Chapter 165. To authorize the incorporated town of Sitka, Alaska, to issue bonds in any sum not exceeding $25,000 for the purpose of constructing a public school building in the town of Sitka, Alaska
596 words·~3 min read·
/statutes-at-large/vol-43/chapter-165-3466547·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
CHAP. 165.— An Act To authorize the incorporated town of Sitka, Alaska, to issue bonds in any sum not exceeding $25,000 for the purpose of constructing a public school building in the town of Sitka, Alaska. February 9, 1925.[[H. R. 5096](/us/bill/68/hr/5096).][[Public, No. 382](/us/pl/68/382).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, * Sitka, Alaska.May issue bonds for school building. That the incorporated town of Sitka, Alaska, is hereby authorized and empowered to issue bonds in any sum not exceeding $25,000 for the purpose of constructing a public school building in the town of Sitka, Alaska.
Sec. 2. Special election to authorize. The before said bonds shall be issued a special election shall be ordered by the common council of the town of Sitka, at which election the question of whether such bonds shall be issued shall be submitted to the qualified electors of said town of Sitka whose names appear on the last assessment roll of said town for municipal taxation. Thirty days’ notice of 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. Conduct of election. That the registration for such election, the manner of conducting the 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 condition that 60 per centum of the votes cast at such election in said town shall be in favor of issuing said bonds. Sec. 4. Interest rate, sale, etc. That the bonds above specified, when authorized to be issued as hereinbefore provided, shall bear interest at a rate to be fixed by the common council of Sitka, not to exceed 6 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 *Provisos*.
Redemption.from date thereof: *Provided, however*, That the common council of the said town of Sitka may reserve the right to pay off such bonds in their numerical order at the rate of $2,000 thereof per annum Payment of principal and Interest.from and after the expiration of five years from their date. Principal and interest shall be payable in lawful money of the United States of America at the office of the town treasurer or at such bank 819in 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 Sitka, the place of payment to be mentioned in the bonds: *And provided further*, Signatures and seal required.That each and every such bond shall have the written signature of the mayor and clerk of the said town of Sitka and also bear the seal of said town.
Sec. 5. Use of funds restricted. That no part of the funds arising from the sale of said bonds shall be used for any purpose other than specified in this Act. Said bonds shall be sold only in such amounts as the common council Sale of bonds.shall direct, and the proceeds thereof shall be disbursed for the purposes hereinbefore mentioned and under the order and direction of said common council from time to time as the same may be required for said purposes. Approved, February 9, 1925.