Chapter 66. To authorize the incorporated town of Seward, Alaska, to issue bonds in any sum not exceeding $25,000 for the purpose of constructing dikes, flumes, and other works to confine the waters of Lowell Creek for the protection of said town
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CHAP. 66.— An Act To authorize the incorporated town of Seward, Alaska, to issue bonds in any sum not exceeding $25,000 for the purpose of constructing dikes, flumes, and other works to confine the waters of Lowell Creek for the protection of said town. May 1, 1918.[[H. R. 9832](/us/bill/65/hr/9832).][[Public, No. 142](/us/pl/65/142).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, That the incorporated town ofSeward, Alaska.May issue bonds to confine waters of Lowell Creek.
Seward, Alaska, is hereby authorized and empowered to issue bonds in any sum not exceeding $25,000 for the purpose of constructing dikes, flumes, and other protection to confine the waters of Lowell Creek, and to keep said waters from running over and upon the town of Seward. Before said bonds shall be issued a special electionElection to authorize. shall be ordered by the common council of the town of Seward, at which election the question of whether such bonds shall be issued shall be submitted to the qualified electors of said town of Seward whose names appear on the last assessment roll of said town for municipal taxation.
Thirty days’ notice of any such election shall be given by publication thereof in a newspaper printed and published and of general circulation in said town before the day fixed for such election. The registration for such election, the manner of conducting theConduct of election. same, and the canvass of the returns of said election shall be, as near as practicable, in accordance with the requirements of law in general or special elections in said municipality, and said bonds shall be issued only upon the condition that a majority of the votes cast at such election in said town shall be in favor of issuing said bonds.
The bonds above specified, when authorized to be issued as hereinInterest rate, sale, etc. before provided, shall bear interest at a rate not to exceed eight per centum per annum, payable semiannually, and shall not be sold for less than their par value with accrued interest and shall be in denominations not exceeding $1,000 each the principal to be due in twenty years from date thereof: *Provided, however*, That the common*Provisos*.Redemption. council of said town of Seward may reserve the right to pay off such bonds in their numerical order at the rate of $5,000 thereof per annum from and after the expiration of five years from their date.
Principal and interest shall be payable in lawful money of the UnitedPayment of principal and interest. States of America at the office of the town treasurer, or at such bank in the city of New York, in the State of New York, or such place as may be designated by the common council of the town of Seward; the place of payment to be mentioned in the bonds: *And provided further*, That each and every such bond shall have the written signatureSignatures and seal required. of the mayor and clerk of said town of Seward and also bear the seal of said town.
No part of the funds arising from the sale of said bonds shall beUse of funds restricted.Sale of bonds. used for any purpose other than specified in this Act. Said bonds shall be sold only in such amounts as the common council shall direct, and the proceeds thereof shall be disbursed under the limitations hereinbefore imposed and under the order and direction of said common council, from time to time, as the same may be required for the purposes aforesaid. Approved, May 1, 1918.