed by him
On the back of each bond. 1t shall be
the duty of the attorney general to
examine all transcripts OF proceedings
and all bond issues presented to him
as hereinbefore prescribed as soon as
possible after their receipt and to (l)
officially endorse the bonds, if in his
Judgment, the provisions of this sec
ton have been complied with in the
issue of the bonds, or CD refuse to
endorse the bonds, if, in his judgment
the provisions of this section have not
been complied with in the issue OF
the bonds, in which case he shall for
ward to the county clerk a statement
giving his reasons for his refusal The
bonds when endorsed by the attorney
general shall be offered for sale by
public advertisement, and shall be sofa
to the person or persons offering to
furnish the money desired at the most
favorable rate of interest.
12 Every county board which issues
bonds under the authority of this sec
ton shall provide for the establishment
in the county treasury OF a tuna TO
be known as the reclamation fund and
to be used only in carrying out the
provisions Of this section. All moneys
received by the county under this sec
ton shall be paid into the reclamation
fund and all moneys disbursed by the
county under this section except as
otherwise herein provided, shall be
disbursed from the reclamation fund.
13. The county board shall have
power to levy special assessment for
the payment Of the bonds issued under
the authority of this section and the
interest thereon whenever such pay
ments become due and there is no
money in the reclamation tund Tor
their discharge.
IA. The county board may, when
necessary, direct that special county
orders signed by the chairman OF SAID
board and the county clerk be is
sued from time to time for the pay
ment of moneys whose payment is au-
thorized by the provisions of this sec
ton. Such special county orders shall
be payable from any moneys in the
county treasury not otherwise appro-
priated but shall be refunded from the
county reclamation fund Or special
county orders may. In the discretion
of the county board and with the con-
sent of the holder of the orders, be
exchanged for county bonds issued I'M
der the authority of this section.
self of the authority granted by this
section may grant loans to persons
who have filed petitions in the man
ner prescribed in subsection 9 of this
section for county aid In obtaining
funds to assist in the reclamation of
land subject to the following condi-
tions and the conditions imposed else
where in this section:
(a) No loan shall be granted upon
any land of which the market value,
H. 81 hi Il n
other perishable improvements is less
than ten dollars per acre.
CD No loan shall be granted of an
amount exceeding fifty per cent of the
market value of the land offered as
security, including the value of the
buildings on the said land when re-
claimed under the provisions of this
section, nor Of an amount exceeding
the sum fixed by the reclamation board
as necessary to reclaim the land actu-
ally to be reclaimed by aid of the
loan and no loan shall in any case eX-
coed the sum of thirty-five dollars for
each acre of land actually to be re-
claimed.
(c) No loan of less than one hun
dred or more than two thousand dol
lars shall be granted to any one per-
son and no person shall DE granted
separate loans aggre gating more than
two thousand dollars.
Cd The rate of interest charged
borrowers shall be the rate of in
terest paid by the county for the funds
loaned plus such an additional per
centum as the county board shall
deem necessary to cover the expense
incurred by the county in carrying out
the provisions of this section.
(e) All loans shall be made for a
term of twenty years, but any borrow
er may repay his loan in whole or in
part at any time within said term, and
any borrower may, with the consent
of the county clerk and the chairman
of the county board repay his loan
upon an amortization plan within
term of twenty years or less, and
in all cases in which partial payments
have been made interest shall be
charged only upon the unpaid balance
of the loan.
CD All borrowers shall be required
to execute written agreements with
the county to keep all buildings, fenc-
es and other improvements upon the
property offered as security in good
repair until the loan is repaid and to
observe all conditions imposed by this
section or under it's authority
16. The county board may, when it
deems the security offered for a loan
insufficient for the amount requested
require additional security in land or
grant a loan of less amount than that