Chapter 138. To authorize the incorporated town of Cordova, Alaska, to issue bonds for the construction of a trunk-sewer system and a bulkhead or retaining wall, and for other purposes
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CHAP. 138.— An Act To authorize the incorporated town of Cordova, Alaska, to issue bonds for the construction of a trunk-sewer system and a bulkhead or retaining wall, and for other purposes. April 12, 1930.[[H. R. 8559](/us/bill/71/hr/8599).][[Public, No. 118](/us/pl/71/118).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, That the incorporated Cordova, Alaska.May issue bonds for sewer system, etc.town of Cordova, Alaska, is hereby authorized and empowered to issue its bonds in any sum not to exceed $50,000 for the purpose of constructing a trunk-sewer system in said town and a bulkhead or retaining wall on First Street of said town: *Provided, however*, That *Proviso*.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.
Sec. 2. That before said bonds shall be issued a special election Special election to authorize.shall be ordered by the common council of the town of Cordova, at which election the question whether such bonds shall be issued shall be submitted to the qualified electors of said town of Cordova. 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 of conducting Conduct 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 162 bonds shall be issued only upon the 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 of bonds, etc.
That the bonds above specified, when authorized to be issued as hereinbefore provided, shall bear interest at a rate not to exceed 6 per centum per annum, payable semiannually, and shall not he sold for less than their par value with accrued interest, and shall be in such denominations as the common council of said town may *Proviso*.Redemption.designate, but not exceeding $1,000 each, from date thereof: *Provided, however*, That the common council of the said town of Cordova may reserve the right to pay off such bonds in their numerical order at the rate of $10,000 or less thereof per annum from and after the expiration of four 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, town of Cordova, Alaska, or at such other place as may be designated by the common council of the town of Cordova, the place of payment to be mentioned in said Signatures and seal required.bonds: *And provided further*, That each and every such bond shall have the written signature of the mayor and clerk of said town of Cordova 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 that specified in this Act. Said bonds shall be sold only in such amounts as the common Sale 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, April 12, 1930.