Whereas, the banks in the City of Rice Lake are on a holiday proclaimed by the Governor of the State of Wisconsin, and
Whereas, there exists in Rice Lake a shortage of any medium of exchange.
Therefor, in order to provide a medium of exchange there have been designated three trustees, to-wit: Dr. J.H. Wallis, H.F. Forbes and Guy Hill, and the trustees do hereby make this agreement which shall bind and inure to the benefit of any person who shall hereafter purchase any scrip, the issue of which is provided for hereinafter, and the said trustees agree to be bound by and to perform the conditions hereof, for which performance well and truly to be made they bind themselves.
Any person, firm or corporation which shall have on deposit in any bank in the city of Rice Lake, or in any other bank that may be approved by the trustees, may purchase scrip up to an amount equal to ten percent (10%) of the net balance of said person, firm or corporation in said bank. Such scrip shall be paid for by assigning to the trustees herein an amount of the claim of such person, firm or corporation equal to the amount of scrip he has purchased, which said assignment shall provide that it is a prior claim against any dividends or other distributions to be made from said bank.
Scrip may in the discretion of the trustees be issued to the amount of One Hundred percent (100%) against demand obligations of the Federal government, State government or any subdivision thereof, or against the obligations of any agency of the government. The trustees in their discretion may issue scrip to the amount of One Hundred percent (100%) against payrolls provided that the employer shall have made satisfactory arrangements with the trustees or with the Board of Advisors and such trustees.
These trustees may also, in their discretion, issue scrip against actually existing values including and not limited to marketable stocks and bonds, cash values on insurance policies, chattel mortgages on saleable personal property.
The purchaser of scrip shall execute to the said trustees his judgment promissory note payable on demand which shall be secured by the collateral outlined above.
Said scrip shall be issued in such denominations as the trustees shall deem wise, and the same shall be signed with the signature of each of the trustees. The trustees herein agree that any dividends that come into their hands by reason of the said assignments shall be used solely for the purposes hereof. In the event that dividends or distributions from said banks shall at different times or in inconvenient amounts, then the trustees may withhold the same until sufficient dividends or distributions accumulate to make convenient distribution possible, but the trustees do hereby agree that when said assignments are paid in full they will, within three days thereafter, redeem all of said scrip or so much thereof as may be presented for payment. Scrip not presented for redemption within sixty days after call published in one issue of the official paper of the city of Rice Lake, shall be void and uncollectable thereafter. Any money in the hands of such trustees at the expiration of said period of redemption shall be paid to the city of Rice Lake and become a part of the General Fund of said city. Scrip shall be redeemed as presented after such call and in the event scrip presented for redemption shall exceed the funds available therefor the loss shall fall on the holders of the said scrip. Beyond accounting to the holders of scrip for the proceeds of such assignments the trustees herein shall be liable only to pay on said scrip the amount actually received on said assignments.
Any person, firm or corporation making application to the said trustees for scrip consents to the provisions of the trust agreement and agrees to be bound thereby.
In case of refusal or inability of any trustee to his trust then in that event the remaining trustee or trustees shall appoint his successor.
There shall be three trustees and in addition there shall be two advisors who shall meet with said trustees at their request.
IN WITNESS WHEREOF the said trustees have hereunto affixed their hands and seals, consenting to the acceptance of said trust, this 4th day of March, 1933.
Dr. J.H. WALLIS H. F. FORBES GUY D. HILL
In the presence of: E. J. YOUNG H. F. MOORS