Chapter 77. To authorize the incorporated town of Wrangell, Alaska, to issue bonds for the construction, enlargement, and equipment of schools, the acquisition and construction of a water-supply system, the construction of a sewer system, the construction of a city dock and floating dock, and to levy and collec
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CHAP. 77.— An Act To authorize the incorporated town of Wrangell, Alaska, to issue bonds for the construction, enlargement, and equipment of schools, the acquisition and construction of a water-supply system, the construction of a sewer system, the construction of a city dock and floating dock, and to levy and collect a special tax therefor. February 17, 1920. [[H. R. 10746](/us/bill/66/hr/10746).] [[Public, No. 142](/us/pl/66/142).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, * Wrangell, Alaska.May issue bonds for public improvements.
That the incorporated town of Wrangell, Alaska, is hereby authorized and empowered to issue its bonds in any sum, not exceeding $80,000, for the purpose of enlarging its public schoolhouse and constructing and equipping public schools, for the acquisition and construction of a water-supply system, for the construction of a sewer system, and for the construction of a city dock and also a floating dock. 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 Wrangell, at which election the question of whether such bonds shall be issued shall be submitted to the qualified electors of said town of Wrangell.
Notice of any such election shall be given by publication thereof once a week for four consecutive weeks prior to such election in a newspaper printed and published and of general circulation in said town. 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 be sold for not 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 the date thereof: *Provided, however*, That the*Provisos*.Redemption. common council of the town of Wrangell 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, besides interest, on all bonds paid off the second year a premium of 2 per centum, besides interest, on all bonds paid off the third year a premium of 112 per centum, besides interest, and on all bonds paid off the fourth year a premium of 1 per centum besides interest. Principal and interest shall be paid inPayment of principal and interest. lawful money of the United States of America at the office of the town treasurer of the town of Wrangell, Alaska, or at such other place as may be designated by the common council of said town of Wrangell, the place of payment to be mentioned in said bonds: *And provided further*, That each and every bond shall have the writtenSignatures and seal required. signature of the mayor and clerk of said town of Wrangell 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.Sale of bonds. shall be used for any other purpose than that specified in this Act. Said bonds shall be sold only in such amounts as the common council 436shall direct, and the proceeds thereof shall be disbursed for the purposes herein mentioned and under the order and direction of said common council from time to time as the same may be required for *Proviso*.Allotment of proceeds.said purposes: *Provided*, That not to exceed $15,000 of the proceeds of the sale of said bonds shall be expended for the construction, enlargement, and equipment of public schools; not to exceed $25,000 thereof shall be expended for the acquisition and construction of a water-supply system; not to exceed $15,000 thereof shall be expended for the construction of a sewer system; and not to exceed $20,000 thereof shall be expended for the construction of a city dock; and not to exceed $5,000 thereof shall be expended for the construction of a floating dock.
Sec. 6. Special tax authorized for paying bonds. That said town of Wrangell is hereby authorized annually to assess, levy, and collect a special tax, not to exceed 2 per centum of the assessed valuation, upon all the real and personal property situated in said town, and to enforce the collection of the same as other taxes, to provide for the payment of said bonds; such tax, if levied and collected, shall be used exclusively for such purpose, and may be administered as a sinking fund therefor.
Approved, February 17, 1920.