CHAPTER 19. REFUNDING OUTSTANDING bonded dEBTS, CITIES UNDER SPECIAL AN ACT to authorize cities organized under special charters to re- H. F. 43. refund. Be it enacted by the General Assembly of the State of Iowa: SECTION 1. That all cities in this State having a population How they may of more than 2,000, organized and existing under special charters are hereby authorized and empowered if, by a vote of two thirds of the city council it be deemed for the public interest, to refund the indebtedness of any such city evidenced by the bonds thereof, heretofore issued, and outstanding at the time of the passage of this act and to issue the coupon bonds of such city in denominations of not less than one hundred dollars and not more than one thousand dollars and having not more than twenty years to run, redeemable in lawful money of the United States at maturity and bearing interest payable semi-annually at a rate not exceeding six per cent per annum. The principal of such bonds shall be made payable at the office of the treasurer of the city but the interest upon such bonds may be made Cities where payable either in the City of New York, State of New York or aid. the City of Boston, State of Massachusetts, or the City of Chicago, State of Illinois or at the office of the treasurer of the city. Such bonds as well as the coupons, shall be canceled Cancellation when paid and destroyed in the presence of the city council, which shall cause to be kept a register of all such bonds issued and also of all bonds or coupons which are canceled or destroyed. Such bonds shall be signed by the mayor of the city and attested by its clerk with the seal of the city attached and shall be so signed and attested in open session of the city council and a register shall be then made and kept thereof and such bonds so executed shall be at onee delivered to the city treasurer of the city who shall be liable on his official bond for the safe keeping thereof and the proceeds therof until he parts therewith under the direction of the city council. interest may of paid bonds. SEC. 2. The bonds issued under this act shall be substan- Form of bond. tially in the following form: Bonds, how sold. Expenses, how paid. est. the rate of ....... .dollars, with interest thereon from date until paid at .State of in each year on presentation and surrender of the interest coupons hereto attached. This bond is issued by the city council of said city under and in accordance with the provisions of chapter ....of the session laws of the Twenty-Second General Assembly of the State of Iowa and in conformity with a resolution of said city council dated........day of..... ....18..... In testimony whereof the said city council of the city of ... has caused this bond to be signed by the mayor of said city and attested by its city clerk with the seal of said city attached thereto, this........day of..... ..18..... And the interest coupons on each bond shall be in substantially the following form: "The city of..... pay to the holder hereof on the... .in the State of Iowa, will ...day of... ..in the city of.... ..dollars for .issued under the ..of the session laws of the provisions of chapter. SEC. 3. The city council of any such city is hereby authorized to sell and dispose of the bonds issued under this act at not less than their par value and to apply the proceeds thereof to the redemption of the out standing bonded debt or may exchange such bonds for out standing bonds par for par, but the bonds hereby authorized shall be issued for no other purpose whatever, provided, however, that the city council of such city may if deemed advisable, appropriate not to exceed two per centum of the bonds herein authorized to pay the expenses of preparing, issuing, advertising and disposing of the same and may employ a financial agent therefor. SEC. 4. The city council of any such city shall cause to be assessed and levied each year upon the taxable property of such city in addition to the levy authorized for other purposes a sufTax for inter- ficient sum to pay the interest on all outstanding bonds issued in conformity with this act accruing before the next annual levy and also such proportion of the principal as shall fall due before such next annual levy and such city council may at its option in addition to the levy hereinbefore authorized levy an amount not exceeding two mills on the dollar of the assessed valuation of such city in any one year for the purpose of purchasing and canceling any of its bonds issued under this act before the maturity of the same. And the money arising from such levies shall be known as the bond fund and shall be used for the payment of the bonds and interest coupons and for the purchase and canceling of the bonds and for no other purpose Additional levy not exceeding 10 mills. its use. chased before maturity. whatever. And the treasurer of such city shall open and keep Bond fund and in his book a separate and special account thereof which shall at all times show the actual condition of such bond fund. SEC. 5. The city council of any such city shall have power Bonds purto purchase any of the bonds issued under this act before the maturity of the same and to this purpose may at its option appropriate any moneys in the bond fund not required to pay bonds or interest coupons maturing before the next annual levy, provided that in the purchase of such bonds there shall be paid in no case a premium to exceed five per centum of the face value of the bond above the amount actually due thereon. filed with SEC. 6. If the city council of any such