No. 170, S.] [Published April 28, 1891. CHAPTER 311. AN ACT to authorize the city of Milwaukee to issue bonds to the amount of fifty thousand dollars for the purchase of the west one-half of block thirty-six, in the second ward of the city of Milwaukee for market purposes. The people of the state of Wisconsin, represented in senate and assembly, do enact as follows: bonds for SECTION 1. The common council of the city of May issue Milwaukee is hereby authorized in its discretion, building marto provide by ordinance for the issue of corpor- ket. ate bonds of said city, in amount not exceeding fifty thousand dollars. Said bonds shall be payable in not more than twenty years after the date of said issue, and shall bear interest at not exceeding the rate of five per cent. per annum. Said bonds shall be known as, and called "market bonds," and shall be used exclusively to provide funds for the purchase of the west one-half of block thirty six, in the Second ward of the city of Milwaukee; said premises to be used as and for a public market. Such purchase may be made in whole or part, on credit; and for that purpose the proper officers of said city may execute and deliver to the vendor or vendors of such land or property purchased, an instrument creating a lien thereon, and on any improvements thereon, for such purchase money, without creating any corporate liabilities therefor, to secure the whole or any part of the price in installments extending not more than twenty years from the date of such purchase, which installments may bear interest at such rates as shall be agreed upon, not exceeding seven per cent. per annum. market to be bonds. SECTION 2. The income derived from the prem- Income of ises purchased, or from any improvement used to pay thereon, shall be kept as a separate fund; and so interest on much thereof as may be necessary, shall be used to pay interest upon bonds herein provided for, and to pay any installments of the principal, or the interest upon the purchase price of said How issued. How disposed of. Office of commissioners of premises, and for the maintenance of said market and the making of improvements thereon; and the balance of said income, if any, shall be turned into the general fund of said city. SECTION 3. All bonds issued under the provisions of this act, shall be signed by the mayor and the clerk of said city, countersigned by the comptroller of said city, attested by the commissioners of public debt of said city, sealed with the corporate seal of said city, made payable, in lawful money of the United States of America, in the city of Milwaukee or New York, and shall each be for the principal sum of one thousand dollars, or five hundred dollars, or one hundred dollars, and shall have attached thereto, interest coupons or warrants for the semi-annual payment of interest thereon; and such bonds and coupons shall be numbered in the form and manner to be designated by said comptroller. SECTION 4. Bonds issued under the provisions of this act shall be issued from time to time, in such amounts as the common council of said city may determine upon; said bonds when issued and properly signed and sealed shall be delivered to the commissioners of public debt of said city, and by that body disposed of, the proceeds arising therefrom to be paid into the treasury of said city; and such proceeds shall constitute a separate and distinct fund, to be exclusively applied for the purposes specified in the first section of this act; provided, that nothing in this act contained shall be construed as authorizing said common council to issue bonds in excess of the limitation prescribed in section 6 of chapter 11 of the charter of said city, and the acts amendatory thereof. SECTION 5. The office of commissioners of pubpublic debt not lic debt of said city shall not be abolished while any of the bonds issued under the provisions of this act remain outstanding and unpaid. to be abolished while bonds outstanding. Certain charter provisions ble. SECTION 6. The provisions of sections 2, 6, 7, 8, made applica: 9, 10, 11 and 17, chapter 87, of the laws of 1861, applicable and not inconsistent with the provisions of this act, shall apply to bonds issued under the provisions of this act, and such sections, if not inconsistent, are incorporated as a part of this act. The true intent and meaning of this act is to provide for the present issue of bonds, in the same manner as bonds issued under the provisions of that act are provided for. SECTION 7. The common council of said city Sinking fund. shall annually cause a tax to be levied upon all taxable property in said city, both personal and real, for the payment of the annual interest on all unpaid bonds issued under the provisions of this act; and for twenty years before the principal of said bonds becomes due, the said common council shall annually cause a tax to be levied upon all taxable property in said city, both personal and real, equal in amount to five per