Chapter 858. To authorize the incorporated town of Ketchikan, Alaska, to issue bonds in any sum not to exceed $1,000,000 for the purpose of acquiring public utility properties, and for other purposes
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CHAP. 858.— An Act To authorize the incorporated town of Ketchikan, Alaska, to issue bonds in any sum not to exceed $1,000,000 for the purpose of acquiring public utility properties, and for other purposes. July 3, 1930.[[H. R. 9707](/us/bill/71/hr/9707).][[Public, No. 531](/us/pl/71/531).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, That the incorporatedKetchikan, Alaska.Bond issue authorized for acquiring properties of Citizens Light, Power and Water Company. town of Ketchikan, Alaska, is hereby authorized and empowered to issue its bonds in any sum not to exceed $1,000,000 for the purpose of acquiring for the said town of Ketchikan the public utility properties of the Citizens Light, Power and Water Company and to finance and operate the same by the municipality of Ketchikan: *Provided, however*, That no issue of bonds or other*Proviso*.Restrictions. 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 electionElectors to decide issue of bonds. shall be ordered by the common council of the town of Ketchikan, at which election the question of whether such bonds shall be issued shall be submitted to the qualified electors of the said town of Ketchikan whose names appear on the last assessment roll of said town for municipal taxation. Thirty days’ notice of such electionNotice of 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 of such election, the manner of conductingManner 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 saidFavorable percentage required for issue of bonds. 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. That the bonds above specified, when authorized to beInterest rate, etc. issued as hereinbefore provided, shall bear interest, at a rate to be fixed by the common council of Ketchikan, 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 inDenomination, etc. denominations not exceeding $1,000 each, the principal to be due in thirty years from date thereof: *Provided, however*, That the common*Provisos*.Right to pay off numerically, may be reserved. council of the said town of Ketchikan may reserve the right to pay off such bonds in their numerical order, at the rate of not less than $22,000 thereof per annum from and after the expiration of five years from their date.
Principal and interest shall be payablePlace of payment. in lawful money of the United States of America at the office of the town treasurer or such place as may be designated by the common council of the town of Ketchikan, the place of payment to be mentioned in the bonds: *And provided further*, That each and 1012Signatures, on bonds.every such bond shall have the written signature of the mayor and clerk of said town of Ketchikan and also bear the seal of said town. Sec. 5.
Restriction on use of funds. That no part of the funds arising from the sale of said bonds shall be used for any purpose other than that specified in Disbursement, etc.this 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, July 3, 1930.