Page:United States Statutes at Large Volume 49 Part 1.djvu/328

 7 4Th CONGRESS. SESS. I. CH. 133 . MAY 20, 1935 . 283 use and b enefit and for the u se and ben efit of pu blic and p rivate consumers or users within and without the territorial boundaries of said town ; (c) to issue its bonds to finance in whole or in part the Bond issue. cost of the construction of said system ; (d) to prescribe and collect service fees. rates, fees, or charges for the services, facilities, and commodities furnished by said system ob le onspa3~on t of said bonds and interest thereon all or any part of the gross or net revenues of said system (including improvements, betterments, or extensions thereto thereafter constructed or acquired) ; (f) to enter En ter cont racts. in to contract with the United States of America or any Federal agency created or continued by or pursuant to the Emergency Relief Appropriation Act of 1935 ; and (g) to subscribe to and comply s, ribm prW eytC pre with all rules and regulations prescribed or continued by the Presi- Ante, p. us. de nt of the United States of America pursuant to the Emergency Relief Appropriation Act of 1935 . The common council of said Co nstructi on costs. town in determining the cost of the construction of said system may inc lude all c osts and e stimated c osts of th e issuance of said bonds, all engineering, inspection, fiscal and legal expenses, and Interest. interest which it is estimated will accrue during the construction period and for six months thereafter on money borrowed or which it is esti mated will be b orrowed pursuan t to this Act. SEc. 2. The construction of said system may be authorized under towncommonmay council ~' this Act, and bonds may be authori zed to be issued und er this Ac t construction and bond by resolution or resolutions of the common council of said town. Issue. Said bonds shall bear interest at such rate or rates not exceeding g rity Int ore" rate, matu., tc . 6 per centum per annum, payable semiannually, may be in one or more series, m ay bear su ch date or dates, ma y mature a t such tim e or times not exceeding forty years from their respective dates, may be payable in such medium of payment, at such place or places, may carry such registration privileges, may be subject to such terms of red emption, with o r withou t premi um, may be exec uted in such manner, may be in such form, either coupon or registered, may con- ta in such te rms, coven ants and conditions , and may be declare d or become due before the maturity date thereof, as such resolution or subsequent resolutions may provide . Said bonds shall be sold for Bond sale, etc, not less than par and may be sold at either public or private sale . Interim receipts ; ce r- Pending the preparation of the definitive bonds, interim receipts or tificates . certificates in such form and with such provisions as the common council of said town may determine, may be issued to the purchaser or purchasers of bonds sold pursuant to this Act. Said bo nds and Negoti ability . interim receipts or certificates shall be negotiable for all purposes. Sa id bonds bearin g the signature s of officers i n office on the date of the signing thereof shall be valid and binding obligations, notwith- standing that before the delivery thereof and payment therefor an y or all t he persons whose si gnatures a ppear ther eon shall have ceased to be officers of the town. Co vena nts in res olu - SEC. 3. Any resolution or resolutions authorizing the issuance of lion authorizing bond bonds under this Act may contain covenants as to (a) the purpose issue. or purposes to which the proceeds of sale of said bonds may be applied and the use and disposition thereof, (b) the use and dispo- sition of the revenue of said system, including the creation and maintenance of reserves, (c) the transfer from the general funds of the town to the account or accounts of said system a sum or sums o f money fo r furnishi ng such to wn or any of its dep artments, boards, or agencies with the services, facilities, and commodities of said system, (d) the issuance of other or additional bonds payable from the revenue of said system, (e) the operation and mainte- nance of said sy stem, (f) the insura nce to be carried th ereon and the us e and disp osition of insurance moneys, ( g) books o f account
 * (e) to pledge to the punctual payment of