Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1868-06-01
LAWS OF IOWA.
CHAPTER 81.

~, the issue Of uew>Bouds, and for the paw |
msut Of such new Bonds BY the levy Of spsci- |
&c taxes, and for this purpose altering and |
amending saisnns easI'efs sud laws.
x,v Of fAs State Of iosrs. That municipal and |
.hl,e corporations, Including c,tiss, towns and
Sa~n,,ss are hereby authorised to settle. sd- l
ms, and compound deets owing BY. or claimed
10 ,in.t them. evidenced BY the bonds or other
,snm,sory instruments Of such corporotiors: 4
Pa sueh corporations. upon such settteme nj and
ronnosition. are hereby authorized to issue new
hond. IN the place OF the old or former bonds
and such new bonds shall be legal snd valid 70
al in,euts and purpesse. aa6 no corporation 10
eu,nR such new BONDS soeii b allowed TO plesd
II defense thereto asy msatss Which might have
-. nIesdsd in 4he Old Or for0ep booAs. proyi.
I.d ,hst 10 compromise shall 10 oole vthoat
s.st submitsiaa she quoosiea WheAhse sveh corn
a,.mise shsll b msas 70 tie people, snd shall
Z. bv them authorised BY msjor,ty Of the
voters 1919
~hsrs cities, towns and counties haze heretofore
.susd bonds or securities for mon. y on account
If anv suqscriptisn TO the capital stock Of any
rsilrsad company, or on account Of, or in aid
Of any public impfovemeus, aud the same re
main outstanding, and any allsdged DEBT arts
IN ,herefrom remaining unpaid. But this act IL
United 10 the settlement OF bonds and recuri-
10. heretofore issued and outs, anding At the
he time Of the passage and approv al hereof;
hat il TO say, the power herein givn TO settle,
adjust and compound debts 10 given, with re
| meet TO debts already existing, andto enable
me debtor corporations 70 settle the same in &C
| rordsnce with the provisions Of this act
| And nothing herein contained shall be con-
| ,.rued TO give the holders Of existing bonds or
securities the right 70 COMPEL the 6ebtor cor
/ ,or.tion 10 issue such new bonds, or /, settle.
| i The absence Of an agreement on its pars TO do
40. And nothing herein contained shsii be con-
tined 10 legalire or render vaiid. or bindiuS or
IN apv manner TO s6set existing bonds or evil
a.sces Of indsbtsdnsss Of any character con-
,emplatsd in this act.
TINS Get applies TO counties, and 70 cities and
tovns. whether acting under special charters or
uuder the general incorporation Law.
New bends issued By virtas thereof. shall in
! no caae be for greatar sum than ths priucipal
and accrued or earned interest unpaid On Shs
boud Or dsbss in pisss Of which, o. 10 pay which,
,nich they shall Be given. nor bear . srsals9
ate Of in.sres. than seven per cent. per snsum.
,hieh interest uay b made payable at New
| york. n. T., OF q the Treasury Of the cerpees.
uen: and such new bonds shall shew on their
fsce that they are issued under this oct. end II
.erssd. nay provide Tor the annual pay asas q
: hvs per csas Of the principal thereof, in sddi-
lion 10 the annual interest, until said new besds
.re fully paid. Sole new bonds shall b nads
paysble q the treasury Of the cooperation. ohal
Be- cancelled whsn paid, and 'dsstreyedi ID
,hs presence Of the Council o. ospsrv issrs, wha
0hol cause 70 % Ao1o otoBA1tet OF AL new Do a
issued, snd oil coupons Or boads nay be in ssck
form. for such amount net exceeding pripcipa
and interest then due on the old boids OF %
curtties. end upon such time, not sxcsedina
wsnty five years, - may b sgreed upon with
the holder o. evasr. Such new bonds shall On
sss shall b. kept sssssef. tis bonds q snes d
Ilivsred TO The treasury Of The city. towu q
county. Who shall b. liable On his oiRcial bens
8 fos the safe keeping thereof. end for the pre-
. ceecs thereof. until The the psrts Herewith nm
>. der The direction Of the Council or Dssfd Q
= 0upssvisors.
. Ssc. 3 The Couaeil or Trustees Of incos
= porsted towns or citiss or the hoa,d of Super
visors or counties are hereby invested with ful
powers to bind their respective corporations b.
y settlements made pussaant n and il vistus Q
: this oct. But they are directed and required
ON. 20 ascertain the whole amount due By an
q such debtor corporation and they are invsstc
with power to ascertain this in such way an
manner Is they may deem best. And the hold
srs OF existing bonds SHALL il required, by pull
lie proclamation Of the Board Of Supervisors o
proper City or Town Council, as therein RI
auried, present their bonds to the proper Cler
OF the county or city or town, and allow sue
CLERK to make make register Of such bond
shown tt cir date, number. amount, maturit
and rate of interest. And no old bond or evi
ldeuce of debt shall in any case be allowed audi
81. paid or settled until the same shall b actu
l. produced and surrendered, or established b
tie Judgment Of competent court. II il elect
e act hereunder. the city. town or county. b
Improper governing eedy, shall appoint not lsi
sh.n three OF more than i've Of its eisisens
loard OF Commissioners 70 execute the pov
GRAND duties required BY this act, Of whis
Bord Of Commissioners the Mayor Of the 81,
or uwn. or the chsirman Of the Board Of ),
DER isors shall be ex ofisio . member but I
~ f the Board Of Commissioner in sudi,ir
or allowing bonds o. lebts. or in ssttleme
Thereof, shall bind the corporation until su'
-. cot reported TO the proper governing body
"a the corporation and approved By it. And %
Boat Of Commissioners shall keep . record
- Their acts end dsings which she'll a ell times
opslto the public for inspection. Asd ths cit
80 towlor county corporation shall REVISE keep
rssod d oil it, asts and Aotsgs In the premise
~ wsie. shsll also open Tor public inspection.
