Page:United States Statutes at Large Volume 72 Part 1.djvu/667

 72 S T A T. ]

PUBLIC LAW 85-676-AUG. 18, 1968

626

Public Law 85-675 AN ACT To amend an Act entitled "An Act to provide for the refunding of the bonds of municipal corporations and public-utility districts in the Territory of Alaska, to validate bonds which have heretofore been issued by a municipal corporation or any public-utility district in the Territory of Alaska, and for other purposes" (54 Stat. 14), approved June 17, 1940: to validate bonds which have heretofore been issued by any municipal corporation, any public-utility district or any school district in the Territory of Alaska; and for other purposes.

Be it enacted by the Senate and House of Repreiientatives of the United States of America in Congress assembled, That sections 1, 2, and 3 of an Act entitled "An Act to provide for the refunding of the bonds of municipal corporations and public-utility districts in the Territory of Alaska, to validate bonds which have heretofore been issued by a municipal corporation or any public-utility district in the Territory of xllaska, and for other purposes" (54 Stat. 14), approved January 17, 1940, are amended to read as follows: "SECTION 1. Whenever any municipal corporation or any publicutility district or any school district in the Territory of Alaska shall have outstanding any general obligation bonded indebtedness or bonds payable from the revenues from any municipal or public utility, it shall be lawful for said municipal corporation or public-utility district or any school district through its common council or board of directors, or other governing body, as the case may be, to issue its bonds and to sell such bonds and apply the proceeds of the sale in payment of the bonds for the payment of which such refunding bonds are issued, or to exchange same for such outstanding general obligation bonds constituting said indebtedness, or, as the case may be, for such outstanding bonds payable from the revenues of a municipal or public utility. Said refunding bonds may be exchanged privately for and in payment and discharge of any outstanding bonds of a municipal or public-utility district or school district. Refunding bonds payable from the revenues of a municipal or public utility may be exchanged for a like or greater amount of outstanding bonds payable from the revenues of such municipal or public utility, and the principal amount of such refunding bonds may exceed the principal amount of such outstanding bonds to the extent necessary or advisable to fund interest in arrears or about to become due on such outstanding bonds. The holder or holders of any outstanding bonds need not pay accrued interest on the refunding bonds to be delivered in exchange therefor if, and to the extent that interest is due or accrued and unpaid on the outstanding bonds to be surrendered. Refunding bonds payable from the revenues of a municipal or public utility may be issued at any time to retire the bonds to be refunded when such bonds are payable or redeemable, in an amount sufficient to pay not only the principal of and interest on the bonds to be refunded but also any redemption premiums required to be paid in connection with the redemption of the outstanding bonds, and may also be issued in an amount sufficient to provide for the payment of the principal of and interest on and any redemption premiums with respect to the redemption of general obligation bonds issued for the acquisition of the municipal or public utility. No election shall be required to authorize the issuance and sale of such refunding bonds and the issuance and sale thereof may be authorized, and all proceedings with reference thereto prescribed by ordinance or resolution of the common council, or the board of directors, or other governing body, of the municipal corporation or public-utility district or school district, as the case may be, at any legally called meeting thereof. Refunding bonds issued under authority of this section

August 18, 1958 [H. R. 4183]

Alaska. Revenue bonds.

48 USC 315e.K. Refunding bonds. I s s u a n c e and sale.

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