Railroad Laws. WHEN SUBSCRIPTION TO BE PAID IN ONE SUM LANDS SOLD FOR TAX, ETC. SECTION 950. In case any such subscription as in the last section men tioned shall be agreed to be paid in one sum, a tax sufficient to pay the same, but not in any case exceeding five per centum of the valuation of taxable property therein on the last assessment roll, shall be entered on the next assessment roll in a separate column, and be collected in all respects as other taxes of such municipality are collected, and the money raised kept separate and paid over to the railroad company entitled to the same. [f any lands on which such tax was levied shall be sold for the non-payment of the taxes thereon, such company shall have the right, if entitled by full performance on its part thereto to have such aid, to purchase at the tax sale any such lands, and have the amount of such purchase applied in payment of the aid so voted; and if the county shali bid in any such lands, said company shall have the right to select and have transferred to them a sufficient amount of the certificates of sale of such lands to make up the amount of aid so voted; so that such company shall have the full proceeds of any such tax so voted, either in money if collected, or in tax certificates on the lands assessed therefor. But the same shall in no event be an indebtedness on such municipality, voting such aid; nor shall any liability be deemed created on the part of such municipality to such company. MAY GUARANTY PAYMENT OF INTEREST ON BONDS OF NARROW GAUGE RAILROAD. SECTION 951. Any county, town, village or city is hereby authorized to guaranty and agree to pay the interest, for a period not exceeding ten years on a given amount of the first mortgage bonds of any narrow gauge railroad company in return for a sufficient amount of such first mortgage bonds of such company at the par value thereof, to equal the amount of such interest paid by such municipality, upon the acceptance, in the manner provided in section nine hundred and forty-six, of a proposition therefor. Such proposition shall be made and filed as provided in section nine hundred and forty-five, and shall contain a statement of the amount, date, rate of interest, and terms of payment of the bonds, and of the property described in the accompanying mortgage on which such guaranty is desired, and specify when such guaranties shall be delivered, with reference to the time of the complete construction of such railroad from point to point, and within what time such railroad shall be so constructed, as to be entitled to such guaranties and every portion thereof; and also that in consideration thereof such railroad company will issue to such municipality such number and amount of such first mortgage bonds, as will at their par value be equal to the amount of interest such municipality shall pay under such guaranties, and the time and manner of doing the same. If such proposition shall be so accepted, then the county Railroad Laws. board, town board, village board or board of trustees, or common council, as the case may be, of such municipality, shall cause such a guaranty and agreement to be endorsed on each bond, so to be guarantied, and signed by the proper officers, with the corporate seal affixed, and placed in the hands of the treasurer of such municipality. LEVY OF TAX TO PAY INTEREST AND ISSUE OF BONDS THEREFOR. SECTION 952. The proper authorities of each and every municipality, which shall have made any such guaranty and agreement as provided in the preceding section, shall annually levy a tax upon the taxable property therein, sufficient to pay the interest so agreed to be paid as the same becomes due and payable; and each such railroad company shall, before the levy of any such tax, deposit with the treasurer of such municipality, for its use, an amount of its first mortgage bonds, equal at par to the amount of the interest so to be raised. No such treasurer shall deliver any such bonds guarantied by the municipal authorities to such railroad company, or any other person, until full compliance with the terms of such proposition on the part of the company; but he may accept an order therefor, given to any parties from whom such company may buy any material for their road, conditioned that such bonds shall not be delivered thereon, until such full compliance with the terms of such proposition on the part of the company. COMPANY TO FIX RATES BEFORE ASKING AID. SCCTION 953. Every narrow gauge railroad company, before asking aid or submitting any proposition, for subscription to stock or bonds, to any municipality, shall, by resolution of their board of directors, fix the maximum rates of passenger fares, and of freights of all classes, to be charged by such company for the period of ten years from the date of such resolution, but no such rates shall exceed the rates fixed by any law of this state; and such company shall cause such resolution to be recorded in the office of the register of deeds of every county through or into which the road shall pass; and such rates shall not be increased by such company, during the time limited; and such resolution shall be made a part of any such proposition and agreement between such company and such municipality subscribing. MUNICIPALITY HOLDING STOCK TO BE PART OWNER. SECTION 954. Whenever any county, town, village or city shall have heretofore received, or shall hereafter receive any stock in any railroad company, it shall be entitled to all and the same rights, benefits and privileges as the stock of the same class held by any other person or persons; and the municipality receiving any such stock shall, so long as it shall hold the same, or any part thereof, be a part owner of such railroad and its franchises; and Railroad Laws. the proper municipal board or common council of the municipalities holding such stock, shall appoint a person to vote thereon in behalf of such municipality; and such municipal board or common council may also sell and dispose of the said stock in such manner as to them shall seem best for the interest of such municipalities. LIMITATION OF TIME TO SUBSCRIBE. SECTION 955 Whenever any county, town, village or city shall have failed to limit the time, within which any aid or subscription voted to any railroad company should be earned, by performance of the conditions on the part of the company, then the proper board or common council thereof may fix and limit such time, but to be not less than a year from the date of giving notice to the railroad company thereof; and whenever the time shall have been limited, either by agreement, or as above provided, the proper board or common council may, in their discretion, extend the time not exceeding one year beyond the period so limited; and if within the time so limited, or within the period to which such limit is extended, if extension be granted, the rail. road company shall not have become entitled to