Page:United States Statutes at Large Volume 49 Part 1.djvu/1202

 7 4TH C ONGRESS. SESS. II. CH. 114. MARCH 2, 1936 . purposes herein specified. The registration for such election, the manner of conducting the same, and the canvass of the returns of said elect ion sh all b e, as early as p racti cable, in a ccord ance with t he requirements of law in general or special elections in said munici- pal ity ; and such bonds shall be issued for the purposes herein authorized only upon condition that not le ss than a majority of the votes cast at such election in said municipality shall be in favor of the issuance of said bonds for such purpose. SEC. 3. The bonds herein authorized shall be cou pon in form and shall mature in not to exc eed thi rty years from the da te thereof. Such bonds may bear such date or dates, may be in such de nominatio n or denom inations, may matur e in such amounts a nd at such time or times, not exceeding thirty years from the date thereof, may be payable in lawful money of the United States at such place or places, may be sold at either public or private sale, may be nonredeemable or redeemable (either with or without pre- mium), and may carry such registration privileges as to either principal and interest, or principal only, as shall be prescribed by the common council of said city of Skagway. The bonds shall bear the signatures of the mayor and of the clerk of the city of Skagway, and shal l have impressed thereon the official seal of said municipality. The coupons to be annexed to such bonds shall bear the facsimile si gnatures of the m ayor and of the c lerk of said muni cipality. In case any of the officers whose signatures or countersignatures appear on the bonds shall cease to be such officers before delivery of such bonds, said signatures or countersignatures, whether manual or f acsim ile, s hall never theles s be valid and suffic ient for a ll pur poses , the same as if said offi cers had remained in office until such delivery. Said b onds shall bear i nterest at a rate to be fixed by t he common council of the city of Skagway, not to exceed, however, 6 per centum per annum, payable semiannually, and said bonds shall be sold at not less than the principal amount plus accrued interest. SEC. 4. The bonds herein authorized to be issued shall be general obligations of the city of Skagway, Territory of Alaska, payable as to both interest and principal from ad valorem taxes which shall be levied upon all of the taxable property within the corporate limits of such municipality in an amount sufficient to pay the interest on and the 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 com mon council of th e city of Skagway shall direct ; an d th e proceeds thereof shall be distributed only for the purposes herein- before men tioned and under the orders and di rection of said c ommon council from time to time as such proceeds niay be required for said purposes. SEC. 6. The city of Skagway is hereby authorized to enter into contracts with the United States of America or any agency or instru- mentality thereof under the provisions of the National Industrial Recovery Act and Acts amendatory thereof and Acts supplemental thereto, and revisions thereof, and the regulations made in pursuance thereof, and under any further Acts of the Congress of the United States to encourage public works, for the relief of unemployment, or for any other public purpose, including the Emergency Relief Appropriation Act of 1935, for the sale of bonds issued in accord - ance with the provisions of this Act, or for the acceptance of a grant of money to aid said municipality in financing any public works or to enter into contracts with any persons or corporations, public or Interest rate. Ante, p.115. 1157 Conduct of election . Form, etc., of bonds . Validity of signa- tures, etc. Bonds deemed mu- nicipal obligations. Use of fimds re- stricted. Sale limitations . Co ntrac ts wi th United States for bond sale, etc. Vol.48,p.200;U.S. C., p. 1799.