Public Law 75–780

That the city of

Ketchikan, Alaska.

Bond issue authorized for public improvements.

Ketchikan, Alaska, is hereby authorized and empowered to construct, reconstruct, enlarge, extend, improve, and repair all or any portion of its streets and sidewalks, and also to make such changes, extensions, betterments, and replacements as may thereby be rendered necessary or advisable in its sewers, water systems, electric current lines, telephone lines, and other public utilities; and for such purposes to issue bonds m any amount not exceeding $250,000.

Sec. 2.

Before said bonds shall be issued, a special election shall

Special election.

be ordered by the common council of the said city of Ketchikan, Alaska, at which election the question of whether such bonds shall be issued in the amount above specified for the purpose hereinbefore set forth shall be submitted to the qualified electors of said city of Ketchikan, Alaska, whose names appear on the last assessment roll of said city, for purposes of municipal taxation. The form of the

Ballot.

ballot shall be such that the electors may vote for or against the issuance of bonds for the purposes herein specified up to the amount herein authorized. Not less than twenty days’ notice of such election

Notice; statement therein.

shall be given to the public by posting notices of same in three conspicuous places within the corporate limits of the city of Ketchikan, Alaska, one of which shall be at the front door of the United States post office at Ketchikan, Alaska. The election notice shall specifically state the amount of bonds proposed to be issued for the

Registration for election; canvass of returns.

purposes herein specified. 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 such bonds shall be issued for the purposes herein authorized only upon condition that not less than 65 per centum of the votes cast at such election in said municipality shall be in favor of the issuance of said bonds for such purposes.

Sec. 3.

The bonds herein authorized shall be coupon in form and shall mature in not to exceed twenty years from the date thereof.

Denominations.

Such bonds may bear such date or dates, may be in such denomination or denominations, may mature in such amounts and at such time or times not exceeding twenty years from the date thereof, may be payable at such place or places, may be sold at either public or private sale, may be nonredeemable or redeemable (either with or

Registration privileges.

without premium), and may carry such registration privileges, as to either principal and interest or principal only, as shall be prescribed

Signatures, validity.

by the common council of said city of Ketchikan. The bonds shall bear the signatures of the mayor and of the clerk of the city of Ketchikan and shall have impressed thereon the official seal of said municipality. The coupons to be annexed to such bonds shall bear the facsimile signatures of the mayor and of the clerk

Coupons.

of said municipality. In case any of the officers whose signatures or countersignatures appear on the bonds shall cease to be such officers before delivery of such bonds, said signatures or counter- signatures, whether manual or facsimile, shall nevertheless be valid and sufficient for all purposes, the same as if said officers had

Interest rate.

remained in office until such delivery. Said bonds shall bear interest at a rate to be fixed by the common council of the city of Ketchikan, not to exceed, however, 6 per centum per annum, payable semiannually, and said bonds shall be sold at not less than the principal amount plus accrued interest.

Sec. 4.

The bonds herein authorized to be issued shall be general obligations of the city of Ketchikan, Alaska, payable as to both interest and principal from ad-valorem taxes which shall be levied upon all of the taxable property within the corporate limits of such municipality in an amount sufficient to pay the interest on and the principal of such bonds as and when the same become due and payable.

Sec. 5.

No part of the funds arising from the sale of said bonds shall be used for any purpose or purposes other than those specified in this Act. Said bonds shall be sold only when and in such amounts as the common council of the city of Ketchikan shall direct; and the proceeds thereof shall be distributed only for the purposes hereinbefore mentioned and under the orders and direction of said common council from time to time as such proceeds may be required for said purposes.

Sec. 6.

The city of Ketchikan is hereby authorized to enter into contracts with the United States of America or any agency or instrumentality thereof for the sale of bonds issued in accordance with the provisions of this Act, and for the acceptance of a grant of money to aid said municipality in financing any of the public works hereinbefore mentioned, or for either; or to enter into contracts with any persons or corporations, public or private, for the sale of such bonds; and such contracts may contain, subject to the provisions of this Act, such terms and conditions as may be agreed upon by and

Terms and conditions.

between the common council of said city of Ketchikan and the United States of America or any agency or instrumentality thereof, or any other purchaser of the bonds.

Sec. 7.

The provisions of the Act approved May 28, 1936, entitled

Exiting provisions not to affect issuance, etc.

49 Stat. 1388.

48 U. S. C., Supp. II, §§ 44a–e.

“An Act to authorize municipal corporations in the Territory of Alaska to incur bonded indebtedness, and for other purposes” (49 Stat. 1388), as amended, shall not affect the issuance or payment of the bonds authorized by this Act or any proceedings taken hereunder.