Page:United States Statutes at Large Volume 54 Part 1.djvu/49

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76TH CONG., 3D SESS.- CH. 3-JAN. 17, 1940 extent that interest is due or accrued and unpaid on the outstanding bonds to be surrendered. No election shall be required to authorize the issuance and sale of such refunding bonds and the issuance and sale thereof may be authorized, and all proceedings with reference thereto prescribed, by ordinance or resolution of the common council, or the board of directors, or other governing body, of the municipal corporation or public-utility district, as the case may be, at any legally called meeting thereof. Such refunding bonds shall not be subject to the limitations of bonded indebtedness prescribed by Public Law Numbered 626, Seventy-fourth Congress (49 Stat. 1388), as amended, or by the provisions of Public Law Numbered 563, Seventy-fifth Congress (52 Stat. 589), or by any other debt-limita- tions law applicable to municipal corporations or public-utility dis- tricts in the Territory of Alaska: Provided, That the total debt of the municipal corporation or public-utility district shall not be increased by such refunding operations. SEC. 2 . Bonds issued pursuant to this Act shall bear such date or dates, may be in such denominations, may mature in such amounts 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, or exchanged as above provided, 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 common council or board of directors or other governing body of the municipality or public-utility 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 bear interest at a rate to be fixed by the governing body of the municipality issuing the same, not to exceed, however, 6 per centum per annum payable semiannually, and in no event to exceed the rate of interest paid on the bonds to be so refunded. Such bonds shall at all times be, and shall be, treated as negotiable instruments for all purposes. In case such bonds are sold rather than exchanged the purchase price thereof shall be not less than par plus accrued interest. SEC. 3 . It shall be the duty of the governing body of every munici- pal corporation or public-utility district which issues such bonds under the authority of this Act to levy or to cause to be levied each year during the life of such bonds taxes in amounts sufficient season- ably to provide for payment of and to pay all interest on and the principal of such obligations as they respectively accrue and mature: Provided, however, That the provisions of this section shall not apply to bonds which by their terms are to be paid from the revenues of a public utility owned or operated by such municipal corporation or public-utility district and are not general obligations of the municipal corporation or public-utility district. Such refunding bonds which are to be paid from the revenues of a municipal or public utility shall be secured by the same lien on or pledge of the revenues of said utility as the outstanding bonds to be refunded. SEO. 4 . (a) All bonds which have heretofore been issued by any municipal corporation or any public-utility district in the Territory of Alaska, and al proceedings for the authorization and issuance of such bonds and the sale, execution, and delivery thereof, hereby are validated, ratified, approved, and confirmed, notwithstanding any defects or irregularities in such proceedings. Said bonds heretofore Issuance, etc. , of refunding bonds, au - thorization. Debt-limitations laws not to apply. 48 U.S. C., Supp.V, §§ 44a-44e. 48 U.S. C., Supp. V, §6 315-315d . Proviso. Total debt, restric- tion on increase. Bonds; denomina- tions, maturity. Registration privi- leges. Validity of signa- tures. Interest rate. Negotiability; sale. Annual levy for interest payment and retirement. Pri. Exception. Validation of bonds heetofore issued. 15 54 STAT.]