The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1868-04-24

UUaU uVc VI It's Citl1cub DONTN IA
Commissioners to execute the pow
ers and duties required bv this act,
of which Board of Commissioners the
Mayor. Of the city OF town, or tho
Chairman Of the Board Of sapervi-
sors shall be TX OYr1cIo q member
but no act o; the Board Of Oommis-
sioners in auditing or allowing bonds
or debts, or in settlement thorcof.
shall bind the corporation until such
act is reported to the proper govern.
ing body Of the corporation and ap-
proved by it. And said Board OF
Commissioners shallt keep = record
Of their acts and deings, which shall
At all times be, open to public In
spection. And the city, town or
county corporation shall likewise
keep a record Of all its acts and d..
ings in the premises, which shall al.
so be open to public inspection.
SEC. 3. If new bonds or obliga.
tious are Issued pursuant to the pow.
CIR given by this act, tho said cor
porations named in the first section
hereof are hereby authorized, at the
time they they make their annual
levy of general taxes for general
revenue, to appropriats and set
apart for the ensuing year or for
,,iven number Of years, . specific
portion or per centage Of the gencr-
al tax so levied to pay or spply on
the new bonds herein sathorised,
and on such portion Of the principle.
if any, IS has. been agreed. to b.
paid each year. When thus ap.
propriated, (Which may be by ord,I
nance, contract or resolutions, J t:,s
amount thus appropriated shall b.
specifically applied to the purpose
above named, and shall not be d.
vcrted to or used for any other pur-
pose and shall not be liable to bc
attached, garnished, sciscd Or ta-
ken on execution, by any creditor
ofthe corporation, and such appro-
priation shall be to all intents and
purposes mortgage or pledge ofthe
portion or per ccntsge thus appro-
priated in favor Of the parties hold
ing such new bonds.
The current expenses of the corpo-
ration must be paid out Of the yearly
or annual general revenue not thus
specifically pledged.
1t 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
a specific tax, as provided herein,
sufficient to supply the deficiency not
provided Tor by the portion Of gcucral
revenue thus set apart and pledged.
And it shall not be in the power
Of any creditor, by any process. suit,
iudgm cnt or otherwise, to obtain u
lien, right or priority upon or to
such general fund. so as to prevent
the corporation from thus appropria-
ting, or setting apart, or plcdging
such portion Of its general revenue
as is net necessary for the payment
Of it's current expenses.
Lffor aay reason the revenue raised
any one. pear shall not be fully sufli-
cicnt to pay the int crest. or any part
Of the principal ofthe new touds fall
ing due any given year. ,: specific
levy to pay such deficit shall be
included in levy for the next year,
if there IS surplus Of the spcci6:
levy for any year, such surplus shall
DO exclusively applied on the bonds
herein authorized to be issued.
SIC, 1, If new bonds or obligation
are issual pursuant to the power
given by this act. the corporations
named in the 1st Section thereof arc
hereby authorized. and it is hereby
made tho duty of the governing body
Of said corporation to provide annu-
ally III the manner herein prescribed
for the payment Of the interest Of
such new bonds, and such portion Of
the principal, il any, IS has beeu
agreed to ,be paid each year.
When any portion Of tho general
tax is appropriated and set apart A.
provided for in Section 8 Of this act.
or when any specific additional tax
is levied under the provisions Of this
act, the same shall be from that time
forward specific tax for tho purpose
of applying on Or paying said new
bonds or the interest thereon, and
for no other purpose, and neither said
taxes nor the money raised thereby
shall ever be diverted or used for any
other object or purpose until the
whole Of tho compromise bondsissr-d
under the provisions Of this act are
paid in full. both principle and inter
est. Nor shall the msney so raised.
or the proc ceds ofncw bonds acquired
to settle and pay the old bonds
be subject to attachment, igArnish-
ment, levy. or appropriation by the
holders Of debts Or judgments against
the corporation uuless such judg
ments arc obtained on the new bonds
issued by virtue Of this act. Money
thus raised shall be kept as distinct
fund to be sacrcdly and exclusively
applied to the sole purpose ofpayimg
tho debts Of the corporations rs
provided in this act.
II the corporation agrees to pay,
in addition to the annual interest
some specific portion Of the principal
each year, such new bonds shall he
in such form IS to enable this to be