Page:United States Statutes at Large Volume 58 Part 1.djvu/769

 58 STAT.] 78TH CONG. , 2D SESS.-CH. 422-SEPT. 27, 1944 be issued, in an amount not exceeding the amount above specified and for the purposes hereinbefore set forth, shall be submitted to the qualified electors of said city of Ketchikan, Alaska, whose names appear on the last assessment roll of said city for purposes of munici- pal taxation. The form of the ballot shall be such that the electors may vote for or against the issuance of bonds for the purposes herein specified up to the amount herein authorized. 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 cor- porate limits of the city of Ketchikan, Alaska, one of which shall be on a bulletin board in the public lobby of the United States post office at Ketchikan, Alaska. The election notice shall specifically state the amount of bonds proposed to be issued and the purposes for which said bonds are to be issued. The registration for such elec- tion, the manner of conducting the same and the canvass of the returns of such election shall be, as nearly as practicable, in accord- ance with the requirements of law for general and special elections in said municipality; and such bonds shall be issued for the purposes herein authorized only upon the condition that not less than 51 per centum of the votes cast at such election shall be in favor of the issuance of said bonds for such purposes. SEC. 3. Said bonds shall be authorized by resolution or ordinance of the common council, and may be issued in coupon form, and may be made registerable as to principal alone or as to both principal and interest under such terms and conditions as the common council shall provide. Said bonds shall be dated and shall be in such denomina- tion or denominations, and may mature in such amounts and at such time or times not exceeding twenty years from the date thereof and may be payable at such place or places as the common council shall determine. The said bonds may be made redeemable either with or without premium, in the discretion of the common council, and may be sold at public or private sale. Said bonds shall be signed by the mayor and clerk of the city of Ketchikan, Alaska, and shall have impressed thereon the official seal of said municipality, and the coupons annexed to said bonds representing interest to be payable thereon shall be signed with the facsimile signatures of said mayor and clerk. Said bonds shall bear such rate or rates of interest as the common council shall determine. In the event any of the officers whose signatures or countersignatures appear on said bonds or coupons 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 remaind in office until such delivery. SEC. 4. The bonds herein authorized shall be general obligations of the city of Ketchikan, Alaska, and the mayor and Common Council of the City of Ketchikan are hereby authorized and directed, in the resolution or ordinance authorizing the issuance of said bonds, to pledge to the payment of the principal and interest thereof the full faith and credit of the city of Ketchikan and to obligate the city, if necessary, to levy taxes upon all the taxable property within said city for the payment of the principal and interest of said bonds as and when the same become due and payable, without limitations as to rate or amount. SEC. 5. In addition to the pledge of the taxing power contained in section 4 hereof, the mayor and common council are hereby authorized and directed, in the resolution or ordinance authorizing said bonds, to pledge to the payment of said bonds and the interest thereon the revenues, income, receipts, and profits derived by the city of Ketchikan from the ownership, management, and operation 749 Form of ballot. Notice. Registration. Percentage of favor- able votes required. Authorization, form, maturity. Signatures. Interest rate. Nature of obliga tion; payment. Additional plede.

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