cent. of all bonds issued under the provisions of this act, for a sinking fund to redeem such bonds as the said commissioners of public debt direct to be cancelled. cancelled. SECTION 8. As soon as a sinking fund shall Bonds to be have been collected and set aside, the said commissioners of public debt shall proceed to cancel bonds, in amount equal to the sinking fund so provided. SECTION 9. All bonds directed to be paid by Same. said commissioners of public debt shall be, when paid, stamped "cancelled," and when so stamped, shall be delivered to the common council of said city, and by that body publicly declared cancelled. less than par SECTION 10. The commissioners of public debt Bonds not to be of said city are hereby prohibited from selling or disposed of at otherwise disposing of any such bonds at a less value. valuation than par, that is to say, at less than the principal of said bonds, together with the accrued interest thereon. SECTION 11. This act shall take effect and be in force from and after its passage and publication. Approved April 20, 1891. No. 299, S.] [Published April 24, 1891. CHAPTER 312. AN ACT to amend section 11, of chapter 6, of chapter 184, laws of 1874, entitled "An act to revise, consolidate and amend the charter of the city of Milwaukee, approved February 20, 1852, and the several acts amendatory thereof," and the several acts amendatory thereof. (See Vol. 2.) No. 832, A.] [Published May 4, 1891. William F. Bailey, et al., may build dams, etc., and condemn CHAPTER 313. AN ACT to regulate navigation, and to facilitate the assorting and storing of logs upon the Chippewa river. The people of the state of Wisconsin, represented in senate and assembly do enact as follows: SECTION 1. To facilitate and insure the rapid assorting of logs upon the Chippewa river, in the state of Wisconsin, and to provide for safe storage of all lands therefor. such logs as the owners thereof may desire to be stored upon said river, William F. Bailey, Henry W. Early, John Hunner and Joseph Mandelert, and their assigns, are hereby authorized to erect and maintain dams not exceeding seven feet in height between the flowage of the dam in said river, at the city of Eau Claire and the city of Chippewa Falls, and to construct piers and booms in said river between said points, sufficient to hold, assort and store logs; provided, said dams are so constructed as not to materially impair the navigation of said river between said points, and such booms and piers are to be so constructed as to leave a channel of sufficient width to run rafts of lumber and logs therein. When logs are driven or flooded upon the works herein authorized, in greater quantities than with the exercise of reasonable diligence can be handled and assorted, then and in such case it shall be lawful for the persons operating such works to hold and retain the mass of logs so forced upon said works, a sufficient length of time to permit, with the exercise of reasonable diligence, the assorting of said logs and taking therefrom and storing such of them as are to be held and stored in said booms. Said William F. Bailey, Henry W. Early, John Hunner, and Joseph Mandelert, and their assigns, shall have the right to take and appropriate for the purposes herein named, such land and water rights as may be necessary, upon paying compensation therefor, and may proceed to acquire such property and rights in the mode provided by the general law in such cases. They shall also have the right to charge such rates for assorting and booming such logs as are requested to be stored in their booms and works, not exceeding fifty cents per thousand feet, as they may prescribe. Nothing contained in this act shall be construed as authorizing the said William F. Bailey, Henry W. Early, John Hunner and Joseph Mandelert, or their assigns, to fix any rate, or toll, or charge, or receive any toll May charge or compensation whatever, for the assorting and ing and boompassing of any saw logs, timber, lumber, fence posts, or railroad ties by the booms or over the dams herein authorized to be constructed, except upon logs, timber, fence posts, and railroad ties to be stored in the store booms at the request of the owners or claimants thereof. The said William F. Bailey, Henry W. Early, John Hunner and Joseph Mandelert, or their assigns, shall be liable to the party injured, for all damages sustained by unreasonable delays or insufficiency of any of the works authorized by this act, and for all damages suffered by reason of the carelessness or neglect of the agent or agents, employe or employes of said William F. Bailey, Henry W. Early, John Hunner and Joseph Mandelert, or their assigns, in operating the same. Upon all logs stored or boomed under the provisions of this act and subject to the charge for boomage, the persons or corporation booming the same shall have a lien upon such logs for such charges to be enforced in like manner as may be provided tolls for assort ing logs. |