Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1918-05-31
ORDINANCE

Ordinance Providing for the Issuing Of
Bonds for the Purpose of Establish
ing a Public Park i'm the City of La
dysmith, Rusk County, State of Wis
cOnsin, and Providing for the Levy
ing of an Annual Tax for the Pay
ment of the Principal and Interest
of the Bonds.
WHEREAS, it is deemed eXpedient
and advisable to establish a public park
in the city of Ladysmith, Rusk county,
State of Wisconsin on land in said
city, described as follows:
The Northeast quarter of the South
west quarter (NEA SWA) of Section
thirty-five (35), Township thirty-five
$3.50 North of Range six CO. West,
and,
WHEREAS IT rs ESTIMATED
THAT THE COST OF THE establish
ment of said public park will be at
least the sum of EIGHT THOUSAND
DOLLARS ($S0O0.O0) and,
WHEREAS, there are insufficient
funds in the treasury of said city of
Ladysmith for the purpose of meeting
the cost of the establishment of said
park, and it will be necessary, in order
to raise funds for such purpose, to issue
negotiable coupon bonds of said city in
the sum of EIGHT THOUSAND DOL
LARS ($SO000O)
NOW THEREFORE,, THE COUN-
GIL OF THE CITY OF LADYSMITH
DO ORDAIN AS FOLLOWS:
SECTION t. That there will be and
there are hereby issued the negotiable
coupon bonds of the city of Ladysmith
I'm, l,o to Of
THOUSAND DOLLARS ($S000.00) !;
said bonds to be Eight (S) in number !;
in the denomination of $1,000.O0 each,
numbered One CD to Eight (S) in
elusive, to be dated May 1, 1918, and to
become due and payable as follows ::
100000 on May 1, 1887 and 100000
on May 1, 1888, bearing interest at the
rate of 81 per cent per annum, pay
able semi-annually on the first day of
May and November in each year, both
principal and interest payable at the
Merchants Loan & Trust Company in
the city of Chicago, Illinois; said
bonds to be issued for the purpose of
establishing a public park in the city
of Ladysmith
SECTION 2 That said bonds and
coupons be in substantially the follow
ing form:
No...-..... 100000
UNITED STATES OF AMERICA
STATE OF WISCONSIN
CITY OF LADYSMITH
PARK BOND
KNOW ALL MEN BY THESE
PRESENTS That the city of Lady
smith, in the County of Rusk, State of
Wisconsin, acknowledges itself to owe
and for value received promises to pay
to the bearer
ONE THOUSAND DOLLARS
lawful money of the United States of
America on the first day of May 49,
with interest thereon from the date
hereof at the rate of 51a per cent per
annum, payable semi-annually ON the
first day of May and November in
each year on presentation and surren-
der of the annexed interest coupons
as they severally become due. Both
principal and interest Of this bond are
hereby made payable at the Merchants
Loan & Trust Company in the city of
Chicago, Illinois.
This bond is one of a series of like
tenor, except maturity, issued for the
purpose of establishing a public park
in the city of Ladysmith in accordance
with the constitution and laws of the
State of Wisconsin, thereunto enabling
and of an ordinance duly passed by the
Council of said city.
IT is HEREBY CERTIFIED AND
RECITED that all acts, conditions and
things required to be done precedent
to and in the issuing of this bond have
been done, happened and been per-
formed in regular and due form as re-
quired by law; that direct annual tax
has been duly levied upon all the tax
able property in the city of Ladysmith,
Rusk County, Wisconsin, sufficient to
pay the principal and interest of this
bond as they severally become due; and
that the total Indebtedness Of the city
including this bond, does not exceed
the statutory or constitutional limita-
lions.
IN TESTIMONY WHEREOF The
Council of the City of. Ladysmith,
Rusk County, State of Wisconsin has
caused this bond to be signed by the
Mayor, attested by the City Clerk and
with the annexed interest coupons to
10 o>oo,,+oJ with fha foo-cimilp Sipn1-