Page:Federal Reporter, 1st Series, Volume 5.djvu/573

 LONG V. CITY OF NEW LONDON. 561 �inoorporated city, or village, as hereinafter provided." The act further provides for a proposition from the railway Com- pany for an exchange of stock for bonds as the basis of pro- ceedings preliminary to the issuance of bonds, and for sub- Eoiasion of the proposition to the voters of the city, town, or village for acceptance or rejection, and also prescribes the manner in which bonds may be executed and issued. �By chapter 504 of Private and Local Laws of Wisconsin for 1868, the village of New London was inoorporated. Thisact of incorporation was subsequently amended, the amendatory act being ehapter 362 of Private and Local Laws of 1869 ; and again in 1870 an act was passed reducing the act incorpo- rating the viUage and the amendatory act of 1869 into one act, and amending the same. See Private and Local Laws of 1870, c. 485. In neither of these acts under which the vil- lage of New London came into existence is there any provision giving to the municipality authority to issue the bonds in ques- tion. �By chapter 162 of Private and Local Laws of 1877, the city of New London was inoorporated, and embraced within its boundaries, as prescribed in the act, the same district of country that was included within the limits of the village, and in this act there appears to be no authority given to the city to issue bonds in aid of the Green Bay & Lake Pepin Eailway. It should be added, as part of the history of legislation touching the bonds in question, that in 1878 the legislature passed an act to authorize the eommon council of the city of New London to borrow money from the commis- sioners of school and university lands of the state, upon cer- tain terms prescribed in the act, by means of which loan the city might be enabled to compromise the indebtedness represented by the bonds previously issued by the village; but the fifth section of the act provided that nothing therein contained should be construed as a recognition of the validity of the instruments issued as bonds of the village of New London, The act referred to is chapter 118 of Laws of Wisconsin for 1878 ; and an act amendatory thereof is to be found in chap- ter 340 of the General Laws of the state for the same year. �v.5,no.7— 36 ����