the entire aid or subscription of such municipality, then all right or claim on the part of the railroad company, or any one claiming under it, to such aid or subscription, or to bonds, lands, moneys or taxes agreed to have been paid or delivered, to which the railroad company shall not have become absolutely entitled, shall be wholly forfeited, and all liability or obligation of such municipality, under such agreement, completely released and discharged; and the railroad company and every trustee or depositary who may hold any bonds, notes, orders, papers, moneys, deeds contracts, property or evidences of indebtedness in escrow, in trust or deposited or pledged, which have so become forfeited, shall return and surrender the same to the proper municipal board or common council, or any agent appointed by them, to be cancelled. FORM OF OBLIGATION. SECTION 956. All bonds. guaranties or obligations, made or issued by any of the muncipalities aforesaid, under the provisions of this chapter, shall be in such form, proper to carry out the conditions of the agreement, ordinance or resolution under which they shall be issued, as the respective municipal board or common council shall prescribe; those issued by a county shall be signed by the chairman of the county board and the county clerk; those by a town, by the chairman and town clerk; those by a village, by the president and village clerk: those by a city, by the mayor and city clerk; or by such person as shall be acting officially in any such offices respectively; and all such bonds, guaranties or obligations, shall be sealed with the corporate seal of the respective municipality, if there be any such scal. Railroad Laws. PROCEDURE WHEN NO PROVISIONS FOR TAKING VOTE IS MADE. SECTION 957. Whenever no provision shall have been made by law for the mode of taking any vote, upon the question of issuing any bonds, the village board or board of trustees of any village, or common council of any city, may direct and prescribe the manner in which such vote shall be taken, and ballots printed or written. MUNICIPALITY MAY ESTABLISH SINKING FUND.. SECTION 958. The county board, town board, village board, board of trustees or common council, of any county, town, village or city, which shall be indebted upon any bonds or obligations outstanding, may, for the purpose of establishing a sinking fund for the payment of such indebtedness, provide to be annually levied and collected, a tax upon the taxable property of such municipality, not exceeding six mills on each dollar of the assessed valuation thereof for the year in which it is levied, in addition to any tax required to be levied for the payment of the interest or principal or both, in any such year; and may set apart for such sinking fund, all moneys received from licenses or other sources, the expenditure of which is not otherwise provided for by law, until such indebtedness shall be paid or extinguished; and all such moneys, so raised and set apart shall thenceforward be exclusively held and used for the purposes of such sinking fund. PENALTY WHEN OFFICER VIOLATES OR NEGLECTS DUTY. SECTION 960. If any officer upon whom any duty is imposed by this chapter shall willfully or negligently fail to faithfully and promptly discharge the same, as required by law, he, and his sureties upon his official bond, shall be liable to the municipality, or to the parties aggrieved thereby, for all damages actually suffered in consequence of such failure. EXEMPTION OF RAILROAD PROPERTY FROM TAXATION. SECTION 1038. The property in this section described is exempt from taxation, to-wit: 9. Stock in any corporation in this state which is required to pay taxes upon its property in the same manner as individuals. 14. The track, right of way, depot grounds and buildings, machine shops, rolling stock, and all other property necessarily used in operating any railLoad in this state, belonging to any railroad company, including pontoon or pile and pontoon railroads, and shall henceforth remain exempt from taxation for any purpose, except that the same shall be subject to special assessments for local improvements in cities and villages; and all lands owned or claimed by any such railroad company not adjoining the track of such com Railroad Laws. pany, shall be subject to all taxes. The provisions of this sub-division shall not apply to any railroad that now is or shall be operated by horse power, whether now or hereafter constructed, in any city or village. 22 Wis., 54; 29 Wis., 116; 34 Wis., 271; 48 Wis., 666. TAXATION OF RAILROAD COMPANIES. SECTION 1211. Every railroad company, and every person operating a railroad in this state, except railroads operated by horse power, shall, on or before the tenth day of February in each year, make and return to the state treasurer, in such form and upon such blanks as shall be furnished by him, a true statement of the gross earnings of their respective roads for the preceding calendar year, of the number of miles of road operated by each such company or person, and the gross earnings per mile per annum during such year, which statement shall be verified by the oath of the secretary and treasurer of such companies, or of the person so operating such railroad. 9 Wis., 431; 1 Wis., 35; 15 Wis., 451; 16 Wis., 1. SECTION 1212. Each such railroad company and each person so operating any railroad shall, on returning such statement, apply for a license to operate the railroad mentioned in such statement, and shall pay the license fee therefor provided in the next section; and thereupon shall receive from the state treasurer a license to operate such railroad for the calendar year commencing on the first day of January preceding, and terminating on the next succeeding thirty-first day of December, unless sooner revoked. SECTION 1213. The annual license fees for the operation of such railroads shall be as follows: 1. Four per centum of the gross earnings of all railroads except those operated on pile and pontoon, or pontoon bridges, whose gross earnings equal or exceed three thousand dollars per mile per annum of operated railroad. 2. Five dollars per mile of operated railroad of all railroads whose gross earnings exceed one thousand five hundred dollars per mile per annum, and are less than three thousand dollars per mile per annum of operated road, and in addition two per centum of their gross earnings in excess of fifteen hundred dollars per mile per annum. 3. Five dollars per mile of operated road by all companies whose gross earnings are less than fifteen hundred dollars per mile per annum. 4. Two per centum of the gross earnings of all railroads which are operated upon pile or pontoon, or pontoon bridges, which gross earnings shall be returned as to such parts thereof as are within the state. One-half of such license fee shall be paid at the time the license so issues, and one-half on or before the tenth day of August in (ach year. |