Page:United States Statutes at Large Volume 70.djvu/205

 70 S T A T. ]

PUBLIC LAW 5ie-MAY 10, 1956

149

the operation of the subsidized vessels, services, routes, and lines, the contractor shall pay to the United States an amount equal to one-half of such profits in excess of 10 per centum per annum as partial or complete reimbursement for operating-differential subsidy payments received by the contractor for such recapture period, but the amount of excessive profit so recaptured shall not m any case exceed the amount of the operating-differential subsidy payments theretofore made to the contractor for such period under such contract or consecutive contracts and the repayment of such reimbursement to the Commission shall be subject to the provisions of section 607;" SEC. 2. Each operating-differential subsidy contract in force on the contTacfs*"*"** °' date of enactment of this Act shall, if the subsidized contractor consents, be amended to conform to the provisions of section 606 of the Merchant Marine Act, 1936, as amended by section 1 of this Act. Approved May 10, 1956. Public Law 516

CHAPTER 248 AN ACT

To authorize the Territory of Alaska to incur indebtedness, and for other purposes.

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May 10, 195 I S [H. R. 4781]

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Territory piM?<?improveof Alaska is authorized and empowered, notwithstanding any pro- ment bonds; vision of the Organic Act of Alaska or any other Act of Congress to the contrary, to borrow on the credit of the Territory from time to time such sums as may be necessary for constructing, altering, equipping, or acquiring public improvements including, but without limitation, schools, hospitals, colleges, offices, prisons, and other public buildings, and roads, water and sewer systems, wharves, docks, bridges, and other public facilities, and to issue bonds of the Territory for such borrowings. Such bonds shall be issued only by authorization of the Territorial legislature, shall bear such rates of interest as may be authorized by the law under which the bonds are issued, and shall be sold for not less than their principal amount plus accrued interest. The principal amount of such bonds outstanding at any one time shall not exceed $20,000,000. The faith of the Territory shall be solemnly pledged to the payment of all such bonds according to their terms. SEC, 2. No such bonded debt shall be contracted unless it shall be authorized by Territorial law for one or more public improvements, which shall be distinctly specified in such law. No such bonded debt shall be contracted for a period longer than the probable life of the works of improvement for which the debt is to be contracted nor, in any event, for a period longer than thirty years. A determination of such probable life provided by either a special or general law of the Territory in effect at the time the debt is contracted shall be conclusive. SEC. 3. The bonds provided for in this Act shall be serial bonds the maturities of which shall be so scheduled as to provide for the payment of the principal of each issue of bonds in annual installments, which need not be equal. The earliest-maturing bonds of each issue shall become payable not more than three years from the date of the issue, and the latest-maturing bonds of each issue shall become payable before or upon the expiration of the probable life of the works of improvement for which the issue was made and, in any event, not more than thirty years from the date of the issue. The privilege of redeeming all or any part of the bonds of each issue prior to the

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