Chapter 269. To authorize the incorporated town of Seward, Alaska, to issue bonds in any sum not exceeding $50,000 for the purpose of constructing and equipping a public-school building in the town of Seward, Alaska
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Chap. 269: To authorize the incorporated town of Seward, Alaska, to issue bonds in any sum not exceeding $50,000 for the purpose of constructing and equipping a public-school building in the town of Seward, Alaska. Chapter 269 45 Stat. 375 1928-03-28 United States Government Publishing Office text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Digitization Vendor 2025-01-24 70 1 public Chapter 269.— An Act To authorize the incorporated town of Seward, Alaska, to issue bonds in any sum not exceeding $50,000 for the purpose of constructing and equipping a public-school building in the town of Seward, Alaska.
March 28, 1928.[[H. R. 7367](/us/bill/70/hr/7367).][[Public, No. 201](/us/pl/70/201).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, Seward, Alaska.May issue bonds for school building. That the incorporated town of Seward, Alaska, is hereby authorized and empowered to issue its bonds in any sum not exceeding $50,000 for the purpose of constructing and equipping a public-school building in the town of Seward, Alaska: *Provided*, however, That no issue of bonds or *Proviso*.Form, etc., of bonds. 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.
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 said town of Seward, at which election the question of whether such bonds shall be issued shall be submitted to the qualified electors of said town of Seward whose names appear on the last assessment roll of said town for 376 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 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 condition that not less than 65 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 the town of Seward, 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 *Provisos*.Redemption. denominations not exceeding $1,000 each: *Provided*, *however*, That the common council of the said town of Seward may reserve the right to pay off such bonds in their numerical order at the rate of Payment of principal and interest. $4,000 thereof per annum from and after the expiration of five years from their date of issue.
Principal and interest shall be payable in lawful money of the United States of America at the office of the town treasurer of the town of Seward, or at such bank in the city of New York, in the State of New York, or such place as Signatures and seal required. may be designated by the common council of the town of Seward, the place of payment to be mentioned in the bonds: *Provided further*, That each and every bond shall have the written signature of the mayor and clerk of said town of Seward 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 Sale of bonds. Act. Said bonds shall be sold only in such amounts as the common council 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, March 28, 1928.
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Chapter 269
To authorize the incorporated town of Seward, Alaska, to issue bonds in any sum not exceeding $50,000 for the purpose of constructing and equipping a public-school building in the town of Seward, Alaska
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