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


CHAPTER 607, LAWS OF 1913.
AN ACT-To amend sections 95S, $50 and
959-1 of the statutes, and to create sec
lions 925-132a, 925-132b and 925-
1920 of the statutes, relating to the re-
tirement of county, town, city or village
bonds or other Indebtedness.
The people of the State of Wisconsin,
represented in Senate and Assembly,
do enact as follows:
Section l. Sections 95S, $50 and 959-1
of the statutes are amended to read: Sec
ton 95S. The county board, town board,
village board, board of trustees or COM
mon council of any county, town, village
or city which shall be indebted upon any
bonds or obligations outstanding
and not maturing Serially, shall for the
purpose of establishing a sinking fund
for the payment Of such Indebtedness,
provide to be annually levied and col
lected tax upon the taxable property
Of such municipality in addition to
any tax required to be levied for the pay
ment of the interest in any
such year. an amount not less than one
twentieth of the principal of such bond
and may set apart for such sinking fund
all moneys received from licenses or
other sources the expenditure of which is
not otherwise provided for by law until
such Indebtedness shall be paid or eX-
tinguished; and all such moneys so
raised and set apart shall thenceforward
be exclusively held and used for the pur-
poses of such sinking fund; provided that
any surplus in such fund existing after
such bonds shall have been paid and can
celed, may be appropriated to such pur-
poses as the county board, town board,
village board, board of trustees. or COM
mon council may direct.
Section $50. The moneys belonging to
such sinking fund shall be held by the
municipal treasurer, and, under the direc-
ton of the respective board or common
council of such municipality, may be In
vested:
First. In outstanding bonds of such
municipality for the payment OF which
the general city revenues are pledged and
for which the sinking fund is required, as
provided in section 958 of the statutes, at
any price not exceeding the principal, ac-
crued interest and premium not to eX-
coed three years interest on such bonds;
provided, that no such bonds shall be nur-
chased except on bids to be received at
fixed time and place, notice OF which
paper of such municipality for not less
than two weeks; if there be no such pa
per, notice shall be given III such man
ner as the board or council! shall direct;
and such bonds when purchased shall I'M
mediatey have written on the face
thereof a statement, signed by the clerk
of such municipality, that the same have
been taken up and cannot again be nego-
tiated or made obligatory; and all such
bonds shall be deemed paid and eXtin-
guished and shall be Immediately can
celed.
Second. In interest bearing bonds Of
secured by first mortgage upon real es-
tate which shall be worth, aside from
perishable improvements, at least three
times the amount of such loan; and every
such loan shall be payable at least one
year previous to the time when the out
standing municipal bonds to the pay
ment Of which it is to be applied shall be-
come DUE All interest accruing and col
lected upon any such instrument shall be-
long and be added to the capital OF such
sinking fund.
Third. In any bonds issued under the
authority Of such county, town, city or
village, whether the same Is a general
city, town, village or county liability or
a liability Of the property owners of such
county, town. city or village for special
improvements made therein; provided
further that the funds so withdrawn from
such sinking funds shall be used for the
purpose for which such bonds were is
sued and for no other purposes; that the
payment of such bonds to the sinking
fund shall be secured either in the man
ner prescribed in section 9bS, or by the
levy of an annual tax amounting to one
twentieth of such bond issue upon the
receipt of which and its payment into
the sinking fund one-twentieth of such
bonds shall be Cancelled; or provided that
where the repayment of the same is Sc"
cured by special assessments due or TO
become due in regular annual install
ments from owners OF real estate in such
county, town, city Or village whose prop
erty shall be liable for such special i'm
thereof shall be annually paid into such
fund; and provided further, that all such
bonds SO surrendered to the sinking fund
shall bear interest to such fund al d rate
not less than four per cent per annum,
that all such interest shall be annually
raised and added to the principal of such
fund and provided that no refunding
bonds shall, under any circumstances, be
issued after January first, 1920, In any
town, city, village or county Of this state,
sinking fund at any time when all the
general bonded Indebtedness end special
improvement bonded indebtedness OF such
town, city, village or county shall have
been entirely paid and Cancelled, may be
applied to such purposes as the county
board, town board, village board, board OF
trustees or common council may direct.
Section 959-1. If any officer whom
any duty is imposed by this chapter shall
= fail to faithfully and promptly
discharge the same as required by law
he and his sureties upon his Official bond
shall be liable to the municipality or to
the parties aggrieved thereby for al
damages actually suffered In consequence
Of such failure. And for any Impairment
Of the sinking fund provided herein he
and his sureties shall be liable at the suit
of any taxpayer to the municipality in tho
full amount of such impairment.
Section g. There are added to the
statutes three new sections to reac: sec
ton 925--132a. The common council OF
any bonds or obligations outstanding ana
not maturing seria!ly shall tor the purpose
of establishing sinking fund for the pay
ment of such indebtedness PROVIDE to DC
annually levied and collected tax upon
the taxable property of such CITY, in ed
dition to any tax required to be levied to.
the payment OF the interest In any SUCH
year. an amount not less than one-t@en-
tieth Of the principal Of sIch bond and
may set aside FOR such sinking fund all
moneys received from licenses or other
sources the expenditure Of which is not
otherwise provided FOR by law until such
Indebtedness shall be paid or eX-
tinguisned: ard all such moneys so raised
and set apart shall thencaforward bs eN-
clustvely held and used fer the purposes
Of such sinking fund; provided, that any
surplus IN such fund existing after such
bonds shall have been paid and Cancelled,
may be appropriated to s1ch purposes as
the common council may direct.
Section 925--132h. The moneys belong
ing to such sinking fund shall be held by
the city treasurer, aud under the diiec-