Public Law 75–298

That public-utility

Alaska.

Public-utility districts authorized to incur bonded indebtedness for construction, operation, etc.

districts in the Territory of Alaska, organized under the laws of said Territory, are hereby authorized to construct, improve, extend, better, repair, reconstruct, acquire, and operate any and all types of public utilities and improvements under and in accordance with and to the full extent provided by the laws of said Territory relating to public-utility districts in said Territory, and to incur bonded indebtedness and to issue negotiable bonds for any or all of said purposes: Provided,

Proviso.

Limitation on amount.

however, That no public utility district shall incur bonded indebtedness or issue its negotiable bonds under this Act to an amount which shall exceed 10 per centum of the aggregate value of the real and personal property within such public-utility district subject to taxation by such district.

Sec. 2.

No bonded indebtedness shall be incurred by any public-utility

Submission and approval provisions.

district in the Territory of Alaska unless the proposal to incur such indebtedness be first submitted to the qualified electors of such district whose names appear on the last tax-assessment roll or record of such district for purposes of district taxation, at an election called for such purpose, and not less than 65 per centum of the votes cast at such election shall be in favor thereof. Not less than twenty days’

Notice of election.

notice of any such election shall be given by posting notices of the same in three conspicuous places within the district, one of which shall be posted at the front door of the United States post office therein, if there be a United States post office within such district. The registration for such election, the manner of conducting the

Registration, ballot, etc.

same, the form of ballot, and the canvass of the returns shall be prescribed by the governing body of such district.

Sec. 3.

Bonds issued pursuant to this Act shall bear such date

Bonds; denominations, maturity, etc.

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 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 district 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 such officers had remained in office until such delivery. The bonds so issued shall

Interest rate.

bear interest at a rate to be fixed by the governing body of the district issuing the same, not to exceed, however, 6 per 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 district 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 seasonably to provide for payment and to pay all interest on and the principal of such obligations as they respectively accrue and mature.

Sec. 5.

All Acts and parts of Acts in conflict herewith are hereby repealed to the extent of such conflict. The powers conferred by this Act shall be in addition and supplemental to the powers conferred by any other law, and the limitations imposed hereby shall not affect the powers conferred by any other law.