Page:United States Statutes at Large Volume 48 Part 1.djvu/639

 73d C ONGRESS. SESS. II. CH. 164. APRIL 25, 1934. 613 authorized. Not less than twenty days' notice of such election shall Notice to be posted. be given by posting notices of the same in three conspicuous places within the corporate limits of the town of Wrangell, Alaska, one of which shall be at the front door of the United States post office. The registration for such election, the manner of conducting the Conduct of election . same, and the canvass of the returns of said election shall be, as nearly as practicable, in accordance with the requirements of law in ge neral or spe cial e lectio ns in said mu nicipa lity, and sa id bon ds 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 issuance of said bonds for such purpose. 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 nonredeemable, may carry such registration privileges as to either principal and intere st, princ ipal only, or both , as shal l be pres cribed by the comm on council of said town of Wrangell at the time such bonds are author- ized to be issued. The bonds shall bear the signatures of the mayor t» Validity of signa- and clerk of the town of Wrangell, 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 cease to be such off icers bef ore deliv ery of su ch bonds, such si gnatures or counte r- signatures shall nevertheless be valid and sufficient for all purposes the same as if they had remained in office until such delivery. Said Interest rate . bonds shall bear interest at a rate to be fixed by the common council of the said town of Wrangell, 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. Bonds dee med mu- SEC. 4. The bonds, herein authorized to be issued shall be general uicipal obligations. obligations of said town of Wrangell, 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 Wrangell in an amount suffi cient to pay the i nterest on an d prin cipal of suc h bonds as and when the same become due and payable. Such of the bonds as may be issued to construct, reconstruct, enlarge, extend, or improve the water-supply system of said town of Wrangell may, if so provided by the common council of said town of Wrangell, be additionally secured by a direct pledge of all or any part of the revenues of said water-supply system and any subsequent additions or extensions thereto, remaining after provision for the payment of the reaso nable cost s of oper ation and main tenan ce o f sai d sys tem and the cost of such repairs, improvements, and betterments thereto as shall be necessary to keep the same at all times in good repair and working order. Use of funds re . SEC. 5 . No part of the funds arising from the sale of said bonds stricted. 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 sale limitations. as the common counc il of the to wn of Wrangel l shal l dire ct, an d 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 Wrangell is hereby authorized to enter into withntutea tstates contracts with the United States of America or any agency or for bond sale. instrumentality thereof, under the provisions of the National