Page images
PDF
EPUB

force from and after the date of its passage and publication.

Approved March 26, 1891.

No. 85, A.]

[Published March 31, 1891.

CHAPTER 92.

AN ACT to authorize the city of Milwaukee to

issu- bonds for the purchase and improvement

of public parks. The people of the state of Wisconsin, represented

in senate and assembly, do enact as follows:

Common coun. SECTION 1. The common courcil of the city of cil may issue bonds. Milwaukee is hereby authorized to provide by

ordinance for the issue of corporate bonds of said city, not exceeding in amount two hundred and twenty thousand dollars, payable in not more than twenty years after date of said issue. Said bonds shall bear interest not exceeding the rate of five per cent. per annum, and shall be known as and called "public park bonds," and shall be issued to provide funds for the purchase and improvem nt of public parks, and for the paying of installments of principal and interest won the parks already purchased under the provisions of chapter 488, of the laws of 1889, and of parks to be hereafter purchased, as they may become due; provided, that not more than one hundred and fifty thousand dollars worth of said bonds shall be issued in the year 1891, and seventy thousand dollars worth of said bonds shall be issued in the year 1892, not less than fifty thousand dollars of which shall be used for the purchase of park grounds on the west side of the city of Milwaukee and north of the Menomonee river.

SECTION 2. All bonds issued under the provi: sions of this act shall be signed by the mayor and clerk of said city, countersigned by the comptroller of said city, attested by the commissioners of pub lic debt of said city, sealed with the corporate seal of said city, made payable in lawful money of the

Bonds, how issued.

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, ard shall have attached thereto interest coupons or warı nts 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 3. Bonds issued under the provisions Bonds, how of this act shall be issued from time to time, in disposed of. such amount 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 continue a separate and distinct fund. to be exclusively applied for the purposes specified in the first section of this act.

SECTION 4. The office of commissioners of pub- omce not to be lic debt of said city shall not be abolished while

abolished. any of the bonds issued under the provisions of this act remain outstanding and unpaid.

SECTION 5. The provisions of sections 2, 6, 7, 8, Certain laws 9, 10, 11 and 17, chapter 87, of the laws of 1861 this act."

made a part of applicable and not inconsistent with the provi sions of this act, shall apply to bonds issued under the provisions of this act, and such sections, it

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, unless the common council upon the recommendation of the commissioners of public debt shall elect by ordi. nance to specify what particular bonds shall expire and be retired in each year, not less than five per cent. of the whole issue, and said common council is hereby authorized to so elect.

SECTION 6. The common council of said city Tax to be levied shall. annually cause a tax to be levied upon all to pay interest taxable property in said city, both personal and of bonds. 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

Bonds to be cancelled.

Same.

council shall annually cause a tax to be le vied upon all taxable property, both personal and real, equal in amount to five per cent. of all bonds issued and outstauding 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 or which shall have matured.

SECTION 7. As soon as a sinking fund shall 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 8. All bonds directed to be paid by said commissioners of public debt shall be, when paid, stamped "cancelled," and when s) stamped shall be delivered to the common council of said city,

and by that body publicly declar d cancelled. Bonds not to be SECTION 9. The commissioners of public debt tban par value. of said city are hereby prohibited from selling or

otherwise disposing of any such bonds at a less valuation than par, that is to say, at less than the principal of said bonds, together with the accrued interest thereon; and said commissioners of public debt are further prohibited from issuing bonds un. der the provisions of this act, which, together with the bonds heretofore issued, shall exceed the limit of the bonded indebtedness of said city.

SECTION 10. This act shall take effect and be in force from and after its passage and publica. tion.

Approved March 26, 1591.

sold for less

No. 81, A.]

[Published March 31, 1891.

CHAPTER 93.

AN ACT to authorizz the city, of Milwaukee to

issue bonds for the erection of a public library and museum buildings.

The people of the state of Wisconsin, represented

in senate and assembly, do enact as follows:

Common coun. cil may issue bonds.

Section 1. The common council.of the city of Milwaukee is hereby authorized to provide by

issued.

ordinance for the issue of corporate bonds of said city not exceeding in amount two hundred and fifty thousand dollars, payable in not more than twenty years after date of said issue. Said bonds shall bear interest not exceeding the rate of five per cent. per annum, and shall be known as, and called "library and museum bonds," and shall be issued to provide funds for the erection of a public library and public museum in the city of Milwau kee, and to purchase additional grounds therefor, if deened necessary. Provided, that not more than one hundred thousand dollars worth of said bonds shall be issued in the year 1891, and one bundred and fifty thousand dollars worth of said bonds shall be issued in the year 1992

SECTION 2. All bonds issued under the provis- Bonds ious of this act shall be signed by the mayor and clerk of said city, countersigned by the comptroller of said city, attested by the commissioners of pub. lic 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 at. tached 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 comp troller. SECTION 3.

Bonds issued under the provisions Bonds, how of this act shall be issued from time to time, in disposed of. such amount as the common council of said city may determine upon; said bon .s 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 consti. tute a separate and distinct fund, to be exclusive ly applied for the purposes sp cified in the first section of this act.

SECTION 1. The office of commissioners of pub. omice not to be lic debt of said city shall not be abolished while abolished. any of the bonds issued under the provisions of this act remain outstanding and unpaid. SECTION 5. The provisions of sections 2, 6, 7, 8, Certain laws

inade a part of 9, 10, 11 and 17, chapter 87, of the laws of 1861, this act.

Tax to be levied

of bonds.

applicable and not inconsistent with the provisions of this act, shall apply to bonde 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, unless the common council. upon the recommendation of the commissioners of public debt shall elect by ordinance to specify what particular bonds shall expire and be retired in each year, not less than five per cent. of the whole issue, and said common council is hereby authorized to so elect.

SECTION 6. The common council of said city to pay interest and principal

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, both personal and real, equal in amount to five per cent. of ail bords issued and outstanding under the provisions of this act, for a sinking fund to redeem such bonds as the said commissioners of public debt direct to be can

celled, or which shall have matured. Bonds to be SECTION 7. As soon as a sinking fund shall cancelled.

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 8. All bonds directed to be paid by 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. Bonds not to be

SECTION 9. The commissioners of public debt sold for less than par value. of said city are hereby prohibited from selling, or

otherwise disposing of any such bonds at a less valuation than par, that is to say, at less than the principal of said bonds, together with the accrued interest thereon; and said commissioners of public debt are further prohibited from issuing bonds under the provisions of this act, which, together

Same.

7

« PreviousContinue »