The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1868-04-24


rsfusssto receive and does not receive
new bonds or obligatius, shall be
entitled to the benefit Of this act,
or to the specific tar levy herein
authorized. Fs .t< ~s.3 Z
And ifthc court is satisfied that
there is any evasion or delay in the
performance Of this duty on the part
of the. corpora ton, it is hereby in
vested with the power, and it is
hereby made the duty Of the conrt
itself to enter an order lcvying
such tar and to charge its own Of
fccrs with the duty Of collecting it,
ard for this purpose they shall have
all tho powers, and be substit utcd
in tho place of the corporate officers.
And if judgments arc obtained upon
such new bonds or for the interest
thereon, and are not paid the COR
-porate property of all kinds, with
out any cx .mption. shall BE- subject
to seizure and sale on execution, Is
sued upon such judgments; the gen.
eral revenue Of the corporation shall
be liable to pay such judgments,
and officers subject to such garnish-
tmcnte. #sr IL
Hat il shall not be held to author
izc the levy Of any specific or other
tax than such as may be levied BY
virtue hereof and for the purposes
ofpaying the new bonds herein au-
thorized. And this act shall not be
co,strudc to enlarge the taxing
power IT cities, towns or counties
US respects old bonds or debts, nor
10 validate such bonds or debts in
srase they are not adjusted under the
provisions of this act. Its benefits
are designed for and limited to those
who voluntarily make an adjustment
under itr provisions.
'SEc. 5. This act shall be deem
cd to be . contract in favor Of any
creditor who accepts Of its provis.
ions, and to such creditor or holder
ofthc new bonds herein authorized
shall be irrcpealablc.
SEC. q. The benefits and provis.
ions Of this act only apply to credit
IRIS WIN shall receirc new bonds in
settlement If prior debts or bonds,
nor does this act apply to corpora
lions not indebted, or which do not
Issue new bonds in settlement Of for
MGR ones. ....
SEC. I. The provisions Of this
act shall be deemed Incorporated in
the new bonds issued by virtue here
Of. Any Of the bopds hereby au-
thorizsd may at tho pleasure Of the
corporation be paid prior to the time
therein fixed for payment. in which
case the holder can only demand the
principal aud interest up to the
time Of payment.
SEc. 3. Power is hereby Civ n
to the Board IT Commissioners, pro-
sided for in this act. to advertise
from time to time in such papers rs
they may Think best aud invite the
existing bond holders Of the cor or-
alton to state to the Commission
ers: LIST. The terms on which they
will exchange old bonds or debts for
new bonds to be issued under this
act. I'd. The terms on which they
will surrender to the city, town Or
county, Gas the case may be, } old
bonds or debts for new bonds to he
issued under. this act. 81. The
terms on which they will surrender
to the city, town Of county, Gas the
case may beg old bonds. for cash.
The result shall b reported from
time 10 tine to the proper govern
ing body sfthc corporation. for such
action rs it nay see proper TO take
on, the premises under the provisions
II This act. Ifit is aseertaiued that
the offers to surrender for ready
money are the most advantageous.
the new bonds herein authorised,
may DO sold for cash, but in ne ease
less than par. and to no greater ak
tent than is ecessary TO accept Of
fcrs from time TO time actually re j.
ceiyed. Money thus obtained shall
he paid to and kept by the proper
city, town Of county treasurer, and
paid out only upon the direction. of
the Council or Board Of supervisors
FOR tho safs keeping Of which the
raid treasurers shall be liable on
their official bond, the amount Il
which may be increased from time
TO time If necessary to secure the
corporation from loss. Money TINS
obtained shall be exempt from At
tachment. punishment or levy; and
Il saraished the corporation, its Of
ficers, and commissioners shall not
be held liable thereon.
Sxc. 8. City and town corpors-
tiops are Invested with power to psss
resolutions and ordinances. and
counties to pass resolutions and Or
lers necessary to carry into execu-
sisS the powers herein given.
SEC. 10. No compromise shall
be made under the provisions
Of fth;sl act until the proper Coun-
I'll or Board Of supervisors shall sub
nit the question whether the pow
ers given by this act s!sall be cxer-
eisca BY such town. city or county,
aud It shah be the duty Of the town,
Ici,y,1 OF cosnty authorities to sub
III. the -9uession 70 the votes 81
said town. city or county. rs the
case may be, 1t some general or
>recial election. The form of the
u.st;on suhsnitted NAV be substa an