Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1918-05-17
PROPOSED ORDINANCE

| ORDINANCE PROVIDING FOR THE
! ISSUING OF BONDS FOR THE
| PURPOSE OF CONSTRUCTING
AND ERECTING AN EXTENSION
| TO THE PUBLIC WATERWORKS
| NOW OWNED BY THE CITY OF
| LADYSMITH, RUSK COUNTY,
STATE OF WISCONSIN, AND
! PROVIDING FOR THE LEVYING
| OF AN ANNUAL TAX FOR THE
| PAYMENT OF THE PRINCIPAL
AND INTEREST OF THE BONDS.
| WHEREAS 1T IS DEEMED EX-
| PEDIENT and advisable to construct
and erect an extension to the public
waterworEs now owned by the City of
Ladysmith, Rusk County, State of
Wisconsin; and,
| WHEREAS it is estimated that the
| cost of the construction of said extern
sion will be at least the sum of SIX
THOUSAND DOLLARS ($6O0O.O0) !;
and,
WHEREAS there are insufficient
funds in the Treasury of said City of
Ladysmith for the purpose of meeting
the cost of the construction of said
extension, 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 SIX THOU
SAND DOLLARS ($6000.0O)
| NOW THEREFORE,, THE COUN-
GIL OF THE CITY OF LADYSMITH,
RUSK COUNTY, STATE OF WIS
CONSIN DO ORDAIN AS FOLLOWS ::
| Section 1. That there will be and
there are hereby issued the negotiable
coupon bonds of the City of Lady
smith in the aggregate amount of SIX
THOUSAND DOLLARS ($6000.00) !;
said bonds to be Six Co in number in
denomination of 100000 each, num-
bered One CD to Six Co inclusive, to
be dated May 1, 1913 and to become
due and payable on May 1, 1888, bear
ing interest at the rate of 51a per cent
per annum, payable 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 constructing an extension
| to the public waterwOrks 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
| WATERWORKS 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 19-
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 series of like
tenor, issued for the purpose of con-
! structing an extension to the public
waterwOrks in the city of Ladysmith
in accordance with the constitution and
laws of the State of Wisconsin there
unto enabling, and 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,
Rusll 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 ex-
coed the statutory or constitutional
limitations.
| 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 the an
nexed interest coupons to be executed
with the fac-simile signatures of said
officers this first day Of May, 1918