The Wisconsin tobacco reporter. (Edgerton, Wis.) 1877-1950, 1920-08-27
PROPOSED ORDINANCE

An ordinance authorizing the issue of bonds
OF the City Of Edgerton, Rock F?. County, Wis;
Dollars ($52000O) and amending an ordinance
adopted on the 10th day of February, 1920.
WHEREAS an ordinance was duly adopted
by the Common Council of the City of Edger-
ton, on the 10th day of February, 1920, being
Ordinance No. 100, providing for the issuance
of Fifty-two Hundred Dollars ($5200.O0) of
bonds OF, said city for the purpose of pur-
chasing the property of the Edgerton Driving
Park Association in said City of Edgerton,
to be used for park purposes, and providing a
form for said bonds and levyng tax for the
purpose OF paying the principal and interest
thereof; and
WHEREAS proposition for their issue
for the special purpose thereof has been sub
mitted to the people of said city and duly
adopted by a majority voting thereon in &C
cordance with Sec. 943 Wisconsin Statutes;
and
WHEREAS the said ordinance provides
that said bonds shall bear interest at the
rate of five per cent. $50 per annum and
Shall not be sold for less than their face
value; and
WHEREAS because of present conditions
it is found impossible to sell the said bonds
at par unless the interest rate thereof be
increased to six per cent. 900; and
WHEREAS said bonds are to be issued in
compliance with Sections 925-133 and 943 of
the Wisconsin Statutes instead of Sections
92611 and 943 of said statutes as recited in
said previous ordinance;
WHEREFORE the Common Council of the
City of Edgerton do ordain as follows:
Sec. /. That said ordinance be and the
same hereby is amended to read as follows:
erty of the Edgerton Driving Park Associa-
tion in said City of Edgerton, to be used for
park purposes, there be and hereby is author
lied the issue of the City of Edgerton mu-
nicipal bonds to the amount of Fifty-two Hun
dred Dollars ($52OOOO). Said bonds shall be
consecutively numbered from 1 to IL. Bonds
be in the denomination of Five Hundred
Dollars (5O0OO), and bond No: IL shall be in
the denomination of Two Hundred Dollars
($2o0.OO; The said bonds shall bear date as
of the End day of August 1920 and shall be
signed by the mayor and city clerk and at
tested by the corporate seal of the City of
in compliance with the requirements of
Sections 925-133 and 943 of the Wisconsin
Statutes. The bonds shall bear interest at
the rate of six per cent. go per annum,
the City of Edgerton on the End days of
August and February in each year, evil
denced by interest coupons attached to each
of said bonds The bonds shall be payable
at the office of the city treasurer, Edgerton,
Wisconsin, as follows:
Bond No. l shall be payable February 2,
$780,
Bond No. shall be payable February 2,
1884,
Bond No. shall be payable February 2,
1882
Bond No. shall be payable February 2,
1885,
Bond No. shall be payable February 2,
1884
Bond No. shall be payable February 2,
Bond. No shall be payable February 2,
1886,
Bond No. s shall be payable February 2,
1887,
Bond No 9 shall be payable February 2,
1888,
Bond No 10 shall be payable February 2,
1899,
Bond No. II shall be payable February 2,
1910.
Sec D. For the purpose of providing for
the payment of principal and interest on said
bonds as and when the same shall become
due, there is hereby levied on all the taxable
property of the City of Edgerton, in addition
to all other taxes, a tax sufficient to pay
the various installments S Of principal and in
Sec g. Said bonds shall be substantially
the following form, to-wit:
United States of America,
State of Wisconsin, County of Rock, City of
CITY Park Bonds, 1920.
KNOW ALL MEN BY THESE PRESENTS
Rock in the State Of Wisconsin, acknowledge
es itself to owe, and for value received
promises to pay to the bearer on the End
day of February, d., the of
Dollars C$----------), together with interest
thereon from date hereof until paid at the
rate of six. per cent. (696) per annum, payable
on the End days of August and February in
sentation and surrender of the annexed inter
est coupons they several1y become due.
Both principal and interest shall be paid in
lawful money of the United States of Amer
lea, at the office of the city treasurer, CITY
of Edgerton, State of Wisconsin, and for the
prompt payment of this bond and interest as
aforesaid at maturity the full faith, credit,
lately and irrevocably pledged
This bond is issued by said city for the
purpose of providing funds for the purchase