Public Law 74–467

That municipal corporations in the Territory of Alaska are hereby authorized to construct, improve, extend, better, repair, reconstruct, or acquire public works of a permanent character and to incur bonded indebtedness and issue negotiable bonds for any or all of such

Proviso.

Limitation on amount.

purposes: Provided, however, That no

Work included.

municipal corporation shall incur a bonded indebtedness or issue its negotiable bonds under this Act to an amount which, including existing bonded indebtedness shall exceed 10 per centum of the aggregate taxable value of the real and personal property within the corporate limits of such municipal corporation. Such public work shall include but not be limited to streets, bridges, wharves and harbor facilities, sewers and sewage-disposal plants, municipal buildings, schools, libraries, gymnasia and athletic fields, fire houses, and public utilities.

Sec. 2.

No bonded indebtedness shall be incurred by any municipal corporation in the Territory of Alaska unless the proposal to incur such indebtedness be first submitted to and approved by not less than 65 per centum of the qualified electors of such municipal corporation whose names appear on the last tax assessment roll or record of such

Notice of election.

municipality for purposes of municipal taxation. Not less than twenty days’ notice of any such election shall be given by posting notices of the same in three conspicuous places within the corporate limits of such municipal corporation, one of which shall be posted at the

Registration, ballot, etc.

front door of the United States Post Office therein. The registration for such election, the manner of conducting the same, the form of ballot, and the canvass of the returns shall be prescribed by the governing body of such municipality.

Sec. 3.

Bonds issued pursuant to this Act shall bear such date or dates, may be in such denominations, may mature in such amounts and at such time or times, not exceeding thirty years from the date thereof, may be payable at such place or places, may be sold at either public or private sale, may be redeemable (either with or without premium) or nonredeemable, may carry such registration privileges as to either principal and interest, or principal only, and may be executed by such officers and in such manner, as shall be. prescribed by the governing body of the municipality issuing the bonds. In case any of the officers whose signatures appear on the bonds or coupons shall cease to be such officers before delivery of such bonds, such signatures, whether manual or facsimile, shall, nevertheless, be valid and sufficient for all purposes, the same as if

Interest rate.

such officers had remained in office until such delivery. The bonds so issued shall bear interest at a rate to be fixed by the governing body of the municipality issuing the same, not to exceed, however, 6per centum per annum, payable semiannually. All such bonds shall be sold for not less than the principal amount thereof plus accrued interest.

Sec. 4.

It shall be the duty of the governing body of every municipal

Annual levy for interest payments and retirement of bonds.

corporation which incurs such bonded indebtedness to levy or cause to be levied each year during the life of such outstanding bonds, taxes in amounts sufficient to seasonably provide for payment and to pay all interest on and the principal or such obligations as they respectively accrue and mature.

Sec. 5.

All Acts and parts of Acts in conflict herewith are hereby

Inconsistent laws repealed.

Existing indebtedness not affected.

repealed to the extent of such conflict; but nothing contained in this Act shall affect any bonded indebtedness heretofore incurred or heretofore authorized by law. The powers conferred by this Act

Powers, limitations, etc.

shall be in addition and supplemental to and the limitations imposed hereby shall not affect the powers conferred by any other law.