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

upon she payment BY them into the State
Treasury, within two years from the passage
Of this act, Of the price Of such lands as home.
stsads under the laws Of Tie United States,
and the money 30 paid for such lands shall
be held for and paid over to eaid railway
company when such lands would have been
earned BY said company BY ths extensions Of
said road ~ required In this act.
Secs. II is further expressly provided
shat II said McGregor and Sioux City Railway
Company shall fail or refuse 10 accept OF hi.
grant upon the conditions hereby imposed,
ana 10 time and manner o herein required
the ADD Parallel Railway Company may &C.
cept the grant, within sixty days thereafter
and shall thereby become substituted to ali
the rights, and subject to the conditions here
inbefore mentioned to the same extent as IL
said 4Sd Parallel Railway Company had been
mentioned in this act in the place Of the Nc,
dregor and Sioux City Railroad Company.
wherever the same occurs therein.
SEC. Q. The said McGregor and Sioux City
Railway Company shall assent 10 and acccp,
the provisions Of this act BY . written instru-
ment under the seal Of such corporation. with
the signatures Of the proper officers, within
sixty days after the passage Of this act which
said acceptance shall be fled in the Office of
the Secretary Of State and be BY him recorded
in the book BY him kept for the recording Of
articles Of association. And, 10 . further
condition Of this grant and at the time of the
acceptance hercinbefore required and az .
part thereof, the said McGregor and Sioux
City Railway Company shall procure and 6le
with the Secretary Of State, > full absolute,
legal and effectual waiver, release and sur
render Of all claim, right or interest or pre-
tended claim right or interest of the McGrcsor
Western Railroad Company, its successors or
assigns in or to any Of the lands granted 10
this State by act Of Congress approved May
18th A. D. 1864, which claim, right, or inter.
est arises out Of or on account Of any railroad
already constructed. Provided, That il the
Congress Of the United States shall make any
additional grant Of land 10 the State Of Iowa
10 aid in the construction Of railroad from
McGregor or any intermediate point to point
in o Brien county, and the said McGregor s
Sioux City Railway Company, their success.
sors or assigns shall somply with all the pros
visions Of this act, and shall construct their
railroad to O'Brien county in the manner and
time as provided in this act then this release
shall not operate to deprive said last named
company, their successors or assigns, Of land
in said contemplated additional grant for any
railroad constructed on said line between
McGregor and o B-ien county.
SEc. 10. This act being deemed Of imme,
diate importance shall take effect and be in
force from and after its publication in the
Daily State Register, and the Iowa Evening
Statesman.
Approved March 81, 1868.
1 hereby certify that the foregoing Act took
thereof, on the Sd, day sf April, A. d.
1868.
ED WRIGHT. sec'y Of State.
CHAPTER 81.
AN ACT to enable municipal and public cor
porations at their erection, to settle, ad-
just and compound their indebtednsss, and
toprovids for the issue Of new Bonds, and
and for the payment Of such new Bonds BY
the levy Of specific taxes, and for this pur.
pose altering and amending existing char
ters and laws.
SECTION l. Be it enacted by the General
Assembly Of the State Of Iowa, That municipal
and public corporstions, inctudiRs cities and
towns and counties. are hereby authorized to
eettle, adjust and compound debts owing by,
or claimed against them, evidenced by the
bonds or other promisory instruments Of such
corporations; and such corpora tions, upon
such settlement and composition, are hereby
authorised to issue new bonds in one place
Of The old or former bonds, and such new
bonds shall be legal and valid to all intents
and purposes and no corporations issuing such
new honds shall be allowed to plead in de.
fense thereto any matter which might have
been pleaded in defense Of the old or former
bonds, provided, that no ccmpromi'e shall be
made without FIRST submitting the question
whether such eompromiss shall be made to the
people, and shall b by them authorized by =
majority Of the voters.
This act 10 intended to only 10 cases where
cities, towns and counties have hereinbefore
issued bonds or securities for money ON oc-
count Of any subscription 10 the capital stock
Of any railroad company or on account Of or
in aid Of any public improvement, and the
Same remain outstanding, and any sllsdgsd
debt arising thersfrom remains unpaid. But
this oct 10 limited to The ssttlemsnt Of bonds
and securities heretofore issued and outstan-
ding, ~ the time Of the passage and approval
hereof hat 10 90 Say, the power herein given
to settle, aad adjust and compound debts is
given, with respects to debts already existing
and to enable the debtor corporations to settls
the same in accordance With the provisions Of
this act.
And aoshiag Aereiu contained shall be con-
strusa =. give the holders Of existing bonds or
ss1dlltfss The right to compel the debtor cor
poiAtisa = issue such new bonds, sr TO sstAle,
Ia The Ahssass,ef In agreement on it, part 70
10 %. Aad nothing hsrsia contained shall
y eoustrusa - lsealiss and render salid, or
|indings q iaeny manner, 10 eject, existing
,onds Or sviAsaess Of iadebteAlsss Of any
'Aaraetsr coAssmplatsl in this act
This act annliea u 0AuntiAa. and 10 .oities