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


this act, and If SO agreed, may provide for the
annual payment Of Eve Per cen, Of the priuci.
pol thereof, In addition 10 the annua, intere.,
until said ssw bonds are fully paid. Sail
new bonds shall be made payable At the .rea,
ury Of tAs serporation; shall bo cancelled
when paid, and destroyed in presence Of the
Council or Supervisors, who shall cause 10 be
kePt > Register Of ell now boads issued, and
81 coupons Of bonds which are cancelled and
destroyed. Such new ,onds may be ia such
form, for such amount not exceeding princ;.
pal and interest then due on the old bonds
Or securities and upou such time, not exceed /.
ing twenty five years, as may be agreed upon
BY the holder or owner. Such uev bonds
shall only be signed in open session, q reris>
Ter shall be kept thereof The bonds at once de-
iivered to the treasury Of the city, or town, or
county, who shall be liable on his official
bond for the safe keeping thereof; ana for the
proceeds thereof, until he parts herewith nm.
der the direction Of the Council or Board o,
Supervisors.
SEC 2. The Council or Trustees OF incornor..
'ed 'owus or cities, or the Board of Supcryi
sors OF counties are hereby invested with f,,,
power to bind their respective corporations by
settlements mace pursuant TO and in y;r,,o
Of tA's Act. But they are directed and re,
CURED before any such settlement rhall be
entered upon, tsascertain the whole amount
due oy such debtor corporation, end they are
invested with power to ascertain this in sucb
way and manner as they may deem best
And the holders Of sting bonds shall II -
qnired BY public proclamation of the Board of
supervisors or proper city or town council.
and as therein required, present their bond.
70 the proper Clerk Of the county or ei,v or
own and allow such Clerk to make Register
q such bonds, showing their date, number.
amount maturity and rate Of interest. And
NO old bond or evidence Of shall in auy case
oe allowed audited paid or settlel until the
same shall be actually produced and surreu.
aered or established by the judgment Of q
competent court. lit elects to act hereunder
the city town Or county, BY its proper govern.
ing body, shall appoint not less than three
or more than Hvc Of its citizens board o,
commissioners to execute the powers and du
flcs required by this act, Of which Board .,
Commissioners the Mayor Of City or town the
hartman Of the Board Of Supervisors saall
oe an ex ofscio; member; bu, no act Of the
Board Of Commissioners in auditing allowino
bonds or debts. in settlement thereof. shall
bind the corporation until such act il renor..
ed to the proper governing body or The corpo-
rat'un and approved by it And said Board
Of Commissioners shall keep q record Of their
acts and doings, which shall At all time, be
open for inspection. And the city, town.
or county corporation shall likewise keep a
record Of all its acts and doings in the prem
lses, which shall be open for general iuspec.
sion.
SIC. 3 If new bonds or obligations arc il.
sued pursuant to the power given BY this act,
the said corporations named in the 6rst sec,
t'on hereof are authorized, at the time they
make their annual levy, Of general taxes for
general revenue, to appropriate and set apart
for the ensuing year or for given number of
years, specific portion or per csntage Of the
general tax 80 levied to pay or apply on t.s
bondo herein authorized, and on such portion
OF the principal, If any, as has, been agreed to
oe paid each year. When thus appropriated.
(which may be by ordinance, contract or re.o-
iasion,) the amount thus appropriated shall be
specifically applied to the purposes above ma
med, and shall not be diverted to or used fsr
any other purpose and shall not be liable to be
attached, garnished, orseized ortaken ON ex-
ccutied, BY any creditor Of the corporation,
and such appropriation shall be to all intents
and purposes mortgage or pledge of tho por-
tion or per centage than appropriated in fav-
u Of the parties holding such new bonds.
The current expenses Of the corporation
must be paid Uutef she yearly or annual gem
oral revenue not thus specifically pledged.
1.-THE general revenue thus set apart and
pledged is not sufficient to pay the interest
and principal, if any, Of the bonds issued by
virtue hereof, the governing body shall levy q
specific tax, - provided hereia, sufficient to
supply the deficiency not provided for By the
portion Of general revenue thus set aparl and
pledged.
And it shall not be in the power Of any
creditor, by any process, suit or judgment or
otherwise, to obtain lien, right or priority
upon such general fund, 20 - to prevent the
corporation from thus appropristing, or set
tlng apart Or pledgiag such psr,isn Of the
general revenue - is not necessary for the
payment Of its current expenses.
II for any reason the revenue raised any
one year shall not BE- fully sufficient b pay the
intersst or any part ofths principal Of the
new bonds falling] due any given year,
the specific levy 70 pay such deficit shall bs
included in the levy for the next year. If
there is surplus Of the specific levy for any
year, such surplus shall b. exelusivelyly ap-
piled on bonds herein authorised to be is-
sued.
Sec. 4. II any new bonds or aAligatiens
are issued pursuant tothe power siyeu by this
set Ne evaporation named in the 1st section,
thereof are hereby authorized, andi is here
BY made the duty Of tho governing body Of
said corporations 70 provide annually in the
msnnsr herein prescribed for the payment Of
The Interest Of sasA Asw bsads, and such por-
Ssnm - NhA unsun:~Al