Page:United States Statutes at Large Volume 48 Part 1.djvu/1033

 73d C ONGRESS. SESS. II. CH. 594. JUNE 18, 1934. 1007 as nearly as practicable, in accordance with the requirements of law in gene ral or speci al ele ctions in sa id muni cipali ty, an d said bonds shall be issued for any or all of the purposes herein authorized only upon condition that not less than a majority of the votes cast at such election in said town shall be in favor of the issua nce of said bonds for such purpose. SEC. 3. Such bonds shall be coupon in form, may bear such date or dates, may be in such denomination or denominations, may mature in such amounts and at such time or times, not exceeding thirty years from the date thereof, may be payable in such medium of payment and at such place or places, may be sold at either public or private sale, may be redeemable, with or without premium, or nonredeemable, may carry such registration privileges as to either principal and interest, principa l only, o r both, a s shall b e prescri bed by th e common council of said town of Fairbanks at the time such bonds are authorized to be issued. The bonds shall bear the signatures of the mayor and clerk of the town of Fairbanks, and shall have impressed thereon the official seal of said town. In case any of the officers whose signatures or countersignatures appear on the bonds shall c ease t o be s uch of ficers befor e deliv ery of such bonds, such signatures or countersignatures shall nevertheless be valid and suffic ient f or all purpo ses th e same as if the of ficers of th e town signing the same had remained in office until such delivery. Said bonds shall bear interest at a rate to be fixed by the common council of the said town of Fairbanks, not to exceed 6 per centum per annum, payabl e semi annual ly, an d the bonds s hall b e sold at no t less than th e prin cipal amount there of plu s accru ed int erest. SEC. 4. The bonds herei n auth orized to be issued shall be ge neral obligations of said town of Fairbanks, payable as to both interest and principal from ad valorem taxes which shall be levied upon all the taxable property within the corporate limits of said town of Fairbanks in an amount sufficient to pay the interest on and principal of such bonds as and when the same become due and payable. SEC. 5 . No part of the funds arising from the sale of said bonds shall be used for any purpose or purposes other than those specified in this Act. Said bonds shall be sold only when and in such amounts as the common counc il of the to wn of Fairban ks sha ll dir ect, a nd the proceeds thereof shall be disbursed for the purposes hereinbefore mentioned and under the orders and directions of said common council from time to time as the same may be required for said purposes. SEC. 6 . The town of Fairbanks is hereby authorized to enter into contracts with the United States of America or any agency or instrumentality thereof, under the provisions of the National Industrial Recovery Act and Acts amendatory thereof and Acts suppl ement al th eret o, an d rev isio ns th ereof, and the regu latio ns made in pursuance thereof, and under any further Acts of the Congress of the United States to encourage public works, for the sale of bonds issued in accordance with provisions of this Act or for the acceptance of a grant of money to aid said town in financing any public works herein authorized ; or to enter into contracts with any person or corporation, public or private, for the sale of such bonds ; and such contracts may contain such terms and conditions subject to the provisions of this Act, as may be agreed upon by and between the common council of said town of Fairbanks and the United States of America or any agency or instrumentality thereof, or such terms and conditions, subject to the provisions of this Act, as may be agreed upon by and between the common council of said town of Fairbanks and any other purchaser of said bonds. Approved, June 18, 1934. Form of bonds; ma- turity, etc. Redemption. Signatures ; validity. Bonds to be general obl igations. Payment of principal and interest. Use of funds re- stricted. Sale of bonds. Financing, et c ., un- der provisions of Na- tional Industrial Re- c overy Act. Ant e, p. 200