city which has issued bonds under the provisions of this act shall fail to make the levy necessary to pay such bonds or interest coupons at maturity and the same shall have been presented to the treasurer of any such city and payment thereof refused the owner may file Unpaid bonds the bond together with the unpaid coupons with the Auditor of of coupons State taking his receipt therefor and the same shall be regis State Auditor. tered in the Auditors office and the Executive Council shall at their next session as a board of equalization and at each annual equalization thereafter add to the state tax to be levied in such city a sufficient rate to realize the amount of principal or interest past due and to become due prior to the next levy and the same shall be levied and collected as a part of the state tax and paid into the state treasury and passed to the credit of such city as bond tax and shall be paid by warrant as the payments When and how mature to the holder of such obligation as shown by the regis ter in the office of the State Auditor until the same shall be fully satisfied and discharged provided that nothing herein shall be construed to limit or postpone the right of the holder of any such bonds to resort to any other remedy which such holder might otherwise have. SEC. 7. Nothing in this act shall take away, impair or interfere with the powers conferred by chapter 58 of the session laws of the Seventeenth General Assembly of the State of Iowa en titled "An act to authorize counties, cities and towns to refund outstanding bonded debt at a lower rate of interest and to provide for the payment of the same as amended by chapter 140 of the session laws of the Eighteenth General Assembly of the State of Iowa, making the same applicable to cities organized under special charters. paid. Chap. 58, acts impaired. 17th G. A., not SEC. 8. This act being deemed of immediate importance Publication. shall take effect from and after its publication in the Iowa State Register and the Des Moines Leader newspapers pub. lished in Des Moines Iowa. Approved March 10, 1888. I hereby certify that the foregoing was published in the lowa State Register, and Des Moines Leader, March 13. 1888. FRANK D. JACKSON, Secretary of State. H. F 591. may be refunded. CHAPTER 20. AUTHORIZING INCORPORATED TOWNS TO REFUND BONDED DEBT. AN ACT to Authorize Incorporated Towns to Refund Outstanding Be it enacted by the General Assembly of the State of Iowa: SECTION 1. That incorporated towns having outstanding Indebtedness bonded indebtedness of not less than one thousand dollars and past due at the time of the passage of this act are hereby authorized, by a vote of two thirds of the town council, to refund such indebtedness as evidenced by the bonds thereof, and to issue the coupon bonds of such corporation in sums not less than one hundred dollars nor more than one thousand dollars, having not more than twenty years to run, redeemable in lawful money of the United States at the pleasure of such corpor ation, after five years from the date of their issue, and bearing interest payable semi-annually at a rate not exceeding seven per centum per annum. Publication. SEC. 2. This act being deemed of immediate importanee, shall take effect and be in force from and after its publication in the Iowa State Register and the Des Moines Leader, newspapers published in Des Moines, Iowa. Approved April 13, 1888. I hereby certify that the foregoing act was published in the Iowa State Register and Des Moines Leader, April 18, 1888. FRANK D. JACKSON, Secretary of State. H.JF. 396. May regulate against danger by fire. CHAPTER 21. RELATING TO PROTECTION FROM FIRE IN CITIES OF THE FIRST AN ACT to Authorize Cities of the First Class to Make Regulations Be it enacted by the General Assembly of the State of Iowa: building or addition to any building unless the outer walls and roof thereof be made of brick and mortar or of iron and stone and mortar or of other non combustible material and to provide for the removal of any building or addition erected contrary to such prohibitions. Sec. 457 of Code not to apply to cities of first class. SEC. 2. The provisions of section 457 of the code of 1873 shall not apply to cities of the first class. SEC. 3. This act being deemed of immediate importance Publication. shall be in full force and effect from and after its passage and publication in the Iowa State Register and Des Moines Leader. newspapers published at Des Moines, Iowa. Approved April 3, 1888. I hereby certify that the foregoing act was published in the Iowa State Register, April 5, and Des Moines Leader, April 6, 1888. FRANK D. JACKSON, Secretary of State. CHAPTER 22. ELECTION OF RECORDER, ASSESSOR, TREASURER AND COLLECTOR. AN ACT to Amend Chapter Ninety-three (93) of the Laws of the H. F. 38. Be it enacted by the General Assembly of the State of Iowa: acts 21 G. A. SECTION 1. That chapter ninety three (93) of the acts of the Chapter 93. Twenty First General Assembly be and the same is hereby amended. amended by inserting after the words "city marshal" in the third line of section three of said act, the words "recorder an assessor and treasurer and collector." SEC. 2. This act being deemed of immediate importance Publication. shall be in force from and after its publication in the Iowa State Register and the Des Moines Leader, newspapers published at Des Moines, Iowa. Approved April 3, 1888. I hereby certify that the foregoing act was published in the Iowa State Register April 5, and the Des Moines Leader April 6, 1888. FRANK D. JACKSON, Secretary of State. |