Page:United States Statutes at Large Volume 49 Part 1.djvu/329

 284 74 TH CONGRESS. SESS. I. CH. 133. MAY 20, 1935. and the inspection and audit thereof, and (h) the terms and condi- tions upon which the holders of said bonds or any proportion of t hem or any truste e the refor shall be en title d to t he ap pointm ent of a receiver by the District Court for the Territory of Alaska, which court shall have jurisdiction in such proceedings, and which receiver may enter and take possession of said system, operate and maintain the same, prescribe rates,. f ees, or cha rges, and collect, receive, and apply all revenue thereafter arising therefrom in the Enfor cing pro visions. same manner as the town itself might do. The provisions of this . Act and any such resolution or resolutions shall be a contract with the holder or holders of said bonds, and the duties of the town and of its common council and officers under this Act and any such resolution or resolutions shall be enforceable by any bondholder, by mandamus or other appropriate suit, action, or proceeding in any court of competent jurisdiction. Service fees, etc. SEC. 4 . The com mon council of said tow n shall pres cribe and collect reasonable rates, fees, or charges for the services, facilities, and commodities of said system, and shall revise such rates, fees, or charges from time to time whenever necessary so that said system R ate provisions. shall be and always remain self-supporting. The rates, fees, or charg es pre scrib ed sha ll be such as wi ll pro duce revenu e at least sufficient (a) to pay when due all bonds and interest thereon, for the payment of which such revenue is or shall have been pledged~ charged, or otherwise encumbered, including reserves therefor, and (b) to provide for all expenses of operation and maintenance of said system, including reserves therefor. Redemption, etc., re- st ri cti ons SEC. 5 . No holder of any bond issued under this Act shall have . the right to compel the levy of a tax by said town to pay the prin- cipal of or interest on such bonds. All bonds issued under this Act shall be payable solely from the revenues pledged to the payment thereof and shall contain a recital to that effect. Such bonds may be issued notwithstanding any debt or other limitation or restriction prescribed by any other law. Effective date. SEC. 6 . This Act shall become effective thirty days after its pas- Provt os: sage : Provided, howe ver, That none of the powers herein granted Restriction on exe r- cise of powers g ranted. to the said town of Seward, Alaska, shall be exercised by said town Sal e ardLig yt .i and Power Com pan y b n the event that the Seward Light and Power Company, a corpora- of holdings. tion, shall wi thin one w eek after a copy of t his Act is served on said Seward Light and Power Company, offer in writing to sell and convey to the said town of Seward all right, title, and interest in and to its electric generating plant or plants, electric distributing sys tem, pipe l ines, and water right s now owned by it and used a nd employed in supplying electric energy to the inhabitants of said Price . town, said offer of sale to be for the sum of $75,000, and to guar- antee that delivery of said title, free from encumbrance and de~t of any kind, shall be made to said town upon payment of said sum, anytime within six months from date of said written offer to sell : Time limitation. Pr ovid ed f urth er, That said offer and agreement to convey title must be delivered by said Seward Light and Power Company, to the town clerk of said town of Seward, Alaska, within the time specified above. Service of copy of this Act on the Seward Light and Power Company shall be made by delivery thereof to its president, S .M. Graff, or any other officer of the corporation : And provided further, Bo nd iss ue au tho r- That in the event the said Seward Light and Power Company offers ized. t o sell and convey its properties as provided for in this section the said town is authorized to purchase such properties and to issue bonds for such purpose in an amount not to exceed $75,000, such bonds to be issued in the manner provided for in this Ac t. Approved, May 20, 1938.