Page:United States Statutes at Large Volume 48 Part 1.djvu/637

 73d C ONGRESS. SESS. II. CH. 163. APRIL 25, 1934 . 611 [CHAPTER 163 .] AN ACT April 25, 193x. To authorize th e incorporat ed city of S kagway, Alask a, to constr uct, reconst ruct, 	[S. 281 2 .] replace, and install a water-distribution system and for such purpose to issue [Public, No. 174.1 bonds in any sum not exceeding $40,00 0. Be it enacted by the Sensate and House of Representatives of the United States of America in Congress assembled, That the incor- asu b a ~ ' M y o for porated city of Skagway, Alaska is hereby authorized and empow- water system . ered to construct, reconstruct, replace, and install a water distribu- tion system to replace the system now owned by the city of Skagway and for such purpose to issue bonds in any sum not exceeding $40,000. SEC. 2. Before said bonds shall be issued a special election shall Special election to be ordered by the common council of the said city of Skagway, at authorize . which election the question of whether such bonds shall be issued shall b e subm itted to the quali fied e lectors of sa id cit y of S kagway whose names appear on the last assessment roll of said city for municipal taxation. Not less than twenty days' notice of such elec- Notice to be posted. tion shall be given by posting notices of the same in three conspicu- ous places within the corporate limits o f the city of Skagway, Alaska, one of which shall be at the front door of the United States post office. That the registration for such election, the manner of Conduct of el ection. conduct ing th e same, and the ca nvass of the return s of s aid el ection shall be, as nearly as practicable, in accordance with the require- ments of law in general or special elections in said municipality and said bonds shall be issued only upon condition that not less than a majority of the votes cast at such election in said city shall be in favor of the issuance of said bonds. SEC. 3 . Such bonds shall be coupon in form, may bear such date Form, etc., of bonds . 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 nonredeem- able, may carry such registration privileges as to either principal and int erest, princ ipal o nly, o r both, as sh all be presc ribed by the common council of said city of Skagway at the time such bonds are authorized to be issued. The bonds shall bear the signatures of the mayor and clerk of the city of Skagway, and shall have impressed thereon the official seal of said city. In case any of the validity of signa- officers whose signatures or countersignatures appear on the bonds tures. shall cease to be such officers before delivery of such bonds, such signatu res or count ersign atures shall nevert heless be va lid an d suf- ficient for all purposes the same as if they had remained in office until such delivery. Said bonds shall bear interest at a rate to be Interest rate. fixed by the common council of the said city of Skagway, not to exceed 6 per centum per annum, payable semiannually, and the bonds shall be sold at not less than the principal amount thereof plus accrued interest. SEC. 4 . The bonds herein authorized to be issued shall be general paBo nds tobe. munici- obligat ions o f said city of Ska gway, payable as to both intere st and principal from ad valorem taxes which shall be levied upon all the taxable prope rty wi thin t he cor porate limits of sa id cit y of S kagway in an a mount suffic ient t o pay the in terest on and princ ipal o f such bonds as and when the same become due and payable, and, if so provided by the common council of said c ity of Skagway, may be additionally secured by a direct pledge of all or any part of the revenues of said water-distribution system and any subsequent addi- tions or extensions thereto, remaining after provisions for the payment of the cost of operation and maintenance of said system and