Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1868-06-01

Sac 6. The benefits and provisions OF this
act only apply to creditors Who shall receive
new bonds in settlement Of prior debts or bones
nor does this act apply 10 corporatioss not m
debtsd. or which do not issue new bonds in ses-
Element Of former ones.
n1SEC. 7. The provisions OF thso scs snah =.
deemed Incorporated Ia the new bonds sssuso
BY virtue thereof Any OF the bonds hereby
authorised may ct the pleasure OF the cofPofa
ton be paid prior TO the time herein hxed iot
payment, in wnice case the holder can Only ds-
Aand the principal and interest up 70 the time
So. 8. Power 10 herein given 10 the Board
Of Commissioners. PROVIDED ior - sa's ~. =
they NAV think best, aid invite the existing
bondholdsrs OF the corpor alton TO STATE 70 the
Commissioners. lst. The terms on whicntney
will exchange the old bonds or debt iof new
bonds 10 be issued under this Get. "a. mo
terms on which they will surrender 70 the city.
town or county, (as the case may bs). old bonds
or dshss 20 Be issued under this ct. ID. The
serms on which they viii sufreades - the city.
tov. or county. Is the case may bs). old bonds
fop cash. The resnls shaH - rePefsee Irs1
time % time 70 the proper governing BODY 81
the corporation, for such 6etaon - y may -
proper 10 take on the premises unaef the PROV
sons Of this act II It il ascertainsd that the
offers TO surren der for;ready money ere the most
advantageous, the new bonds berein authorized.
NAV be sold for cssh, but in NO case less than
mar and to no greater extentthsn is necessary TO
accept offers fr ON time to tins actually received
Money thus obtained shall be paid to and kept
| by the proper city. town or county treasures,
| AID nav out only the same upon the direction 81
the Council and Board 81 Supervisors. Ior .n ~
ssfe keeping OF which the saiditreasurers shall
be liable on their ofieiai bond. 70 the am punt Of
which may be increased from time to time II
| necessary TO secure the corporation from lose.
Money thus obtained shall be exempt from a.
tschmens. garnishment OF levy sndM gsrnisn-
| ed the corporation, its officers ana commission
era shall be held liable thereon.
| SEc. .. City and town corporations are in.
I vested with power TO pass resoiutioDs ana ordi-
nances, andcountiest 10 pass resolutions and Or
ders necessary to carry TOTO execution the powes
Sar "a, No compromise shall be make under
the provisions OF lthisl act luntil the proper
Council or Board Of Superviscrs shall submit
the question whether the powers given By thia
ct shall be exercised BY such town. city Of
county, sad it shall be tho duty OF ste town.
fcity,i or county authorities 10 submh TIL
question TO the vesess Of sad tOws, city q
county. les the case may be), at some general o.
specisi election. The form Of The questiof
submitted may b ssbseaasislly = follows
(" shall the city of---lor county ot-,'col
Itovn of--,as the case may bel settle ~
1sbts undes end By virtue Of .he Prev
sisss Of this giving iss title and date 81 pas
s.Gs, ..., ., IN. ..,,o. ..,..ioip. N. su.s
uen shall BE- yes" or"no;' II re nslesl
. city Or town Coaasil, Or hoard Of Supervisor
nay exercise the powers given by this Ct Y
: manner herein prescribed: but no creditor ~
n asy event compel theu 70 exercise tAs pow
. ere. II the majority Of the votes cast are 40,
then tns powers given oy .rs &C, n1s se'
The question may be ss-submitted to the "a
Nsrs After havisx hseu voted no. but such RI
submiss.on must not be within twelve month
!! | ef Rrst submission. II adopsed ON such re-sst
nission BY = majority Of the votes least. then
shall be lawful for such town, city or county
exercise the powers given BY this set.
The notice OF the submission IN this sectio
provid, I'd for, shall be such ~ the Board Of ~
pervisors, or proper city Or town council ms
prescribe. The result, after being canvasset
= shall be entered Of record on the proper bool
= u the county, city or town.
Ssc II. The provisions Of this act shall ~
| apply 10 counties having . population Of lei
+ s6aa i've Thousand inhabitants; nor 70 eita'
, hsvisg population Of lsss than three THOUSAND
! eus OF 1867 Provided, thst any action or pr
: csedings under the provisions Of this oct shs
1 be commenced within two years from the TAXI
! effect Of this Get. and not after.
: | 1gc. IL Nothing herein contained shall
: | construed TO prevent the corporation here
: named from settling their debts wi,hou; AZ
1, | sort TO the powers contained in this act; ~
: No bond shall be regarded a. having been Issue
I under this act unles il DO so stated on the 70
: thereof, and none Of the powers herein CIV
: ! shall apply 10 bouds which are not issued,
!, which on the face thereof do not profess TO ha
y been issued under the provisions. hereof.
Sac. a. A debtor corportion. instead Of pu
suing the course above authorised. may. IL
= resolves u do SO. adopt thu following eours
Ii may issue the new bonds herein suthoris
= and take up Herewith old bonds ION sueh teri
Y a. may be agrssd upen,) end then deposit q
i old bonds With the Trsasursf Of the State
lowa. 10 HE oficial capacity, - security for y
= payment Of said new bonds ssd coupons.
!. u new bends and coupons are paid, then
y old bonds and coupons are 10 b surrendered
The proper debtor corporauien upon 0Ueh p
- NEST. II such new bonds or coupons srs Q
I. paid, then the hsldsr thereof may elect 70 y
y. " reader the new bonds and take back the Z
=. ~ bonds: but the old bonds cannot b sold 70 p
- ths new bonds or coupons.
The deposit Of old bonds above anthoeis
\. | nay with or without the benefit Of Ne speei
= levy herein authorized - may BE- agreed up
Y, BY The parties. /.
;. Bee. Il. This act being deemed o. immedt
- importance, shall 20 into effect when pu1lu
=. I'd in the laws State Register and levs 3,
|. nine Statesman.
es Approved April Q. 1868.