Chapter 85. To authorize the incorporated town of Fairbanks, Alaska, to issue bonds for the purchasing, construction, and maintenance of an electric light and power plant, telephone system, pumping station, and repairs to the water front, and for other purposes
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CHAP. 85.— An Act To authorize the incorporated town of Fairbanks, Alaska, to issue bonds for the purchasing, construction, and maintenance of an electric light and power plant, telephone system, pumping station, and repairs to the water front, and for other purposes.February 9, 1927.[[H. R. 11843](/us/bill/69/hr/11843).][[Public, No. 589](/us/pl/69/589).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*,Fairbanks, Alaska.May issue bonds for public utilities, etc.
That the incorporated town of Fairbanks, Alaska, is hereby authorized and empowered to issue its bonds in any sum not exceeding $100,000 for the purpose of purchasing, constructing, and maintaining an electric light and power plant, telephone system, pumping station, and repairs to the water front in said town. 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 Fairbanks, 1063 at which election the question whether such bonds shall be issued shall be submitted to the qualified electors of said town of Fairbanks.
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 ofConduct of election. conducting 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 sixty-five per centum 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 semiannually, and shall not be sold for less than their par value with accrued interest and shall be in such denominations as the common council of said town may designate, but not exceeding $1,000 each: *Provided, however*, That*Provisos*.Form, etc., Of bonds. no issue of bonds or other instruments of any such indebtedness shall be made, other than such bonds or other instruments of indebtedness in serial form maturing in substantially equal annual installments, the first installment to mature not later than five years from the date of the issue of such series, and the last installment not later than thirty years from the date of such issue.
Principal and interestPayment of principal and interest. shall be payable in lawful money of the United States of America at the office of the town treasurer, town of Fairbanks, Alaska, or at such other place as may be designated by the common council of the town of Fairbanks, 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 Fairbanks 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 that specified in this Act. Said bonds shall be sold only in such amounts as the commonSale of bonds. council shall direct, and the proceeds thereof shall be disbursed by the treasurer of said 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 9, 1927.