Page:United States Statutes at Large Volume 47 Part 1.djvu/323

 72d CONGRESS. SESS. I. CH .,241. JUNE 11, 1932. 299 (CHAPTER 241.] AN ACT June 11, 1932 . To authorize th e incorporat ed town of P etersburg Alaska, to issue bonds in any 	i13 . R. 6497.1	sum not exceeding $100,000 for the purpose of improving and enlarging the lpublic, No. 167.1 capacity of the municipal light and power plant, and the improvement of the water and sewer systems, and for the purpose of retiring or purchasing bonds heretofore issued by the town of Petersburg . Be i t enac ted by the S enate and Ho use of Repres entati ves of the United States of America in Congress assembled, That the incor- Petersburg, Alaska . porated town of Petersburg, Alaska, is hereby authorized and pblieunptovement&or empower ed to issue bonds in any sum n ot exce eding $100,0 00, to be used for the following purposes, namely : The sum of $40,000 for objects specified . necessary improvements to the municipal electric light and power plant, own ed by the town of P eter sburg , Ala ska, and the t rans- mission l ines and distribut ion syste m and for the purp ose of do ubling the capacity of said electric light and power plant ; the sum of $25,000 for necessary improvements to the water system and water supply and sewer system of the town of Petersburg, Alaska, and the distribution systems thereof ; and the sum of $35,000 to be used to Retirement of out- purchase or retire outstanding bonds of the said town of Petersburg, standing bonds, Alaska, which bear interest at the rate of 7 per centum per annum. SEC. 2 . That before such bonds shall be issued, a special election auno>> e, oettion to shall be ordered by the common council of the town of Petersburg, Alaska, and held i n the manner pursu ant to law af ter le gal no tice thereof, at which election the ques tion of the issua nce of sa id bonds shall be submitted to the qualified electors of said town of Petersburg, whose names appear on the last assessment roll or tax roll of said town for the purposes of municipal taxation. Not less than 30 days' Notice of. notice of su ch ele ction shall be giv en in a newsp aper p rinted and published in said town, and of general circulation, before the date fixed for such election. SF,c. 3 . That said election shall be conducted in all respects in Conduct of election . accordance with existing statutes enacted by Congress and the legis- lature of the Territory of Alaska, and the canvass of the returns of said election shall be as far as possible and practicable in accordance with the requirements of existing laws governing general or special elections in said municipality. Said bonds shall be issued only upon Condition. condition that a majority of the votes cast at such election in said town,, shall be in favor of the issuance of -such bonds. SEcI 4. That the bonds above specified, when authorized to be etInterest rate, sale, issued as hereinbefore provided shall bear interest at a rate to be fixed b y the common council of tlle city of Petersburg, Alaska, before the issuance of such bonds and which said interest shall not exceed 6 per 4entum per annum, payable semiannually, and the same shall not be sold for less"than their par value with accrued interest, and they shall be in denomi nations n ot excee ding $1,0 00 each, the princ i- palto be due in twenty-five years from the date thereof : Provided, Redemption. That the common council of the town of Petersburg may reserve the right to pay off said bonds or any portion thereof in numerical order at the rate of not to exceed $15,000 thereof per annum from and after the expiration of five years from the date of issuance of such Payment of principal bonds as shown on the face thereof . The principal and interest shall and interest. be payable in lawful money of the United States of America at the office of the town treasurer of the town of Petersburg, Alaska, or at such bank or banks or such place or places as may be designated by the common council of the town of Petersburg, Alaska, such ace or places of payment to be designated and set forth in each of the respective bonds issued : Provided further, That each of such Seal bonds shall bear the written signature of the mayor and clerk of the