Chapter 351. To authorize the incorporated town of Cordova, Alaska, to issue bonds in any sum not exceeding $100,000 for the purpose of constructing and equipping a public school building in said town of Cordova, Alaska
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CHAP. 351.— An Act To authorize the incorporated town of Cordova, Alaska, to issue bonds in any sum not exceeding $100,000 for the purpose of constructing and equipping a public school building in said town of Cordova, Alaska. June 7, 1924.[[H. R. 6950](/us/bill/68/hr/6950).][[Public, No. 273](/us/68/pl/273).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, * Cordova, Alaska.May issue bonds for school buildings.
That the incorporated town of Cordova, Alaska, is hereby authorized and empowered to issue bonds in any sum not exceeding $100,000 for the purpose of constructing and equipping a public school building in the town of Cordova, Alaska. Sec. 2. Special election to authorize. That before said bonds shall be issued a special election shall be ordered by the common council of the town of Cordova, at which election the question of whether such bonds shall be issued shall be submitted to the qualified electors of the said town of Cordova 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. 657 Sec. 3. That the registration for such election, the manner ofConduct of election. 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 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 toInterest rate, sale, etc. be issued as hereinbefore provided, shall bear interest at a rate to be fixed by the common council of Cordova, not to exceed 7 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 $500 each, the principal to be due in fifteen years from date thereof: *Provided, however*, That the common council of*Provisos*.Redemption. the said town of Cordova may reserve the right to pay off such bonds in their numerical order on such date or dates prior to the expiration of said fifteen years and in such a manner or number of said bonds as said common council may deem best.
Principal andPayment of principal and interest. interest shall be payable in lawful money of the United 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 Cordova, the place of payment to be mentioned in the bonds: *Provided further*, Signatures and seal required. That each and every bond shall have the written signature of the mayor and clerk of the said town of Cordova and also bear the seal of said town.
Sec. 5. That no part of the funds arising from the sale of saidUse of funds restricted. 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 councilSale 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 purpose. Approved, June 7, 1924.