Page:United States Statutes at Large Volume 57 Part 1.djvu/259

 PUBLIC LAWS-CH. 175-JUNE 28, 1943 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 city of Anchorage, signataur. Alaska. The bonds shall bear the signatures of the mayor and the clerk of said city and shall have impressed thereon the official seal of said city. The coupons to be annexed to such bonds shall bear the facsimile signatures of the mayor and of the clerk of said city. 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 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. Interest rate. Said bonds shall bear interest at a rate to be fixed by the common council of the city of Anchorage not to exceed 5 per centum per sale price, annum, payable semiannually, and said bonds shall be sold at not less than par plus accrued interest. Nature 0 of obl'ga SEC. 4. The bonds herein authorized to be issued shall be general obligations of said city of Anchorage, payable as to both principal and interest from ad valorem taxes which shall be levied upon all the taxable property within the corporate limits of such municipality in an amount sufficient to pay the interest and principal of such bonds as the same shall become due and payable. The city of Anchorage is hereby granted the further right to pay said bonds out of the net revenues of the utility to be purchased with the proceeds of the bond issue, and any additions thereto, and to pledge the revenues from such utility, after all necessary expenses of maintenance and operation shall have been paid, in an amount sufficient to pay the principal and interest of such bonds as the same shall become due and payable. Covenants for pro- SEC. 5. Any ordinance of the city of Anchorage, Alaska, author- tection of bondbold-. ers. izing the issuance of these bonds, or fixing the terms and covenants thereof, or both, may contain covenants by the city in order to protect and safeguard the security and the rights of the holders of these bonds, including covenants as to, among other things- Use of revenues. (a) The use and disposition of the revenues of said utility and any additions or betterments thereto the cost of which is to be defrayed with such proceeds, including the creation and maintenance of funds to he used for operation and nainltelance, for renewals and replace- ments to said utility, and for disposition of any surplus fron said revenues. Rates and charges. (b) The establishing and maintaiining of adequate rates and charges for electric energy and other services, facilities, and commodities sold furnished, or supplied by said utility sufficient to pay all cost of maintenance and operation, bond service, and other charges upon the gross revenues as provided by ordinance. Operation manage- (C) The operation, maintenance, management, accounting, and auditing of said utility. Dislosa, of utility. (d) Limitations upon the right of the city of Anchorage to dis- pose of all or any part of such utility without making provision for payment of all outstanding bonds. lBoard of Pubic (e) That the Common Council of the City of Anchorage is author- ers. ized to create a board of three members to be known as the Board of Public Utility Commissioners, which Board shall manage and control the operation of said utility. prditis o ri- SEC. 6. If the Common Council of the City of Anchorage shall deer it advisable, said city may issue an or any part of the bonds authorized by this Act not used for the purchase of such utility for the purpose of making any necessary extensions, additions, or improvements to said utility. Bonds for these purposes may be a part of the same issue of bonds issued for the purpose of purchasing 246 [57 STAT.

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