Page:United States Statutes at Large Volume 50 Part 1.djvu/837

 812 75TH CONGRESS, 1ST SESSION-CH. 780-AUGUST 25, 1997 conspicuous places within the corporate limits of the city of Ketchi- kan, Alaska, one of which shall be at the front door of the United States post office at Ketchikan, Alaska. The election notice shall specifically state the amount of bonds proposed to be issued for the purposes herein specified. The registration for such election, the manner of conducting the same, and the canvass of the returns of said election shall be, as nearly as practicable, in accordance with the requirements of law in general or special elections in said municipality ; and such bonds shall be issued for the purposes herein authorized only upon condition that not less than 65 per centum of the votes cast at such election in said municipality shall be in favor of the issuance of said bonds for such purposes. SEC. 3 . The bonds herein authorized sh all be coupon in form and shall mature in not to exceed twenty years from the date thereof. Such bonds may bear such date or dates, may be in such denomina- tion or denominations, may mature in such amounts and at such time or times not exceeding twenty years from the date thereof, may be payable at such place or places, may be sold at either public or private sale, may be nonredeemable or redeemable (either with or without premium), and may carry such registration privileges, as to either principal and interest or principal only, as shall be pre- scribed by the common council of said city of Ketchikan. The bonds shall bear the signatures of the mayor and of the clerk of the city of Ketchikan and shall have impressed thereon the official seal of said m unicipality. The coupons to be annexed to such bonds shall bea r the facsimil e signatures of the mayor and of the cle rk of said municipality. 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 counter- signatures, whether manual or facsimile, shall nevertheless be valid and sufficie nt for all pu rposes, the s ame 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 city of Ketchikan, not to exceed, however, 6 per centum per annum, payable semi- annually, 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 Ketchikan, Alaska, payable as to both interest and principal from ad-valorem taxes which shall be levied upon all of the taxa ble prop erty wit hin the corp orat e li mits 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 common council of the city of Ketchikan shall direct ; and the proceeds thereof shall be distributed only for the purposes hereinbefore mentioned an d under the o rders and dire ction of said common counc il from time to time as su ch proceeds ma y be required for said purposes. SEC. 6. The city of Ketchikan is hereby authorized to enter into contracts with the United States of America or any agency or instru- mentality thereof for the sale of bonds issued in accordance with the provisions of this Act, and for the acceptance of a grant of money to aid said municipality in financing any of the public works herein- before mentioned, or for either ; or to enter into contracts with any persons or corporations, public or private, for the sale of such bonds ; Regis trati on for election ; canvass of returns. Bonds fo rm, ma- turity, etc. Denominations. Registration privi- leges. i;igua tures,v alidit y. Coupons. Interest rate. Issue ; payment. Restriction on use of funds. Contracts for safe of bonds.