Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1913-08-29

TO the amount OF said readinstnicnt fund.- nearly
/ So The common council shall in the same year
levy tax SUFFICIENT in amount to defray Me ex-
/ pelses and disbursements which 1t is estimated will
be made in the succeeding fiscal year for such fund
or funds and thereafter the taxes for such fund
or funds shah be levied in advance of the expene-
lures therefor
force from and after its massage and publicatioM
/ Approved June 26. 1913.
No. 657. Al published June 3d. 1913.
\ CHAPTER COZ. LAWS or 1918.
AN ACT To amend section 95S. $50 and 05s-l q
the statutes, and to sections 925-l32a 925
--I32b and 925-l32c Of the statutes relating 10
the retirement Of county. town. city village bonds
other Indebtedness.
The people of the State OF Wisconsin represented In
Senate and Assembly. do enact as follows
Section l. Sections 95s. $50 and 95o--l Of the
county board town board village board. board of
trustees or common council of any county. town.
village or city which shall be indebted upon any bonds
or obligations outstanding and not matur
ing serally shall. for the Of establishing
sinking fund for the payment Of such Indebtedness,
provide to be annually levied and collected a tax
upon the taxable property OF such municipality
in addition to any tax required to be levied
/ for the payment Of the interest in any such
| year. an not less than one twentieth of the
principal Of such bond and may set apart for such
sinking fund all moneys received from licenses OF
other the expenditure Of which IS not other
wise provided for by law until such indebtedness shall
be paid extinguished; and all such money raised
and set apart shall thenceforward be exclusively held
and used for the purposes Of such sinking fund; pro-
vided that surplus In such fund existing after
such bonds shall have been paid and Cancelled may
be appropriated to such purposes the county board
town board village board board OF trustees, or COM
mon council may direct.
Section 95a The moneys belonging to such sinking
fund shall be held by the municipal treasurer. and,
under the direction of the respective board or COM
mon council of such municipality may be inves ed;
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 &c
quircd provided in section 95S of the statutes at
price exceeding the principal accrued interes
and premium not to exceed three years interest on
such bonds; provided. that no such bonds shall Dc
purchased except on bids to be received at nsed
time and place. notice Of which shall have been given
In the official newspaper Of such municipality fer not
less than two weeks; If there be no paper notice
shall be given in such manner as the board council
/ shall direct; and such bonds when purchased shall
Immediately have written on the face thereof sate
ment signed by the clerk of such municipality. that
/ the same have been taken up and cannot again be
| negotiated made obligatory; and all such bonds
4 shall be deemed paid and ex1nguished and shall De
! Immediately Cancelled.
Secotd. In interest bearing bonds Of the United
States In loans upon bonds secured BY first mort
gage upon real estate which shall be worth. aside
from perlshabe improvements at least three times the
amount Of such loan; and every such loan shall be
payable at least previous to the time when
the outstanding municipal bonds to the payment OF
which 1t Is TO be applied shall become due. AL
interest accuing and collected upon any instru
ment shall belong and be added to the capital OF
such sinking fund.
Third In any bonds issued under the authority of
such county. town. city village. whether the same
is general city. village county liability OF
liability of the property owners Of such county,
s
thercin provided further that the funds withdrawn
from such sinking funds shall be used for the pur-
pose for which such bonds we're Issued 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 $685. by the levy Of an
ANNUAL tax amounting to twentieth Of such bond
issue upon the receipt Of which and It's payment into
the sinking fund one-twentteth OF such bonds shall
be cancelled; or provided that where the repayment
of the same is secured by special assessments due
to become due In regular annual instaments from
owners Of real estate In such county. town. city OF
a1
improvement assessments the amount thereof shall be
annually paid into such fund; and provided further.
that all such bonds surrendered to the sinking
fund shall bear interest to such fund at rate not
less than four per cent per that all such
interest shall be annually raised and added to the
| principal of such fund and provided that no re-
/ funding bonds shall under any circumstances be
issued after January FIRST 1920 In any town. city.
village county OF this state and further that any
| surplus in such sinking fund at any lime when all
the general bonded Indebtedness and special improve
ment bonded Indebtedness Of such town. CITY, village
county shall have been entirely paid and canceled
may be applied to such purposes the county board
town board village board. board Of trustees COM
| Section 959--l. II any officer upon whom any duty
1 is imposed by this chapter shall fail to
faithfully and promptly discharge the same re-
quired by law ne and his sureties upon his official
bond shall be liable to the municipality to the
parties aggreved thereby for al damages actually
suffered in consequence OF such failure And for
Impairment Of the sinking fund provided herein
he and his sureties shall be liable at the suit of
taxpayer to the municipality in the full amount of
| such impairment.
Section 2. There added to the statutes three
4 new sections to read: Section 925-132a- The
mon council OF any city which shall indebted upon
any bonds or obligations outstanding and not
ing serialy shall for the purpose of establishing
sinking fund for the payment Of such Indebtedness,
| provide to be annually levied and collected tax
upon the taxable property of such city, in addition
| to any tax required To be levied for the payment
! Of the interest In any such year. an amount not
less than onewentith of the principal OF such bond
and may set aside for such sinking fund all moneys
received from licenses OF other the expenditure
Of which is not otherwise provided for by law until
such Indebtedness shall be paid exinguished: and
all such moneys raised and set apart shall thence
forward be exclusively held and used for the
of such sinking fund; provided. that surplus in
such fund existing after such bonds shall have been
paid and Cancelled may be appropriated to such pur-
poses as the common council may direct
4 Section 925-132b. The moneys belonging to such
sinking fund shall be held by the city treasurer, and
under the DIRECTION of the common council Of such
| city, may be invested:
| First In outstanding bonds Of such city for the
payment Of which the general city revenues are
pledged and which the sinking fund is required
| as provided in section 925-1S2a at any price not
exceeding the principal accrued interest and pre-
MUM not to exceed three years interest on such
bonds; provided, that no such bonds shall be pur-
chased except bids to be received at a fixed time
and place. notice of which shall have given in
the official newspaper Of such city for than
two weeks: there be no such paper notice shall be
| given in such the council shall direct;
and such bonds when purchased shall Immediately
have written on the face thereof statement signed
by the clerk of such city, that the have
| taken and cannot again be negotiated or made
obligatory: and all such bonds shall be deemed paid
and exungushed and shall be Immediately Cancelled.
Second. III interest bearing bonds Of the United
States or In loans bonds secured by first mort
gage upon real estate which shall be worth aside
from perishable improvements. at least three times
tho amount Of such loan; and such loan shall
be payable at least one previous to the time
when the outstanding city bonds to the payment of
which 1t Is to be applied shall become due All
interest accrung and collected upon any such insru-
ment shall belong and be added to the capital Of
i such sinking fund.
Third. In any bonds issued under the authority
Of such city whether the same is general civ la
bility or liability of the property owners Of such
city for special improvements made therein provided
further that the funds withdrawn from such sink
/ ing funds shall be used for the purpose for which
such bonds issued and other purposes; that
the Of such bonds the sinking fund shall
be secured either In the prescribed in section
925-l32a or by the levy of an annual tax amounting
to twentieth Of such bond issue upon the receipt
! Of which and its payment Into the sinking fund