Tama County Republican. (Toledo, Tama County, Iowa) 1867-1872, 1868-04-24

promise bonds issusd under ~ provisions Of
this act paid in full, both principle and inter
est. Nor shall this money 80 raised o. the
/ proceeds OF new bonds acquired 10 settle and
Ind pay the old bonds or debts or be subject
10 attachment, sarnishmeat, levy Or approp,i.
tion by the holders Of debts or judgments
against the corporation unless such i,,dr,
ments are cbteined on the new bon Is issn.
BY the virtue OF this act. Money thus raised
shall be kept rs distinct fund TO bs exclus.
ivcly applied TO the sole purpose Of paying the
debts Of the corpopations as provided 10 this
act.
II the corporation agrees to pay in addition
to the annual interest, some specific portion OF
the principal each year, such new bonJs shall
be in such form as 10 enable this TO 10 done
and the amount to be paid from year to year
10 bs detached from the bonds and Cancelled
Said specific tax hereby authorized shall DO
levied 1t the same time that other taxes arc
Levied and sinll be collected in the same
manner, but nothing but money shall be re-
ceivable in payment Of such TAX. And this
act shall be construed - an amendment Of
the charter ot cities and 70 the general in.
corporation act being Chapter 81 Of the Re-
vision and also rs enlargiug the powers now
given by law to the counties Of the State. But
no creditor Of any public or municipal corpo-
ration who refuses to settle or compound his
debt and refuses to receive and does not re-
ceive new bonds or obligations, shall be cnti-
tied to the benefit Of this act, or to the specific
tax levied herein authorized.
Aud if the court is satisfied that there is any
evasion or delay in the performance Of this
duty on the part of the corporation, it is here-
BY invested with the power, aud it is hereby
made the duty Of the court i,selfto enter an
order levying such tax and to charge its Off
GERS with the duty of collecting it, and for this
purpose they shall have all the powers, and
be substituted in the place Of the corporate
officers. And if judgments are obtained up
on such new bonds or for the interest thereon
and are not paid, the corporate property of
all kinds, without any exempt or shall be sub.
ject to seizure and sale or execution, issued
upon such judgments; the general revenue
Of the corporation shall be liable 10 pay such
judgments and officers subject to garuish.
nents.
But it shalt not be held to authorize the levy
of any specific or other tax than such as may
be levied by virtue hereof and the purpose #
paying the new bolds herein authorized
And this act shall not be construed to enlarge
the taxing power Of cities, towns or counties
As respects old bonds or debts, nor to validate
such bonds or debts in case they are not al.
jasted under the provisions Of this acts. les
benefits arc designs for and limited to those
who voluntarily make an adjustment under
its provisions.
Skc-5. This act shall be deemed 10 be con.
tract in faver Of any creditor who accepts Of
its provisions, and to such creditor or holder
Of the new bonds herein authorized shall be
repealable.
SEc.6. The benefits and provisions Of this
act only apply to creditors who shall receive
new bonds in settlement Of prior debts, or
bonds, nor does this act apply to corporations
not indebted, or which DO not issue new heuds
in settlement Of former ones.
SEC. 6. The provisions Of this act shall be
deemed incorporated in the new tonds iss,,-
ed by virtue hereof. Any Of the bonds hsre-
BY authorized may at the pleasure Of the cor.
poration be paid prior to the time therein Gx>
ed for payment in which case the holder can
only demand the principal and interest up to
tho time Of payment.
SEC. 8. Power is hereby given to the Board
of Commissioners, provided for in this act, to
advertise from time to time in such papers as
they may think best, and invite the existing
bondh olders, Of the corporation to state 10 tho
Commissions:
lst. The terms on which they will exchange
old bonds or debts for new bonds to he issued
under this act.
"a. The terms on which they will surrsn>
der to the city, town or county, (as the case
may be,) old bonds or debts for nee bonds to
be issued under .his act.
Sd. The terms on which they will surren~
der to the city, town or county, (as the case
may be) cid bends fer cash.
The result shall kc reported frem time to-
time to the proper governing body Of tn. corr
poration, for such action ss it may see proper
to take on the premises under the provisions
Of this act If it is ascertaincd that the offers
to surrender for ready money are the most
the new bonds herein authoriz-
ed, may be sold for cash, but in no case less
than par, and to no greater extent than is
necessary 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
the direction of the Council or Board Of Su.
pervisors, fer the safe keeping Of which tho
said treasurers shall Ae liable On their official
bond, the amount Of which may Be increased
from time to time it necessary to secure the
corporation from less. Money thus obtained
shall be exemptfrom attacAasat garnishment
or levy and if garnished tho corporation, it's
officers, and commissioners shall net &c held
liable thereon.
SIC. 9. City and town corporations are
invested with power to pass resolutions aaa
and counties to pass resslstisas
and orders accessory 10 carry into execution