North Iowa times. [volume] (McGregor, Iowa) 1867-current, 1868-05-13

and ordinances, and counties to pass reso-
lutions and orders necessary to carry into
execution the powers herein given.
SEC. 10. No compromise shall be made
under the provision Of [this] act until the
proper Council or Board Of Super yisors
| shall submit the question whether the
powers given by this act shall be exercised
by such town, city or county, and il shall
| be the duty Of the town, [city, or county
authorities to submit the question to the
voters Of said town, city or county, las ths
case may be), at some general or special
electisn. The form Of the question sub
mitted may. lie substantially as follows:
"Shall the city Of 10 county Of,
or town Of, as the case may bel, set
tie its debts under and by virtue Of the
provisions of the act (givins it's title and
date of passa gcl.'
The answer on the ballot containing the
question shall he 'yes" or -s.no." IL the
majority Of the votes cast are ''yes," then
the proper city or town Council, or Board
OF Supervisors, may exercise the powers
given by this act in the manner herein
prescribed; 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 mo-
but such re-submission must not be within
twelve months Of first submission. II
adopted on such resubmissiou BY a ma
jority OF the votes cast, then it shall be
lawful for such town, city or county to Ell.
ercise the powers given by this act.
The notice of the submission in this
section provided for, shall be such as the
Board of Supervisors, or proper city or
town conncil, may prescribe. The result,
after being canvassed, shall be entered on
record o" shs proper hooks Of the county
town or city.
SEC. IL. The provisions Of this act.
shall not apply to counties having q pop
ulation Of less than five thousand inhab;-
tants; nor to cities having population OF
less than three thousand five hundred in
habitants as shown by the census Of 1867.
froridcd, that any action or proceeding
under the provisions of this act shall ts
commenced within two years from the
taking effect of this act, and not after.
SEC. II. Nothing herein contained shalt
be constructed to prevent the corporations
herein named from settling their debta
without resort to the powers contained
in this act; and no bond shall be regarded
as having been issued under this act unless
it be so stated on the face thereof: and
none of the powers herein given shall ap-
ply to bonds which are not issued, or
which on the face thereof do not profess
to have been issued under the provisions
hereof
SEC. l3. A debtor corporation, instead
Of pursuing the course above authorized,
may, if it resolves to do 80, adopt the fol.
lowing course: 1t may issue the new
bonds herein authorized and take up there
with old bonds Ton such terms as may be
agreed upon,) and then deposit the old
bonds with the Treasurer of the State Of
Iowa, in. his official capacity as security
for the payment Of said new bonds and
coupons. If the new bonds and coupons
arc paid, then the old bonds and coupons
are to be surrendered to the proper debtor
corporation upon such payment. If said
new bonds and 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 author
lied may be with or without the benefit Of
the specific levy herein authorized, as may
be agreed upon by the parties.
SEC. IA. This act being deemed Of i'm
mediate importance shall go into effect
when published in the Iowa State Register
and Iowa Evening Statesman.
Approved April I'd, 1868.