Cedar Falls gazette. [volume] (Cedar Falls, Iowa) 1860-1895, 1868-05-08
NUMBER 6.

j
SEr. 6. The benefits and provis-
ions of this act only apply to credit
ors who shall receive new bonds I'm
settlement of prior debts or bonds,
nor does this act apply 10 corpora-
tions not indebted, or which do not
issue new bonds In settlement Of for.
mer ones.
SfC. 7. The provisions Of this net
shali be deemed Incorporated I'm the
new bonds issued by virtue hereof
Any of the bonds hereby authorized
may at the pleasure of the corpora
ton be paid prior to tho time therein
fixed for payment, In which case the
holder uan only demand the princi-
pal and interest up TO the time of
payment.
SEC. 8. Power Is hereby given 70
the Board OF Commissioners, provi-
d.d for I'm this act, to advertise from
time TO time I'm such papers as they
may think best, and invite the exist
Ing bond-holders OF the corporation
to state TO the Commissioners: Isl.
The terms on which they will ex-
change old bonds or debts for new
bonds to be issued under this act. I'd.
The terms on which they will SUR
render to the city, town or county,
(as the case may be) old bonds or
debts for new bonds to be isstied uti-
der this act. 3d. The terms on
which they will surrender to the city.
town or county, (as the case may be y
old bonds for cash. The result shalt
be reported from time to time TO tho
proper governing body Of the corpo-
ration, for such action as II may sec
proper to take on the premises under
the provisions of this act, Ii Il Ia as-
certained that the offers to surrender
for ready money are the most nIvan-
tageous, the new bonds herein au-
th0rized may be sold for cash, but In
no case ut less than par, and To no
greater extent than Is necessary To
accept offers from time to time actu-
ally received. Money thus obtained
shall be paid to and kept by tile prop
or city, town or county treasurer, and
paid out only upon the direction of
the Council or Board of Supervisors,
for the safe Keeping or which the
said treasurers shall DO liable ON their
official bond, the amount of which
may be increased from time to time
IL necessary 10 secure the corporation
from loss. Money thus obtained shalt
be exempt from attachment, gnrnish-
ment or levy; and II garnished the
corporation, ita officers and commits
sioners shall not be held liable there.
on,
SEC. 0. City and town corpora.
tions are invested with power TO pass
resolutions and ordinances, and coun-
ties 10 pass resolutions aud orders
necessary to carry Into execution tho
powers herein given.
SEC. 10. No compromise shall be
made under the provisions Of [thisl
act until the proper Council or Board
OF Supervisors shall submit the ques-
tion wherther the powers given by
this act shall he exercised by such
town, city or county, and IL shall be
the duty or the town, lcity, or ceun.
TO the voters OF said town, city or
county, (as the case may bel, ut some
general or special election. The
form of the question submitted may
be substantially as follows: "shnil
the city of ---- Tor county OF ------
or town OF ----. as the case n1ay bcl.
settle It's debts under and by virtue of
the provisions Of the net lgiying its
title and date of Iassage)."
Tile answer on the ballot contains
Ing the question shall be "yes', or
"no." liz the majority Of tho votes
cast are s'yes," then the proper city
or town Council, or the Board OF
Supervisors, may exercise tile powers
given by this act In the manner here
IN prescribed; but no creditor can I'm
amy event compel them to exercise
the powers. III the majority OF the
votes cast are ''no,n then the powers
given by this act shall not ha exer-
'cised by such town, city or county,
The question may be re-subDiltted
" the voters after having been voted
no. but such re-submission must
not be within twelve months of first
submission. Ii adopted on such re-
submission by q majority OF the votes
cast, then Ii shall be lawful for such
town, city or county to exercise the
powers given by this act.
The notice of the submission I'm
this section provided for, shall bo
such as the Board of Supervisors, or
proper city or town council, may
prescribe. The result, after being
canvassed, shall be entered on record
on the proper books Of the county,
town or city. -
SEC. IL. The provisions of this
act shall not apply to counties hav-
Ing population OF less than five
Thousand Inhabitants; nor To cities
having less than three thousand five
hundred inhabitants as shown by
tho census Of 1867. Provided, that
any action or proceeding under the
provisions OF this act shall be COM
menced within two years from tire
taking effect Of this act, and not afs
ter. M
SEC. II. Nothing herein cotltaln-
ed shall be construed to prevent the
corporations herein named from sot4
Ting their debts without resort 10
the powers contained in this act:
and no bond shall be regarded as
having been issued under this act
unless IL be 30 stated on the face
thereof; and none of the powers
herein given shall apply TO bonds
which are not issued, or which on
the face thereof do not profess to
have been issued under tile provisa
ions hereof.
SEC. 13. A debt or corporation,
instead OF pursuing the course above
authorized, III IL resolves to do so,
adopt the following course 1t may
issue the new bonds herein author
lied and take up Herewith old bonds
Ton such terms as may be agreed up
on,l and then der osit the old bonds
with the Treasurer OF the State OF
Iowa, In his official capacity, AZ se-
cured for the payment OF said new
bonds and coupons. If tho new
bonds and coupons are paid. then the
old bonds and coupons are 10 be SUR
rendered to the proper debter corr
poration upon such payment. III
said new bonds or 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 be sold TO pay the new
bonds or coupons.
The deposit Of old bonds above au-
thorized may be with or without the
beneft OF the speciallevy herein au-
thorized, as rnay BE- agreed uponby
the parties.
SEC. 3. This Act being deemed or
immediate Importance shall go Into
effect when published In the Daily
State Register and Ioma Ercaing
,StatesDlua,
Approved April End, 1868.
-A---e S-----~-
"DoN'T LET 1T HAPPEN AGAIN y
An exchange says: A Professor