The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1868-04-30

under the provisions of this act. If
1t is ascertained that the offers to
surrender for ready money are the
most advantageous, the new bonds
herein authorized, may be sold for
cash, but in no case at less than par,
and to no greaterextent than is ncces.
sary to accept offers from time to
time actually received. Money thus
obtained shall be paid to and kept by
the proper city, town or county
treasurer, and paid out only upon tho
direction Of the Council or Board of
Supervisors, for the safe keeping of
which the said treasurers shall be
liable on their official bond, tho
amount ofwhich may be increased
from time to tins if necessary to Sc
euro the corporation from loss Mon
oy thus obtained shall be exempt
from attachment, punishment or
levy; and if garnished the corpora
ton, its officers, and commissioners
shall not be held liable thereon.
Sec. 8. City and town corpora.
tions are invested with power to pass
resolutions and ordinances, and coun-
ties to pass resolutions and orders
necessary to carry into execution the
powers herein given.
Sec. 10. No compromise shall be
made under the provisions of Tthis1
act until the proper Council or Board
of Supervisors shall submit the ques-
ton whether the powers given by
this act shall be exercised by such
town, city or county, and it shall be
the duty of the town, [city,] or coun-
ty authorities to submit the question
to the voters of said town, city or
county, Gas the case may be-, at some
general or special election. The form
of the question submitted may be
substantially as follows: aShall the
city of--(or county Of, or
town o., Us the case may be),
settle its debts under and by virtue
of the provisions Of the act giving
its title and date of passage)?"
The answer on the ballot contain
ing the question shall be Eyes or mo
If the majority of the votes cast are
Eyes," then the proper city OF town
Council, or Board of Supervisors,
may exercise the powers given by
this act in the manner herein pi e.
scribed; but no creditor can in any
event compel them to exercise the
powers. If the majority of the votes
cast are no." then the powers given
by this act shall not be exercised by
such town, city or county.
The question may be re-submitted
to the voters after having been voted
"no," but such re.submission must
not be within twelve months of first
submission. If adopted on such re-
submission by majority Of the votes
cast, then it shall be lawful for such
town, city or county to exercise the
powers given by this act.
The notice in this section provided
for, shall be such as the Board Of Su-
pervisors, or proper city or town
Council may prescribe. The result,
after being canvassed, shall be enter
cd of record OF. the proper books Of
the county, town or city.
Sec. IL. The provisions Of this act
shall not apply to counties having a
population less than five thousand in
habitants; nor to cities having a pop
ulation of less than three thousand
five hundred inhabitants as shown
by the census Of 1867. Provided,
that any action or proceeding under
the provisionss of this act shall be
commenced within 2 years from the
taking effect Of this act, and not af-
ter.
Sec. IL. Nothing herein contained
shall be construed to prevent the
corporations herein named from set
Ting their debts without a resort to
the powers contained in this act; and
no bond shall be rcgared as having
been issued under this act unless it
be SO stated on the facc thereof and
none of the powers herein given shall
| apply to bonds whisch are not issued
or which on the face thereof do not
profess to have been issued under the
provisions thereof.
Sec. 10. A debt or corporation, in
stead of pursuing the course above
authorized, may, if it resolves to dc
SO, adopt the following course: 1t
may issue the new bonds herein au.
thorized and take up Herewith old
bonds Con such terms as may be
agreed upon') and then deposit the
old bonds with the Treasurer of the
State Of Iowa, in his official capaci.
ty, as security for the payment Of
said new bonds and coupons. If the
new bonds and coupons are paid,
then the old bonds and coupons are
to be surrendered tothe proper debtor
corporation upon such payment. II
said new bonds or coupons are not
paid, then the holder thereof may
elect to surrender the new bonds and
take back the old bonds; but the old
bonds can not be sold to pay the new
bonds or coupons.
The deposit of old bonds above au,
thorized may be with OF without the
benefit ofthe specific levy hel Elm au-
thorized, as may be agreed upon by
the parties.
Section IA. This Act being deemed
of public Importance, shall take effect
and be in force from and after its
publication in the Iowa State Regis
tor and the Iowa Statesman, newspa-
pers published at Des Moines, Iowa
Approved April I'd, 1868.
CHAPTER liz.
An Act to amend Section 642, Of the
Revision of 1860.
Section l. Be it enacted by the
General Assembly of the State Of
Iowa, That Section 642, of the Re.
vision of 1860, be and the same il
hereby amended by inserting after
the word Auditor" in the first line
of said section, the words, "Superin-
tendens Of Public instruction, Regis
ter Of the State Land Office.
Sec. 2. This act being deemed Of
immediate Importance by the Gen
eral Assembly shall take effect
and be in force from and after its
publication in the Iowa State Regis
ter and Evening Statesman news
papers published at Des Moines,
Iowa.
Approved April 7th 1868.
l hereby certify that the foregoing
act took effect by publication as re-
quired in Section 2 thereof, on the