Chapter 820. To amend an Act to prohibit the passage of special or local laws in the Territories, to limit the Territorial indebtedness, and so forth
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CHAP. 820.— An Act To amend an Act to prohibit the passage of special or local laws in the Territories, to limit the Territorial indebtedness, and so forth. June 6, 1900. *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, That the Act of Congress Territories.Vol. 24, p. l70, amended.approved July thirtieth, eighteen hundred and eighty-six, entitled “An Act to prohibit the passage of local or special laws of the Territories of the United States, to limit Territorial indebtedness, and for other purposes,” is hereby amended so as to permit, authorize, and Municipal bond issues for city buildings and sites authorized.legalize the issuance of bonds by chartered municipal corporations having a bona tide population of not less than ten thousand persons, in any Territory of the United States, for erecting a city building and purchasing the ground for the same.
The limitations of said Act of July thirtieth, eighteen hundred and eighty-six, shall not apply to such municipal corporations: *Provided*, That before any bonds shall be issued *Provisos.*Election to precede issue.the mayor and common council of such municipal corporation shall cause an election to be held in such city or town, and the mayor and common council of such municipal corporation shall cause to be published —notice of.in a newspaper of general circulation published in said city or town a notice of the time and place or places of holding such election.
Such notice shall be given not more than sixty nor less than thirty days before such election. On the question of the issuance of said bonds no person shall be qualified to vote except he be in all respects a qualified elector and owner of real or personal property subject to taxation within the municipality. In ease two-thirds of the qualified voters, as above described, shall vote affirmatively for the issuance of said bonds, —qualified voters.then the mayor and common council shall issue the same, and not otherwise.
Said bonds shall contain all necessary provisions Form, interest, etc.as to form, and such municipality shall provide a proper sinking fund for the redemption of said bonds. Said bonds shall not bear a rate of interest exceeding five per centum, and the interest shall be paid semi-annually, and none of said bonds shall be sold at less than their par value: *Provided further*, That no city under this Act shall issue bonds Limit of issue.in excess of thirty thousand dollars. Approved, June 6, 1900.