Cedar Falls gazette. [volume] (Cedar Falls, Iowa) 1860-1895, 1868-05-08

4
lowed, audited, paid or settled until
the same shall be actually produced
and surrendered, or established by
tho Judgment of a competent court.
liz IL elects To act hereunder, the city,
town or county, by its proper gov
ernfng body, shall appoint not less
citizens a Board OF Commissioners to
execute the powers and duties requir-
ed by this act, of which Board Of
Commissioners the Mayor of the city
or town, or the chairman of the
Board Of Supervisors shall bc er off,
cso q member: but no act OF the
Hoard of Commissioner I'm auditing
or allowing bonds or debts, or In set
tlement thereof, shall bind the corpo-
ration until such act Is reported to
the proper governing body of the
corporation and approved by 10. And
said Board of Commissioners shall
Keep n record of their nets and do
ings, which shall at all times be open
to public inspection. And the city,
town or county corporation shall like
wise keep record of oil its acts and
doings in the promises, which shall
also be open to public inspection. =
SEC. 3. Ii new bonds or obliga-
tons are issued pursuant to the pow
or given by this act, the said corpora
tions named In the first section here
ofsare hereby authorized, attie time
they make their annual levy of gem
erai taxes for general revenue, to ap-
propriate and set apart for the ensu-
ing year or for q given number of
years, a specific portion or per cent
age of the general tax 80 levied To
pay or apply on the new bonds here
in authorized, and on such portion of
the principal, IL any, as has been
agreed to be paid each year. When
thus appropriated, (which may be by
ordinance, contract or resolution, ]
the amount thus appropriated shall
be specifically applied to the purpose
above named, and shall not be diver
ted to or used for any other purpose,
and shall not be liable to be attached,
garnished, seized or taken on execu-
ton, by any creditor of the corpora
tion. and such appropriation shall
be to all intents aud purposes mort
gage or pledge of the portion or per
centage thus appropriated in favor
OF the parties holding such new
bonds.
The current expenses of the corpo-
ration must be paid out of the yearly
or annual general revenue not thus
specifically pledged.
LII the general revenue thus set
apart and pledged Is not sufficient to
pay the interest aud principal, II any
of the bonds issued by virtue hereof,
the governing body shall levy a spe-
cific tax, as provided herein, suffi-
cient to supply the deficiency not
provided for by the portion OF gener-
al revenue thusset apart and pledg-
cd. fs f
And IL shall not be I'm the power OF
any creditor, by any process, suit,
Judgment or otherwise, to obtain a
lieu. right or priority upon or to such
general fund, so as to prevent the cor
poration from thus appropriating. or
setting apart, or pledging such por-
tion or Its general revenue as is not
necessary for the payment OF It's cur
rent expenses.
LII for any reason the revenue raised
any one year shall not be fully suffi-
cient to pay the interest or any part
of the principle OF tile new bonds
! falling due any given year, a specific
levy to pay such deficit shall be In.
4 cluded ina levy for the noxt year. -
LIZ thero is n surplus of the specific
levy for any year, such surplus shall
be exclusively applied on the bonds
herein authorized 10 be issued.
] SEC. 4. If new bonds or obliqa.
tions are issued pursuant to the pow
er given by this act, the corporations
1 N ar nj I'm lka Iat
hereby authorized, and Ii Is hereby
made the duty Of tho governing body
OF said corporations to provide annu-
ally In the manner herein prescribed
for the payment OF tho Interest OF
such new bonds, and such portion OF
the principal, II any, US has been
agreed to be paid each year.
When any portion Of the general
tax is appropriated and set apart hs
provided for I'm Section OF this act,
or when any specific additional tax
is levied under the provisions of this
act, the same shall be from that time
forward specific tax for the purpose
of applying on or paying said new
bonds or the interest thereon, and for
no other purpose, and neither said
taxes nor the money raised thereby
shall ever be diverted or used for any
other object or purpose until the
whole of the compromise bonds Is
sued under the provisions OF this act
are paid in full, both principal and
| interest. Nor shall the money sc
raised, or the proceeds of new bonds
acquired to settle and pay the old
bonds or debts or be subject to attach.
ment, garnishment, levy, or appro.
priation by the holders Of debts or
Judgments against the corporation
unless such Judgments are obtained
on the new bonds issued by virtue OF
i this act. Money thus raised shall bt
kept as n distinct fund To be saeredly
and exclusively applied to the sole
purpose Of paying the debts OF the
corporations as provided In this act
| If the corporation agrees to pay, In
addition to the annual interest, some
specific portion Of the principal each
year, such new bonds shall be i'm
such form as to enable this to be done
and the amount paid from year tc
year to be detached from the bonds
snd Cancelled. Said specific tax here.
by authorized shall be levied at the
same time that other taxes are levied,
/ aHu bnAAi DS COiitSteu kno Bh1ft
manner, but nothing but money
shall be receivable In payment 0l
such tax. And this act shall be con.
Htrued rs an amendment to the char.
ter Of cities and to the general incor.
poration act, being chapter 81 of the
Revision, and also AZ enlarging the
powers now given by law to the coun.
ties OF the state. hut no creditor oil
any public or municipal corporation
who refuses to settle or compound
his debt and refuses to receive and
does not receive new bonds or obli.
cations, shall be entitled to the bepe.
mt Of this act, or to the specific tar
levy herein authorized.
And IL the court Is satisfied thai
there Is any evasion or delay I'm the
performance Of this duty on the pari
Of the corporation, 1t Is hereby inves.
ted with the power, and 1t 10 hereby
made the duty Of the court itself &c
enter an order levying such tax and
to charge Its own officers with the
duty OF collecting IL, and for this pur.
pose they shall have all the powers
and be substituted In tile place OF the
corporate officers. And II judgments
are obtained upon such new bonds OF
for the interest thereon, and are MOI
paid, the corporate property Of nj
kinds, without any exemption, shall
be subject to seizure and sale on exc
cution, issued upon such Judgments
fHa uauatat ravans.a ~ f1,< S.<>~x.<x. -.