Page:United States Statutes at Large Volume 49 Part 1.djvu/347

 302 74TH CONGRESS. SESS. I. CH. 152. MAY 28, 1935. Signatures. Interest rate. Bonds deemed mu- nicipal obligations. Use of funds re- stricted. Sale limitations . Contracts authorized with United states, for bond sale, etc. Vol. 48, p.200. Ante, p. 116 . Effective date. 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, and may be nonredeemable or redeemable (either with or without premium), may carry such registration privileges as to principal and interest, principal only, or interest only, as shall be prescribed by the common council of said town of Petersburg. The bonds shall bear the sig- natures of the mayor and of the clerk of the town of Petersburg, and shall have impressed thereon the official seal of said munici- pality. The coupons to be annexed to such bonds shall bear the facsimile signatures of the mayor and of the town clerk of said municipality. In case any of the officers whose signatures or coun- tersignatures appear on the bonds shall cease to be such officers before delivery of such bonds, such signatures or countersignatures, whether manual or facsimile, shall nev ertheless be valid a nd suffici ent for al l purposes, the same as if said officers had remained in office until such delivery. Said bonds shall bear interest at a rate to be fixed by the common council of the town of Petersburg, not to exceed, however, 6 per centum per annum, payable semiannually, and said bonds shall be sold at not less than the principal amount thereof plus accrued interest. SEC. 4. The bonds herein authorized to be issued shall be general obligations of the town of Petersburg, Territory of Alaska, payable as to both principal and interest 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 inter- est 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 common council of the town of Petersburg shall direct ; and the proceeds thereof shall be disbursed only for the purposes here- inbefore mentioned and under the orders and directions of said common council from time to time as such proceeds may be required for s uch pu rpose s. SE C. 6 . The incorporated town of Petersburg is hereby authorized to enter into contracts with the United States of America or any agency or instrumentality thereof under the provisions of the National Industrial Recovery Act and Acts amendatory thereof and Acts supp lement al th ereto, and revisi ons t hereof, and the r egula - tions made in pursuance thereof, and under any further Acts of the Congress of the United States to encourage public works, or relieve unemployment, including the Emergency Relief Appropriation Act of 1935, for the sale of bonds issued in accordance with the provi- sions of this Act or for the acceptance of a grant of money to aid said municipality in financing any public works herein authorized ; or to enter into contracts with any persons or corporations, public or private, for the sale of such bonds ; and such contracts may con- tain such terms and conditions as may be agreed upon by and between the common council of said town of Petersburg, and the United States of America_, or any agency or instrumentality thereof or any such purchaser. SEC. 7 . This Act shall take effect immediately. Approved, May 28, 1935.