Page:United States Statutes at Large Volume 56 Part 1.djvu/777

 56 STAT.] 77TH CONG. , 2n SESS. -CH. 557-SEPT. 3, 1942 SEC. 2. Before such bonds shall be issued, a special election shall be ordered by the common council of the town of Petersburg, Alaska, at which election the question of whether such indebtedness should be incurred and such bonds shall be issued in any amount not exceed- ing $125,000 for the purposes hereinbefore set forth, shall be sub- mitted to the qualified electors of the said town of Petersburg, whose names appear on the last assessment roll of record of said town for the purpose of municipal taxation. The form of ballot shall be such that such electors may vote for or against the issuance of bonds not exceeding the amounts herein specified for the separate purposes herein specified; that is to say, they shall vote upon the issuance of bonds for each of the projects herein mentioned, separately. Not less than twenty days' notice of such election shall be given by posting notices of the same in three conspicuous places within the corporate limits of the town of Petersburg, Alaska, one of which shall be at the front door of the United States post office in the town of Peters- burg. The election notice shall state the date of election, it shall describe the polling place or places, the times when the same shall be open, and it shall state that the bonds of the town or city in any amount not exceeding $125,000 in the aggregate, are 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 accord- ance with the requirements of law for general or special elections in said town of Petersburg. Such bonds shall be issued to raise money for the purposes herein authorized, only upon condition that not less than 55 per centum of the votes cast at such election in said town shall be in favor of the issuance of said bonds for the purposes specified. SEC. 3. The bonds herein authorized shall be coupon bonds and they shall be negotiable instruments for all purposes, and they shall bear such date or dates and be in such denomination or denomina- tions, mature in such amounts and at such time or times, not exceed- ing twenty years from the date thereof, be payable at such place or places and be sold at either public or private sale, be redeemable or nonredeemable before maturity either with or without premium, and carry registration privileges as to either principal and interest, or principal only, as may be prescribed by the common council of the town of Petersburg, Alaska. The bonds shall bear the signatures of the mayor and the clerk of said town and shall have impressed thereon the official seal of said town. The coupons to be annexed to such bonds shall bear the facsimile signatures of the mayor and of the clerk of said town. 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 countersig- natures, 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 town of Petersburg not to exceed 5 per centum per annum, payable semiannually, and said bonds shall be sold at not less than par plus accrued interest. SEC. 4. The bonds herein authorized to be issued shall be general obligations of said town of Petersburg, payable as to both principal and interest from ad valorem taxes and general revenues which shall be levied upon all the taxable property within the corporate limits of such municipality, including license taxes, in an amount sufficient to pay the principal and interest of such bonds as the same shall become due and payable. The town of Petersburg is hereby author- ized and granted the further right to pay the bonds authorized for the construction of a dam and the improvements to the hydroelectric 749 Special election. Form of ballot. Notice. Registration, etc. Percentage of favor- able votes required. Form and maturity of bonds. Signatures. Interest rate. Obligations payable from taxes and general revenues. Use of net operating revenues.

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