Page:United States Statutes at Large Volume 55 Part 1.djvu/796

 55 STAT.] 77TH CONG., 18T SESS.-CH. 475-NOV. 21, 1941 against the issuance of bonds in any amount not exceeding $250,000 for any or all of the purposes herein specified. Not less than twenty days' notice of such election shall be given to the public by posting notices of same in three conspicuous places within the corporate limits of the city of Ketchikan, Alaska, one of which shall be at the front door of the United States post office at Ketchikan, Alaska. The election notices shall state that bonds in any amount not exceeding $250,000 are proposed to be issued for the purposes, or any of them, 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 55 per centum of the votes cast at such election in said municipality shall be in favor of the issuance of said bonds for such purpose or purposes. SEC. 3. The bonds herein authorized shall be coupon in form and shall mature in not to exceed thirty years from the date thereof. Such bonds may bear such date or dates, may be in 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 pay- able 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 prescribed 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 municipality. The coupons to be annexed to such bonds shall bear the facsimile sig- natures of the mayor and of the clerk of said municipality. In case any of the officers whose signatures or countersignatures appear on the bond shall cease to be such officers before delivery of such bonds, said signatures or countersignatures, whether manual or facsimile, shall nevertheless be valid and sufficient for all 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 city of Ketchikan, not to exceed, however, 5 per centum per annum, payable semiannually, ant said bonds shall be sold atnot less than the principal amount plus accrued interest. Such bonds shall be, and shall at all times be treated as, negotiable instruments for all purposes. SEC. 4. The bonds herein authorized to be issued shall be general obligations of the said city of Ketchikan, payable as to both interest and principal from ad valorem taxes which shall be levied upon all of the taxable property within the corporate limits of such munici- pality in an amount sufficient to pay the interest on and the principal of such bonds as and when the same become due and payable, and also payable from any other funds of said city which may lawfully be applied thereto. 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, or any of them, hereinbefore mentioned and under the orders and direction of said common council from time to time as such proceeds may be required for said purposes. SEC. 6. The said city of Ketchikan is hereby authorized to enter into contracts with any person or persons, firms or corporations, public or private, for the sale of such bonds; and such contracts may 771 Notice of election. Registration, etc. Percentage of favor- able votes required. Form and maturity of bonds. Signatures, etc. Interest rate. Obligations payable from taxes. Restrictions. Contracts for sal of bonds.

