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

treasurer and the securities deposited
in the county treasury to seasonably
produce the money to pay such inter-
est, and this shall apply to bonds here
tofore issued, or voted to be issued on
substantially such plan.
8. Tt oceeds Of county bonds
shall be q liable for state aid to the
extent of one-half of the tax levy in
the county each year to pay the face
of such bonds, and the petition by the
county board through the county clerk
for state aid each year shall include
such amount just as in the case Of a
direct county tax, and the state high
way commission shall allot to the
county the sum demanded by such Pc
tition, in accordance with subsection
2 or 3 Of section 1317m-S of the
statutes. Such amounts as may be so
paid into the county treasury from the
appropriation for state aid for high
ways shall be used as the county board
may determine to extend the construc-
ton of prospective state highways in
shall be allotted to county bonds when
state aid is allotted on town bonds for
the same Improvement.
Section 1317m-13. /. Any town, If
by a majority vote of the electors at
regular town meeting, or special
meeting duly called therefor, may
raise money for original Improvement
Of any portions Of the system of pro-
spective state highways, by issuing
town semiannual interest pay
ment coupon bonds bearing interest at
a. rate not exceeding five per cent per
annum, running not more than ten
years and not exceeding with all other
town Indebtedness the constitutional
limit; such bonds not to be sold
at less than par nor to nonresidents Of
the town till residents shall have had
reasonable opportunity. in the judg
ment of the town board, to purchase
the same. Provided that the money
obtained shall be promptly deposited
county to the credit of the highway
fund to be expended in such town in
the construction of the particular road
or roads designated in the ordinance
of said bonds. Such bonds shall be in
the form approved by the state high
way commission, printed on the plates
provided for bonds Of like character,
signing shall be furnished by said
commission at cost and paid for out
of the general fund Of the town
2. Bonds issued under this section
and due dates so that bonds equal in
amount shall be payable each year.
and the resolution authorizing the
same shall specify the total amount of
to be expended on each particular
road, the time of payment of principal
and interest. the place thereof, which
shall be at the office Of the county
the town Is located, and the money
shall be returned thereto by the town
treasurer out Of the town levy in time
to promptly make such payment. and
the manner in which the bonds shall
be negotiated: and the resolution or
ordinance shall also provide for d.
rect annual tax sufficient to pay the
interest as the same falls due and to
pay the principal within the time fixed
therefor. All bonds shall be signed by
the chairman of the town and the town
clerk in their official capacities. Pro-
vided, however, that the issue Of SAID
bonds may be conditioned upon money
being privately contributed by those
deeming themselves especially inter-
ested in the making of said improve
ment sufficient to pay the interest
thereon from time to time until they
fall due, being deposited in the county
treasury to the credit of the town
highway bonds, in which case levy of
town taxes therefor may be suspend
ed until there shall be necessity there
for. The deposit aforesaid shall be
sufficient. If in an amount actually in
vested to the satisfaction Of the county
treasurer, to seasonably produce the
money necessary to pay such interest,
and this shall apply to bonds hereto
fore issued or voted to be issued upon
substantially such plan.
3. AS soon any installment of in
tereSt on any issue of town bonds UNI
der this section Shall have been paid
at the county treaSurers office, the
treasurer shall cancel the coupons and
file them with the town clerk Of the
town.
4. The proceeds of town bonds shall
be available for state aid to the ex-
tent of the tax levy in the town each
year to pay the face of such bonds.
and the petition for county aid for
such year under section 1317m-5 shall
q mr. n n ha tU
board shall grant such petition the
same as in case of a tax voted under
such section, provided that il there
shall be a county levy for such year
by the county for the construction of
the same road for which the town
bonds were issued, such county levy
shall be deemed a granting of the
duplicates such town levy and the
county clerk in making notification to
the state highway commission under
subsection of section 1317m-8, shall
include the town tax levy for the en-
suing year to pay said bonds where
the money Is to be, or had already
been, expended under the supervision
of the state highway commission, and
the amount of the appropriation for
state aid for highways apportioned to
the county for the benefit of the town
shall be retained in the county treas
ury in the town fund for the payment
thereon, in which case the surplus Gre
ated by the combined state funds and
town levy may be used as the electors
Of the town may determine to extend
the construction Of prospective state
highways in said town, and this pro-
vision shall apply to any town bonds
heretofore issued under this section as
well as such as may hereafter be is
sued.
Section 10. There is added to the
statutes a new section to read: Sec
ton 1317m-12a. /. No bonds shall be
issued under the provisions of section
1317m-12 in excess of one-f1fth of one
per centum Of the total assessed valu-
alton of the county, until the PROPOSE
ton for their issue shall have been
submitted to the people of the county
and adopted by majority of the cleo
tors voting thereon
2. Whenever a number of qualified
electors Of any county, equal to or
more than ten per cent Of the number
of votes cast therein for governor al
the last general election shall present
to the clerk thereof a petition in writ
ing, signed by them, praying that the
electors thereof may have submitted
to them the question whether or not
bonds shall be issued under the pro-
visions of section 1317m-12, and shall
file such petition with such clerk at
least thirty DAYS prior to the first