The Tipton advertiser. [volume] (Tipton, Cedar Co., Iowa) 1856-1962, 1868-05-21

erning body shall levy Il specific tax, @
provided herein, sufficient to supply the
deficiency not provided for by the por-
ton of general revenue thus set apart
ndpledged s..... -.
Aud 1t shall not be the owner Of any
creditor, by any process, suit, judg-
ment or otherwise, to obtain . Hen.
right, or priority upon or to such gen.
erai fund, 80 as to prevent the corpora
ton from thus appropriating, or setting
apart, or piedging such portion OF II
general revenue as Is not necessary for
the payment of its current expenses.
Ii for any reason the revenue raised
any one year shall not be fully sum-
cient to pay the interest or any part OF
the principal of the new bonds falling
due any given year, a specific levy to-
pay such deficit shall be included In .
levy for the next year. If there IL .
surplus Of the specific levy for any year
such surplus shall be exclusively ap-
piled on the bonds herein authorized TO-
be issued.
1. If new bonds or obligations are
issued pursuant tn the power given by
this act, the corporations named in tho
lst section thereof are hereby authori-
gcd, and IL - hereby made the duty OF
the governing body Of said corporations
to provide annually in the manner
herein prescribed for the payment Of
the interest of such new bonds, and
such portion of the principal, Ii any,
IA has been agreed to be paid each year.
When any portion of the general tax
appropriated aud set apart as provid-
ed for in section of this act, or when
any specific additional tax IL levied un-
der the provisions of this act, tha same
shall be from that time forward spe-.
cific tax for the purpose of applying on
| or paving said new bonds or the inter-
est thereon, aud 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 the compromise
/ bonds issued under the provisions Of
this act are paid in full, both principal
and interest. Nor shall the money SO
raised. or the proceeds of new bonds ac-
quired t" settle and pay the old bonds or
debts be subject to attachment, garn-
ishment, levy, or appropriation by the
holders OF debts or judgments against
the corporation unless such judgments
are obtained on the new bonds issued
by virtue of this act. Money thus
raised shall be kept as u distinct fund
to be sacredly and exclusively applied
to- the sole purpose OF paying the debts
uf the corporations as provided In this act
If the corporation agrees to pay, in
addition to the annual interest, some
specific portion Of the principal each
| year, such new bonds shall be in such
form rs to enable this to be done and
the amount paid from year to year to be
detached from the bonds and cancelled.
Said specific tax hereby authorize shall
toe levied at the same time that other
taxes are levied, and strait be collected
in the same manner, but nothing but
money shall be receivable in payment
of such tax. And this act shall be con-
strued as All amendment to the charter
of cities and to the general incorpora-
ton act. being chapter 81 of the revis-
ion, and also rs cnlarging the powers
now given hv law to the counties Of the
State. But no creditor of any public or
municipal corporation who refuses to
settle or compound his debt and refuses
to receive aud does not receive new
bonds or obligations, shall be entitled
to the benefit of this act, or to the spe-
ciiic tax levy herein authorized.
And if the court is satisfied that there
| is any evasion or delay in the perform
ance of this duty on the part Of the cor
poraton it is hereby invested with che
power, and it is hereby made the duty
of the court itself to enter an order levy
ing such tax and to charge its own offi-
/ CeiS "lJIl TIC uulS ol ctilecItnn L, 6uu
for this purpose they shall have all the
powers, and be substituted i'm the place
of the corporate officers. Aud if judg-
ments are obtained upon such new
bonds or for the interest thereon, and
arc not paid the corporate property OF
all kinds, without any exemption shall
| be subject To seizure and sale on execu-
! ton issued upon such judgments the
general revenue of the corporation shail
he liable to pay such Judgments, and
officers subject to garnishments.
! But it shall not he held to authorize
the levy of any specific or other tax
than such IA may b. levied by virtue
hereof and for tn. purpose OF paying
the new bonds herein authorized. And
this act shall not be constituted to en-
large the taxing power OF cities, towns
or counties rs respects old bonds or
debts, nor to validate such bonds or
| debts In case they are not djusted under
the provisions OF this act. Its benefits
are designed for aud limited to those
who voluntarily make an adjustment
under its provi- ions.
I ). This act be deemed to be Il con
tract in favor of any creditor who ac-
cepts of its provisions, and to such
creditor or holder of the new bonds
herein authorized shall be irrepealable.
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 bonds in set
tlement of former ones.
a. The provisions Of this act shall
be deemed incorporate in the new bonds
issued by virtue hereof. And Of the
new bonds hereby authorized may at
the pleasure of the corporation be paid
prior to the time therein fixed for pay
! ment, in which case the holder can on
! ~ demand the principal and interest up
| to the time of payment.
| IS. Power i hereby given to the
| Board of Commissioners, provided for
in this act, to advertise from time to-
time in such papers a they may think
best, and invite the existing bondhoid-
ers of the corporation to state to the
! Commissioners !: lst. The term on
which they will surrender to the city,
| town or county, (aS the case may be,)
old bonds or debts for new bondsto be
! issued under this act. Sd. The terms
on which they will surrender To the
city, town or county, tas the ease may
! be1 old bonds for cash The result