empowered to issue their several bonds in any sum not exceeding two per centum of the assessed valuation of the real and personal property taxable for municipal purposes by said municipalities, respectively, as the same appears upon the last assessment roll of said municipalities, respectively, for the construction of a freighting and wagon road from any convenient point in the Salt River galley in Maricopa County, Territory of Arizona, to what is known as the Salt River reservoir dam site in said Maricopa County, Arizona.
Special election required.Sec. 2. That before the bonds of either said city or said towns shall be issued a special election shall be ordered by the common council of said city or of said towns, or either of them, proposing to issue the bonds, at which election the question whether such bonds shall issue shall be submitted to the qualified electors of said city or of said town or towns whose names appear upon the last assessment roll of said city or said town or towns as assessed for municipal taxation. Notice.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 city or town in which such election is proposed to be held for said period of thirty days before the day fixed for such election.
Registration, etc.Sec. 3. That the registration for such elections, the manner of conducting the same, and the canvassing 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 each of said municipalities, respectively, and said bonds shall be issued only upon condition that two-thirds of the votes cast at such election in said city or town shall be in favor of issuing said bonds.
Interest on bonds.Sec. 4. That the bonds above specified, when authorized to be issued as hereinbefore provided, shall bear interest at not exceeding five per centum per annum, payable semiannually, and shall not be sold for less than their par valueInterest on bonds., with accrued interest, and shall be in denominations Denominations.of five hundred dollars each, and shall be payable in New York City or Phoenix, Arizona, at the option of the holder, in not less than fifteen years nor more than twenty years from date.
Use of funds.Sec. 5. That no part of the funds arising from the sale of said bonds shall be used for any purpose other than that specified in this Act.
Sale of bonds.Sec. 6. That said bonds shall be sold only in such amounts as the governing body of the municipality issuing the same shall direct, and the proceeds thereof, when expended, shall be disbursed Disbursements.under the order and direction of such governing body, from time to time, as the same may be required for the purposes aforesaid.
Approved, January 21, 1904.
January 23, 1904.
[Public, No. 7.]
Chap. 7.—An Act Supplemental to the Act of February ninth, eighteen hundred and twenty-one, incorporating the Columbian College in the District of Columbia, and the Acts amendatory thereof.
Columbian College charter amended.
Vol. 6, p. 255.
Vol. 30, p.328.That the Act to incorporate the Columbian College, in the District of Columbia, approved February ninth, eighteen hundred and twenty-one, and the amendatory Act approved March eighteenth, eighteen hundred and ninety-eight, be, and the same are hereby, amended by repealing and striking out of the said charter the following words in lines twenty to twenty-five in section one of the said amendatory Act of March eighteenth, eighteen hundred and ninety-eight, namely, Trustees."Two—thirds of said trustees, and also the president of the university, shall be members of regular Baptist churches; that is to say, members of churches of that denomination of Protestant Christians now usually known and recognized under the name of the regular Baptist denomination."