Page:United States Statutes at Large Volume 49 Part 1.djvu/290

 7 4TH CONGRESS. SESS. I. CH. 113. MAY 15, 1935 . 245 [CHAPTER 113 .] AN ACT 15 1933 To authori ze the c ity , of Ketchikan, Alaska, to iss ue bo nds in any sum not to fH. MayR .16084 .1 . exceed $1,000,000 for the purpose of acquiring the electric light and power, [Public, No.59.[ water, and telephone properties of the Citizens' Light, Power and Water Company, and to finance and operate the same, and validating the preliminary proceedings with respect thereto, and for other purposes. Be it enacted by the Senate and House o f Representatives o f the United State s o f America in Congress assembled, Th at the city of Bona iss;ie Alaska. Ketchikan, Alaska, is hereby authorized to issue and sell its bonds ized ; purpose. in any sum not to exceed $1,000,000 for the purpose of acquiring fo r the said c ity of Ketch ikan, electr ic lig ht, po wer, w ater, and te lephon e prop erties of th e Citi zens' Light, Power and W ater C om- pany, Incorporated, and to finance and operate the same by the said city of Ketchikan. The bonds herein authorized to be issued and sold Previous authority . are the bonds referred to in the Act entitled "An Act to authorize the incorporated town of Ketchikan, Alaska, to issue bonds in any su m not to exc eed $1 ,000,0 00 for the p urpose of ac quirin g publ ic- utility properties, and for other purposes ", approved July 3, 1930 (46 Stat . 1011), in which Act the said city of Ketchikan, Alaska, Vol. 46, p.1011. was erroneously referred to as the "incorporated town of Ketchi- kan, Alaska ." Such bonds when issued shall be legal and valid in n»B Bonds deer ons. mu- all respects as general obligations of the said city of Ketchikan, Al aska, notwi thsta nding any d efects or i rregu lariti es in the s ub- mi ssion to a vote of the peop le of said city of the ques tion w ith respect to the issuance or sale of said bonds, in the ordinance call- ing the election, in the notice of election, in the form of ballot, in taking the vote, or in any of the proceedings had or taken in con- ne ction with the issua nce o r sa le of such bond s, an d all such proc eed- ings are hereby declared to be legal and valid, and the city is also Tao le vy authorized, authorized to levy any taxes which may be necessary for the pay- ment o f said bonds for which the full faith and credi t of the city shall be pledged. The revenues derived from said electric light, Rev enues ple dged. power, water, and telephone properties, over and above the expense of maintenance, operation, and depreciation reserve thereof, shall be pledged to the payment of principal and interest of said bonds. SEC. 2 . The bonds herein referred to and authorized to be issued R Bond ; form, mate » and sold shall be issued in such form and detail and with such maturities as have been or hereafter shall be determined by resolu- tion of the Common Council of the City of Ketchikan. Su ch bonds shall be issued in coupon form, registerable as to principal, or as to principal and interest. In case any of the officers whose Signatures. signatures or countersignatures appear on the bonds or coupons shall cease to be such officers before the delivery of such bonds to the purchaser, such signatures or countersignatures shall, neverthe- less, be valid and suffic ient for all pur poses, the same as if they had remained in office until delivery of the bonds. The proceeds of the eeeds of ra im ent of pr o» sale of such bonds shall be disbursed only for the purposes herein- before mentioned, and for which such bonds were authorized to be issued under the provisions of such Act of July 3, 1930. SEC. 3 . The bonds herein authorized, when issued, are hereby gatio onds declare d obli- declared to be valid and legally binding obligations of said city of Ketchikan, Alaska. Approved, May 15, 1935.