The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1913-04-24
THE LAW RELATING
TO MANITOWOC.

The act passed by the legislature and
approved April Is, validating the pay
ment of Sll, 500 more for the water
works plant than was first fixed by the
Railroad commission, and the reissue
of $4,000 of new A per cent bonds
reads as follows:
| Section l. There is added to the
statutes new section to read: Sec
tion 927-19m l. Whenever hereto
fore the railroad commission of Wis
consin has under the provisions OF sec
tion 1797m-82 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
municipality and all the other terms
and conditions of the purchase and
sale, and thereafter, upon the applica.
tion of the public utility or the munich
pality, has set a rehearing for the re-
determination 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 in
stance, or, in lieu of such compensation
or other terms and conditions of such
purchase and sale SO fixed and deter
| mined in the first instance, and has, by
order, ratified, approved and adopted
the compensation, terms and conditions
for such purchase and sale set forth in
any agreement made and entered into
by the municipality and the public
utility, the act of the said commission
in setting such rehearing and the order
of said commission upon such rehear-
ing are hereby validate and confirm
ed, and the compensation, terms and
conditions 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 deter
mined upon the hearing in the first in
stance.
2. Any municipality which has here
tofore issued its municipal bonds for
the purpose of obtaining the funds
necessary to pay the purchase price Of
the property of public utility acquir-
ed by such municipality in the manner
provided in subsection of this section,
and has pledged or sold any or all of
said bonds SO issued for such purpose,
is authorlzee9 ind empowered to issue u
SECOND sel1es OF is municipal bonds
and apply the proceeds derived from
the sale of the whole or part there
OF as may be required, to the payment
of the principal sum borrowed upon
the pledge of such prior bonds issued
as aforesaid, together with interest
thereon at the rate of not to exceed
1 five per cent per annum from the date
Of borrowing until thus paid and all
commissions and expenses paid or
incurred in securing such principal
sum, or to exchange 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
together with interest thereon not to
exceed five per cent per annum from the
date or pledge thereof until the date of
such exchange or redemption; and all
acts of such municipality in issuing
such prior bonds and pledging the same
and all obligations thereby incurred or
Fattempted to be incurred are validated
and confirmed.
| Section 2. This act shall take effect
upon its passage and publication.
Approved April Is, 1913.