The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1868-04-24
co. HOWARD co IOWA. APRIL a. 1868 WHOLE NO 438

5,,s. .,.s WHOLE NO. 43s
bonds by the levy Of specific tax
-.es, aud for this purpose altering
and amending. existing charters
and laws. ''7 '''"@
SEc. 1. Be, it. enacted by tho
General Assembly Of the State OF
Iowa. That municipal and public
corporations, Including cities, towns
and counties, are hereby authorized
to settle, adjust and compound debts
owing BY, or claimed against them,
evidenced ty' the bonds or other
promisory instruments Of such cor
porations; aud such corporations,
upon such settlement and compost
tion. arc hereby authorized to issue
new bonds in the place Of the old OF
former bonds, and such new bonds
shall be legal and valid to all In
tents and purposes and no corpora
tion issuing such new bonds shall
be allowed to plead in defense there
to any matter which might have
been pleaded in defence, Of the
old or former bonds. provided, that
no promise shall be made with
out arst submitting the question
whether such compromise shalt be
made to the people, and shalt be by
them authorized by majority Of
the voters.
This act is intended to apply OH
ly to cases where cities. towns and
counties have heretofore issued bonds
or securities for money on account
Of any subscription to the capital
stock of any railroad company, or Oh
account of, or in aid Of any public
Improvement, and the Same rem ain
outstanding, and any alleged debt
arising thercffom remains unpaid.
But this act is limitcd to the set
Element Of hon Is and securities here
tofore issued and outstanding at the
time Of passage and approval hereof;
that is to say. the power herein CIV
on to settle, adjust and compound
debts is given, with respect to deb s
already existing, and to enable the
debtor corporations to settle the
same in accordance with tho provis-
ions Of this act. .,.. as .a. Fl.
And nothin herein contained shall
be construed to give tie holders OF
existing bonds or securities the right
to compel the debtor corporation to
issue such new bonds, or to settle,
ia the absence Of ana agrcsmont on
its part to do SO. And nothing here
in contained shall be construed to
legalixe or render valid, or binding,
or in any manner to affect existing
bonds or evidences Of indebtei iness
Of any character contemplated in
this act. ara s=lr .4 ha-
This act applies to counties, and
fnd to cities and towns, whether
acting under special charters or ua-
der the general incorporation law.
New bonds issued by virtue here
of, shall in no case lie for n greater
SUM than tho principal and accrued
or earned interest unpaid on the
bond or debts, in plass of. which,
or to pay which, they shall be given,
nor bear greater rate Of interest
than seven per cent per amman,
which interest may be payable at
New York.. N. T., or'at the treasury
Of the corpora ton; andfsuch new
bonds shall show on their face that
they are Issued under this act. aud
If 50 agreed, may provide for the an
nual payment of fiso per cent Ut the
principal thereof, il addition toithe
annual interest, -untilsaid ucw bonds
are fully paid Said new bonds shall
be ma de payable at the treasury Of
the corporation, shall be Cancelled
when paid, and destroyed in the
presence Of the Council or supervi-
sors, who shall cause to b. kept a
register of all new bonds issued, and
ali coupons or bonds which are can
celca and destroyed. Such new
bonds may be in such form, for such
amount not exceeding principal and
interest then due on the old bonds or
securities. and upon such time. not
exceeding twenty-five years, As may
be agreed upon with tho holder or
owner. Such new bonds shall only
Be signed in open session, . register
shall be kept thereof, the bouds ut
once delivered to the treasurer of
tho city, town or county, who shall
be liable on his official bonl, for the
saf. keeping thereof, and for the
proceeds thereof, until he parts
un1, Z the di-cotion of the
Council " Board of supervisors.
Size. 2. The Council or Trustees
Of incorporated towns or cities, or
the Board of supervisors of counties
arc hereby invested with full power
to bind their respective corporations
by settlements made parsuant to
and in virtue Of this Act. But they
arc directed and required. bSfore
any such settlement shall be entered
upon, to ascertain the whole amount
due by such debtor corporation, and
they are invested with power to as
certain this in such way and man
ner as they may deem best. And
the holders of existing bonds shall,