The Washburn times. [volume] (Washburn, Wis.) 1896-1976, 1915-08-12
An Ordinance

Providing for the funding of the judg-
ment Indebtedness of the city of Wash
burn into five per cent ten year bonds,
and for levying direct annual tax to pay
the principal and interest thereof as the
same shall become due.
Whereas there is due and payable an
unpaid valid judgment against the city of
Washburn, nthe county of Bayfield,. State
of Wisconsin. aggregating the sum of Five
Thousand FIVE hundred and ninety -one
dollars and seventy-6ve cents: viz: an
| unpaid balance on certain judgment en-
tered on the 18th day of July. 1905. in
favor of the town of Washburn. on which
there is now due and payable the amount
above specified. and the City of Wash
burn. not having appealed therefrom. and
the time within which an appeal might be
taken, having expired, and said judgmen
being the only judgment against the City
of Washburn, and;
Whereas, in the judgment of the Com
mon Council of said City of Washburn.
such judgment cannot be paid by current
taxation; and;
Whereas, the City of Washburn desires
to fund said judgment into bonds of said
city; Therefore:
The Common Council of the City Of
Washburn. Wisconsin. do ordsin az
| follows:
Section |. That the judgment agains,
the city of Washburn unpaid at the time
of the issuance of the bonds herein pro.
vided for, is hereby ordered to be funded
into one series of bonds, according to the
authority conferred upon cities by Chapter
| 3Il of the laws of Wisconsin for the year
| 1905, which said Chapter is entitled. IAN
act amending section 925-l35 of the
statutes of 1898. az subsequently amended
for the funding and refundins of city
debts, which said act was approved june
9TH, 1905. and published June 9TH. 1905
and that said bonds shall be known and
described as Funding Bonds of the City
of Washburn, State of Wisconsin" and &c
accomplish this object the Mayor and
Clerk of said city be and hereby are
directed to cause to be printed bonds oi
said city of Washburn. in substantially the
form hereinafter set forth:
Section 2. The total amount of the
bonds to be issued shall be Of the face
value of Five thousand FIVE hundred
ninety-one dollars and seventy-six cents.
The denomination thereof shall be Five
hundred and fifty dollars. except that the
last of said bonds shall be of the denom-
nation of Six hundred forty-one dollars
and seventy-6ve cents.
The time when said bonds shall be due
and payable shall be ten years from the
date which said bonds bear. and the place
of payment of the principa! and interest
shall be Northern State Bank. Washburn
Wisconsin, and the rate of interest shall
be FIVE (5) per cent per annum. payable
semi-annually on the first day OF May and
November in each year. Each installment
of interest until maturity of said Bonds to
be represented by coupons attached &c
each of said bonds, each to be numbered
consecutiveIy and also to bear the number
of the bond to which it is attached and te
substantially in the form hereinafter sci
forth. with necessary variations az to num-
bers and dates. and amount OF last bond
Section 3. Each of said bonds shall be
consecutively numbered from one te
ten QU, both numbers inclusive. and
signed by the Mayor and Clerk of said
city of Washburn and sealed with the cor
porate seal of said city. and each coupon
attached thereto shall be signed by the
Mayor and Clerk of said city.