Chapter 62. To authorize the incorporated town of Ketchikan, Alaska, to issue bonds for the construction and equipment of schools therein, and for other purposes
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CHAP. 62.— An Act To authorize the incorporated town of Ketchikan, Alaska, to issue bonds for the construction and equipment of schools therein, and for other purposes. February 7, 1920. [[H. R. 8953](/us/bill/66/hr/8953).] [[Public, No. 132](/us/pl/66/132).] *Be it enacted by the Senate and House of Representatives o f the United States of America in Congress assembled, * Ketchikan, Alaska.May issue bonds for schoolhouse. That the incorporated town of Ketchikan, Alaska, is hereby authorized and empowered to 403issue its bonds in any sum not exceeding $100,000 for the purpose of constructing a schoolhouse in said town and equipping the same.
Sec. 2. That before said bonds shall be issued a special electionSpecial election to authorize. shall be ordered by the common council of the town of Ketchikan, at which election the question of whether such bonds shall be issued shall be submitted to the qualified electors of said town of Ketchikan. 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.
Sec. 3. That the registration for such election, the manner of conductingConduct of election. the same, and the canvass of the returns of said election shall be, as nearly 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. Sec. 4. That the bonds above specified, when authorized to beInterest rate, sale, etc. issued as hereinbefore provided, shall bear interest at a rate not to exceed 6 per centum per annum, payable annually, 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 fifteen years from the date thereof: *Provided, however*, That the*Provisos*.Redemption. common council of the said town of Ketchikan may reserve the right to pay off said bonds in their numerical order at the rate of $10,000 or less thereof per annum at any interest period: *Provided further*,Premium bond payments.
That on all bonds paid off the first year after date there shall be paid a premium of 212 per centum, on all bonds paid off the second year a premium of 2 per centum, on all bonds paid off the third year a premium of 112 per centum, and on all bonds paid off the fourth year a premium of 1 per centum besides interest. Principal and interestPayment of principal and interest. shall be paid in lawful money of the United States of America, at the office of the town treasurer of the town of Ketchikan, Alaska, or at such other place as may be designated by the common council of the town of Ketchikan; the place of payment to be mentioned in said bonds: *And provided further*, That each and every such bond shallSignatures and seal required. have the written signature of the mayor and clerk of said town of Ketchikan, and also bear the seal of said town.
Sec. 5. That no part of the funds arising from the sale of said bondsUse of funds restricted. shall be used for any purpose other than that specified in this Act. Said bonds shall be sold only in such amounts as the common councilSale of bonds. shall direct, and the proceeds thereof shall be disbursed by the school board of such town under the limitations hereinbefore imposed and under the direction of said common council from time to time as the same may be required for the purposes aforesaid.
Approved, February 7, 1920.