Public Law 64–456

That the incorporated town

Juneau, Alaska.

May issue bonds for schoolhouse.

of Juneau, Alaska, is hereby authorized and empowered to issue its bonds in any sum not exceeding $75,000 for the purpose of constructing a school house in said town and equipping the same.

Sec. 2.

That before said bonds shall be issued a special election

Election to authorize.

shall be ordered by the common council of the town of Juneau, at which election the question whether such bonds shall be issued shall be submitted to the qualified electors of said town of Juneau. 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

Conduct 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 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 be

Interest rate.

issued as hereinbefore provided, shall bear interest at a rate not to exceed five 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 $1,000 each, the principal to be due in ten years from date thereof: Provided, however, That the

Provisos.

Redemption.

common council of said town of Juneau 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. Principal and interest shall be payable in lawful money of

Payment of principal and interest.

the United States of America at the office of the town treasurer of the town of Juneau, Alaska, or at such other place as may be designated by the common council of the town of Juneau; the place of payment to be mentioned in said bonds: And provided further, That each and

Written signatures, etc., required.

every such bond shall have the written signature of the mayor and clerk of said town of Juneau and also bear the seal of said town.

Sec. 5.

That no part of the funds arising from the sale of said

Use of funds restricted.

bonds shall be used for any purpose other than that 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 by the school board 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.