Public Law 79–52

That municipal

Alaska.

Issuance of bonds for public works.

corporations and public utility districts in the Territory of Alaska, acting by and through their governing bodies, are hereby authorized without other authority than is herein contained to construct, reconstruct, improve, extend, better, repair, equip, or acquire public works of permanent character which may be operated upon a revenue-producing basis, and, upon majority vote of the qualified voters in such municipal corporation or public utility district, to issue bonds for such purposes payable solely from unpledged revenue of the public works for which such bonds are issued, including future additions and improvements. Such public works shall include but not be limited to water facilities, sewers and sew age-disposal facilities, heating plants and distribution facilities, gas plants and distribution facilities, electric power and light plants, and distribution facilities.

Sec. 2.

Bonds issued under this Act shall bear such date or dates, may be in such denominations, may mature in such amounts and at such time or times, 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, and may be executed by such officers and in such manner as shall be prescribed by the governing body. In case any of the

Signatures.

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 bear interest at a rate

Interest

to be fixed by the governing body, not to exceed, however, 6 per centum per annum, payable annually or semiannually, and shall be sold for not less than the principal amount thereof plus accrued interest.

Sec. 3.

Bonds issued hereunder or the proceedings of the governing body authorizing their issuance may contain such covenants as the governing body deems advisable concerning the rates or fees to be charged for services rendered by the public works, the revenue of which is pledged to the payment of such bonds; the deposit and use of the revenue of such public works; the issuance of additional bonds payable from revenue of such public works; and the rights of the bondholders in case of default in the payment of the principal of or interest on the bonds, including the appointment of a receiver to operate such public works.

Sec. 4.

All Acts and parts of Acts in conflict herewith are repealed to the extent of such conflict.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