Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1869-01-09

|. ;. ......... :. } BIB !
| Repressntei by
| Il rant Aad e,a III sSs OBS ivUV ID, ,3Uuj S. 500
| jolt l.. Coffin...... ioitl 305O0 2osef $50 geo
Non resident Iarties 1000 lIt09 .a2 tCoi 6o.so1
| PsinaIn Rogers. 1900. ....... f..... $4,000
Te,ai located. 49,. s5s cool .Ia sco sss eoli7o 90
! II thus shown that nearly onc.hslf of
tn, entire dept, and more than two thirds
OF the otal amount thus discovercd, is
rerfssented by parties resident in this city.
Iris OF course greatly facilitates negotis-
tions and discussions eftaining TO en a.
Justine nt and settlement. Every non-resi-
| dent bon6holdtrs whose address has bcs q
discovered has been served with copy Of the
law under which this commission has been
| conducting Interpretations. and several of the
! bondbolders have made known their sen,i-
ments on the subject. These responses are
as favorable as could be expected. While
asking for new bonds in full amount OF
OF their claims and interest at seven per
cent. On the new bonds, the creditors all in.
innate their deeire TO meet us in 4 liberal
spirit and are evidently prepared for ma.
terial discount on their claims. After due
deliberation your Commissioners now rec
| ommend TO your Honorable Body that The
proposition to he made TO the holders OF
the bonds OF the city OF Davenport be suh.
| stentislly as follows, promising. however,
that the bonds OF the loan Of 1853, f75 000,
known ss the M. + M II. r. bonds, the
constitutionality and legal status Of which
are now subject to legal controversy, shall
be for the present excluded from the opera.
tion OF this proposition and may hereafter
II oh kn &c ou1-
through the future recommendation OF
this Commisaiop, and the formal approval
and adoption .of such recommendation by
| the then Council OF the city. With this
! exception thus promised the proposition
now recommended is a. follows:
That holders OF the bonds Of the city of
| DavenpOre, issued under the :" Loan OF
| 1856" the total issues of which were fifty
nine Thousand (59,OO0) dollars: and hold
ers of bonds issued under the loan Of 1857,
| the total issues Of which were one hundred
and .eventt en- thousand five hundred (17,-
| 500) dollars, ard holders Of the pas. due
interest coupons Of any of said bonds, may
| exchange the same tor new bonds of the
| city OF Davenport, TO be Issued under the
| effect and operation of the "act enabling
public corporations 10 settle Indebtedness"
rassCd ty the Legislature OF Iowa, a pril 2,
| 1868, on the terms following. TO wit: for
| each old bond OF either Of eaid loans sur
rendered to the City, the owner thereof may
receive IN EXCHANGE new bond ct equal
amount with the principal of ssid old bond.
Said new bond TO bear dste the day
Of February or August next follow ing the
| date Of such exchaDge, ard to be pay able
twenty years after its date. Said new bond
! TO bear in crest u, The rate OF six per nj
per annum, payable sem, annually TIE
| principal oi said toci 10 be paid through
the operation Of sinking fund, beginning
at the pleasure CT the City Council within
ten years oi The Gate of said bonds but
when once begun. 10 be sularly snnusliy
continued at q rate to be annually set by
the Council, but TO be nev.r less thar at the
rate OF five per cent OF the principal amount
then outstanding. And tor all pas. due in
terest coupons uf any OF The bonds OF said
loans OF 1856 and 1851, the holders thereof
may receive. when surrendered in sums OF
hity (50) dollars, or ei niultiples Of that
amount. new iond OF tie City
Of Davenport, tissuel und.r the
effect of the &c. aioressid) st the rale
OF fifty per csnium o. the amount
Of said coupons 50 surrerGt,ed, ssij new
bonds 10 bear date Of thc - day G! Nav
or November next following such exchange,
and to be pay able ten yeas alter date, with
| interest at the rate OF SIX yer cent. per an
nun pay able semi-aunuaiiy. TIE principal
| OF said bonds to be paid through tie opera
| tion of o sinking fund beginning IN the first
| year after the issue OF said bonds. at a rate
to be annually set by The Council, but euch
| rate to be never less than five Der cent. ot
the amour, then outstanding. The manner
| Of the application oi the sinking fund OF
| said issu OF new bonds resDectigcv, 10 I've
| by the annual proclamation OF the Council
directing the City Treasurer 10 invite pro-
posals for the surrender hy the holders
| thereof, of the new bonds " to the com.
bined amount of The sinking frnd accumu-
la,ion, and the special appropriation. if any
there be, set apart iy the City Couuctl fer
that purpose. The conditions OF terms Gni
manner Of payments herein reci,ed, 10 be
made a part Of the covenants expressly
stated in said new bonds of each class re-
| speciivelv. and said new issues of bonds 10
contain such other covenants as are made
obligatory By the statute by which such
issues are authorized
settlement on the basis OF the PROPOSE
tion herein recommended, would place the
bonded deb. Of the city in the folio wing
shape:
The principal Of tho Loan CT 1876 tens. .sseeao
Aud;he . Is51 80. il7s1o
TIE eamount o: new principe. bcnds would
oe-.-.-..-.-.............. 800
AID be arreafs Of ,uteiest on Loan of ls55
oink NtV9
Aud the sYrt ara OF iptcr..I L. aus of 1857
h-,D9. ..................... $4,000
Tesa a.rssrso these o q Lcane - ..... ti4l SEQ
Fiiis psr ce-i. of which h's.............S 20 COO
The above rrinc,sl Bo e1s6 SCI
And the new co n. lee tuierts. B)nds.. 1000
Total nsw asb,. ~, 100
The ansua interest on which Al per cert.
In placing this report before the Coun-
Gil and the public. the Commissioners in
vite . thorough discussion Of the subject,
claiming only that as they have in oil their