The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1868-04-16

But il shan NOT BE- held 70 aniAofiss tAs levy of
any spssiAc or,eeher ~ thassnch q ~ be3sys
led byvirtue hsasof - fdf - pnrPss of yaJ-
ling IL Nv bor1s hagfn nu1hd1ssd. md tAl
= shSlt not b eonsttasd t. enlarge IT, taxink
power Of cities, towns or counties respsots old
bonds or debts nor to validate such bonds OF debts
in case they are not adjusted under the provisions
Of this act. It's benefits are designed for and Inn
tied to those who voluntarily make an adjustment
under its provisions
SEC. 5. This not shall b deemed TO be ecoa-
tract in favor Of any creditor Sho accepts q ats
provisions, and to such creditor or holder OF the
new bonds herein authorized shall be irrepealable
SEC. 6. The benefits and provisions OF thisa et
only apply to creditors Who shall receive nsw
bonds in settlement Of prior debts or bonda, nor
49, tAie act apply - serpesntisa6 M indsbtsd
= ShieA Do Mt issus sst bssd1 = sstt1nnePt 81
former ones.
SEC. I. The provisions of this act shall b
deemed incorporated in the new bonds issoed ~
virtue hereof. Any of the bonds hereby author
ized may at the pleasure Of the corporation, be
paid prior 10 the time therein Fixed for payment,
II Uhfch 80 tbs bal&8 can only demand fths
principal and interest up TO the time Of payment
SIC. 8. Power is hereby given to the Board Of
Commissioners, provided for in this act, to adySf-
fise from time to time in such papers ~ they mky
think best, and invite the existing bond holders
ofsfhe corporation to slate tina CSmmissioners:
lst The ternscn which they VIII exehangs old
bonds OF debts for new bonds to be issued anelr
this act. I'd. The terms on which they viii So
render to the city, town or county, Ia tbs $3.50
may be,) old binds or debts for new bonds to be
issued under shis act. Sd. The terms which
thsy will surrender TO city town OF county Ia
the case may bel old bonds for cash. The result
shaiibe reported from time to time TO the proper
governing body of the corporation, for such action
a. 1t may see proper to take in the premises under
the provisions OF this act II it 10 sscertaned that
the ofers 10 surrender for ready money are the
most advsntlgeop the ner bonss fssein aushor-
i,ed msy b sold fofl eash, bnt n no case = es
than par, and 70 no greater extsnt than 10 neces-
sary to accept offers from time to time actually re-
ceived Money thus obtained shall be paid to
and kept by the proper city, town or county trea-
surer, and paid out only upon the direction OF this
Cbunsil Or Hard Of eupeFvisuFs far tine safehrsp
ing sf hioh the said treA surefs shai be abae on
their official bond, the amount of which may be
increased from time to time il necessary to secure
the corporation from foss. Money thus obtained
shall be exempt from attachment, garnshment or
hwy; and if gArnished, the corporation, its ofic-
ers, and ssommi ssioners shall not be held Hubble
thereon "a
NeEc. O. City and town corporations are invest
ed with power to pass resolutions and orders nee
essary teearry into execution the powers herein
given.
SEC. 10. No compromise shall be made under
the provisions of Ethisj act until the proper Coun
Gil or Board of Supervisors shan submit the qass-
ton whether the powers given by this act shsi be
exercised by such town, city or county, and 1t
shall be the duty 81 the town, fci'yl or county
authorities to submit the question TO the voters of
said town, city or county, las the case may BEL
at some general or special election. The form Of
the question submitted may be substantially as
follows
Shall the city OF ----- Tor county of -------s
or town Of -, as the case may bel settle its
debts under and by virtue of the provisions Of the
act giving lie title nd Date 1t pas1agcfr'
The ansver on the ballot eontainiug Tie CUES.
tion shall be Dyes or s'no." n the majority Of
the votes cast are Eyes" then the proper city or
town Council, or Board Of Supervisors may exer-
else the powers given by this act in the manner
herein prescribed; but no creditor can in any
event compel them to exercisefhe powers. Ii the
aor9fy Of the voter cast are mo. tnen the pow
era iven by This act shall not Be exercised By such
town, city or county
The question may be rel submitted to the voters
after having been voted mo-" but such re-sub
mission must not be within twelve months Of first
submission. II adopted on such re-susnission,
by majority of the votes cast then II shall be
lawful for snch town, city or county TO exercise
the powers given BY this act
The notice of the submission in this section
protiiaed for shah he such as the Board Of saper-
yisors, or proper city or tcwn council, may pre-
scribe The result. after being canyassed, shall
be entered Of record on the proper books Of the
COUNTY, town on city.
SEC H. The provisions Of this sot shall not
apply to counties having population OF less than
hre thousand inhabitants; nor to cities having 3
population oil less than three tsrusard Eve hun
Cred Inhabitants, as shown BY the census Of 1857.
frassdsd. thst sny seties ~ psoessdisg sadss the
prvyitions Of thla aet shsll b. commeneed within
TWO wears from the taking efec. Of this act, and
not after.
SIC. u. Nothing herein contained shall be
construed to prevent the corpornsi0ns herein
named froul s.tuing their debts without > resor.
to fhe powers contained b this act; and no eena
stai be regarded rs haring been issued under tnis
ast unless ii be 20 stated the face tssreaf; and
none OF the powers hersin given shall apply to
bonds which ar-shet iessed. N which efsthe facs
thcrof d. not profess To have bseE issued 1nier
the proriaiens hereof. ~ ~
SEraf3 debtor esrporaticu, instead afpnr-
suing the course above authorized, mar, II i re-
solves to do so. adopt tine following eourses Il
may issue the new bohds herein authorized, and
take mp there Nth old xopds ION suehterms g may
be agreed upon, ard theu deposit the old bonds
with tie Treasurer Of the Stste 81 lows, n bis Of
fetal capacity, security for the payment Of said
new bonds and coupons. Ii the new bonds ana
coupons are paid, then the old bomb snd coupons
are to be surrendered 10 the proper debtor errpe-
ration upon such payment. II said new bonds or
coupons are not paid, then the the holder thereof
mayeelect 10 .arrenda the neS bonds aud tsAe
back the old bonds.4bdk the old bonds cannot be
sold to pay The new bdnds coupons.
The deposit Of old bonds shove authorized may
be with or without the bsueat Of the specific levy
hereia authorized, as may be agreed ppon BY the
parties.
SEC IA. This act being deemed Of immediate
Importance shall take eject when pubii,hed In
the fora STATE Register and Iotea Eresiag Ssatss-
man.
Approved April ID, fsSs