The Washburn times. [volume] (Washburn, Wis.) 1896-1976, 1916-11-16
An Ordinance


the Common Council of the City of
Washburn, Wisconsin, to be held at
the council chamber of said city on
the 9th day of November, 1916, at the
hour of seven and a half o'clock,
D. M, the following ordinance will
come up for consideration and pas
sage. by order of the Common Council.
L. N. CLAUSEN,
City Clerk
An Ordinance to provide for the issue
of bonds of the City of Washburn,
Wisconsin, in the amount of twenty
thousand dollars $3.50, 100000, for the
purpose of paying the cost of city's
share of certain street improvements
in said city.
| WHEREAS. it is deemed necessary
by the Common Council of the City of
Washburn, to provide for the paving
of Bayfield, Street in said city; and
| WHEREAS, the Common Council
has adopted plans for said improve
ment and has determined that a por-
ton of the cost of the same shall be
borne by the city at large; and
WHEREAS, the amount of the city's
share of the cost of said improvement
is $4,000, and in order to provide for
the payment of the same, it is nee
essary that bonds of the city be issued:
Now, therefore the Common Council
of the City of Washburn, Wisconsin.
do ordain as follows:
Section 1. That for the purpose of
providing funds to pay the city's por-
ton of the cost of the construction of
said street improvement, there shall
/ hnrnhU authorized
to be issued negotiable coupon bonds
of the City of Washburn in the aggre-
gate amount of Twenty Thousand Dol
lars ($20,000.) Said bonds shall be
known and described as street I'M
provement Bonds" shall be dated No
vember 1st, 1916. and shall consist OF
forty (40) bonds of Five Hundred Dol
lars ($5O0) each, numbered one az
to forty (40), both inclusive, and snail
become due and payable as follows:
! $1,000 of said bonds, numbers one Cd
and two (2|, on November LIST, 1918,
and $1,000 of said bonds of the next
succeeding numbers on November LIST,
of each year thereafter, to and in
Guiding the year 1885. and $4,000 OF
said bonds on November LIST, 1886.
Said bonds shall bear interest at
the rate of four and one-haf per
centum (41a) per annum, payable
semi-annually on the First day of
May and First day of November
l. of each year, which interest to
date of maturity of the bonds shall
be evidenced by proper coupons at
tached to each of said bonds, and both
principal and interest shall be made
payable at the Continental & CONNER
cial National Bank in the City of
| Chicago, Illinois.
| Section 2. Said bonds shall be sign
ed by the Mayor and countersigned
| by the City Clerk and sealed with the
corporate seal of said city, and the
coupons thereto attached, shall be exc
cuted by the engraved facsimile sigma
| ture of said officers, and said bonds
shall then be delivered to the City
Treasurer to be by him delivered to the
purchasers thereof on payment of the
purchase price thereof Said bonds
and coupons, respectively, shall be in
substantially the following forms:
(FOrm of Bond
UNITED STATES OF AMERICA
STATE OF WISCONSIN IN COUNTY
OF BAYFIELD-CITY OF WASH
BURN STREET IMPROVEMENT
BOND.
No. -------- S--------.
KNOW ALL MEN BY THESE PRES
ENTS, That the City of Washburn, IN
the County of Bayfield,, State of Wis
consin, acknowledges itself indebted
and for value received, hereby promls-
es to pay to bearer on the First day
of November, A. D. d., the prln-
cipal sum of Five Hundred Dollars
$500. O0), together with interest there
on from the date hereof until paid at
the rate of four and one-half per cent
UNI (41h) per annum, payable semi
annually on the First day OF May ana
November of each year, upon presen-
tation and surrender OF the annexed
interest coupons as they severally pc
come due; both principal and interest
payable in lawful money OF the United
States of America at the Continental
and Commercial National Bank IN the
City of Chicago, Illinois.
This Bond is issued by the Common
Council of the City of Washburn Tor
the purpose of paying the amount de.
termined by the Common Council OF
said city to be paid by the City OF
Washburn at large for the construc-
ton of street improvements IN SAID
city, pursuant to and in strict COM
pliance with Section 925-133 and Sec
ton 943 of the Wisconsin Statutes,
and other statutes of said state IN
that behalf made and provided, and
pursuant to an ordinance of the Com
mon Council of said City duly passed
and approved and published
1T is HEREBY CERTIFIED, RE-
CITED AND WARRANTED, that all
acts, conditions and things required to
exist, happen or be performed, preced-
ent to and in the issuance OF THIS
bond, have existed, happened and been
performed in regular and due form,
time and manner, as required by law;
that the total indebtedness of said city,
including this bond, does not exceed
any constitutional or statutory llmlCa-
ton, and that direct continuing an
nual tax has been duly levied upon all
the taxable property in said city, su1fl-
cient to pay the interest hereon when
due and the principal hereof at mat
urity.
IN TESTIMONY WHEREOF, the
City of Washburn in the County OF
Bayfield,, State of Wisconsin has caus-
ed this bond to be signed by its Mayor
and countersigned by its City CLERK
and its corporate seal to be hereto
af1iyind and hoe oaucod the annexed in |