bs. .. II new bends or obligations are
- suod pursuant 70 the poWsf given BY his =
the aid corporations named In the first secti
ther Of are hereby authorised, at the time tn
max their annuails for general taxes
Reneal revenue, to appropriate and set APPS
Tor ae ensuing year or for given number
ysan specific portion or per centage Of
genral tax so levied to pay or apply TO the NJ
!. bons herein authorized, and on such portion
the rlncipai, if any, - has been agreed 10
iwh:h may be bytn ordinance, contract or rel
~ lutn), the amount thus appropriated shall
spe, hcslly applied TO the purpose thus name
sndshall not be diverted TO or used for q
Of othr purpose and shall not be liable TO be
tsced. Karnished, sei1ed srtsken an execute
By ny creditor Of the csrprstion. and such
proris,ion shall DO 10 eli intents and purpo
amrtage or pledge Of the portion or per g
-. Iagethus appropriated in favor OF the part
-. | hoAing such new bonds
OF he current expenses Of the corporation mi
Be aid out Of the yearly or annual general r.
H0o- ~ II rlnd0ad
81 the general revenue thus set apart .
Iona pldaed 10 not sufficient to pay the interest
ipal prncipsl II sny, OF The bonds Issued ~ Writ
gsrs thrsoi. the governing body shall levy sPs
NY, 6stax, - provided herein. suncisnt 70 supl
: n ID deficiency not provided Tor oy ne po!u
v;H sfgensrsl revenue thus set apart and piedg
NJ. And Il shall not b 10 ne power Of any =
Q der. BY any process. salt. judgment or eth
Use, to obtain lien. right or priority upsn
t.sueh ssaesal fusd. - - to prevent the 9
-; prstisn frsm thus aPpropiias'ng. or ssts.
- s,.sus .! !: nj nss ess for The psyssni
y current sxpsnsse.
u | II for any reason the revenue raised my I
~ ear shall set b fully safReisnt 70 Psy shsins
.st ~ any part Of the psiasipal Of ne nev -
30. sllne De any give. y:ss, : spsein,s ~ -
rear, auch surplus shall b. exclusively aPpI
~ the ponds herein aushsFissd 70 BE- issusd.
nj 0bc. I. II sec bonds - ebligaaiene are
" ,usd pursuant TO the power given ~ shN /!
N be corpofaaions oainod il NE mrs. $50
- sAsessf ere hereby eashssissd,. cad u g hss.
made the duty Of the gevssning body q :
X Iessperatisus 70 provide ansually u - oas
IOs hsreia peessfibel ~ The payosot Of ne ~
sst Of DucA new bonds, and sush portion q
., principal. Of say. = hes bssa agreed - -
y" eaeA year.
When say portion Of Sssd gsnsssi "a IL
PsUpriatsd anl 81 6QoRt - pf0vidsa fes IN
-. sisa Of this est OF shea aay sPssise eodie
q tsx 10 levied under the prevtsiene OF snis
Q the Same eAa1l b. efo0 sh6s es0e OrWesa .
y. elee tai ier the purpose Of applying - q
ssssI Iayiag raid new boodo q interest tnerees,
fss - ether paspsw, oaAaeIehsf ND se.ee
he 2eney raised tAeseAy shall ever y olIc
bed % used for any other object o. perpeee enut
whels ef the eeoprshioo bsude icosea !, ..
~. the provisions Of ihis -. aee Doid n toiis :
= pfioSipA and interest Nee1hAu the money
sdoeo, o. The presssAD Gfnsw bonde eeqewe
81 eettle aad pay the cid beads or debts Or % O
~ ~ jset TO- aetschment garuish0tns. Ivy, q
&C. Sc prspriaaios By ne kol1ers q DEBTS - il
* monte aeainst The corporation uaIecs seen ~
ii I msnts are obtained on the new benes isseeo
virtue Of this oct. Money thus raised eAaI
Kept - . distinct fund 10 be sacrediy ana ~
III eivsly applied TO the sole purpese o. peying
- debte Of the corporation . province u tnist
'nit II the eorperaties agrees to pay. Y =
I :: ton to the annual iutsrest, some specifics
f,es tion Of the principal soch yeas. suee bosds
ger, be in sueh form astu UuSSas stis TO bs done
lind the amouse psid fsua, ysar 10 year y %
tached from the bonds and cancelled. Said
ei6c Tax hereby suthorixed shall BE- levied a
TEL aarne tina II ~ ~ ~ go - laVia6 and