Page:United States Statutes at Large Volume 60 Part 1.djvu/729

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PUBLIC LAWS--CH. 674-JULY 26, 1946 requirements of law for general and special elections in said munici- able vtes reqiredo pality; and such bonds shall be issued for the purposes herein author- ized only upon the condition that not less than 51 per centum of the votes cast at such election shall be in favor of the issuance of said bonds for such purposes. Authorization of SEa. 4 . Said bonds shall be authorized by resolution or ordinance etc. of the common council, and may be issued in coupon form, and may be made registrable as to principal alone or as to both principal and interest under such terms and conditions as the common council shall provide. Said bonds shall be dated and shall be in such denomination or denominations, and may mature in such amounts and at such time or times not exceeding twenty years from the date thereof, and may be payable at such place or places as the common council shall deter- mine. The said bonds may be made redeemable, either with or without premium, in the discretion of the common council, and may Signatures. be sold at public sale. Said bonds shall be signed by the mayor and clerk of the city of Anchorage, Alaska, and shall have impressed thereon the official seal of said municipality, and the coupons annexed to said bonds representing interest to be payable thereon shall be Ratesofterest- signed with the facsimile signatures of said mayor and clerk. Said bonds shall bear such rate or rates of interest as the common council shall determine, not to exceed 5 per centum per annum, payable annually or semiannually, and shall be sold for not less than the principal amount thereof and accrued interest, and with or without premium. In the event any of the officers whose signatures or counter- signatures appear on said bonds or coupons 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 remained in office until such delivery. Nature of oblmga- SEC. 5. The bonds herein authorized shall be general obligations Pledge of taxing of the city of Anchorage, Alaska, and the mayor and common council ower, of the city of Anchorage are hereby authorized and directed, in the resolution or ordinance authorizing the issuance of said bonds, to pledge to the payment of the principal and interest thereof the full faith and credit of the city of Anchorage and to obligate the city, if necessary, to levy taxes upon all the taxable property within said city for the payment of the principal and interest of said bonds as and when the same become due and payable, without limitations as to rate or amount. etPledgeof revenues, SE. 6 . In addition to the pledge of the taxing power contained in section 5 hereof, the mayor and common council are hereby authorized in the resolution or ordinance authorizing said bonds, to pledge to the payment of said bonds and the interest thereon the revenues, income, receipts, and profits derived by the city of Anchorage from the ownership, management, and operation by said city of the electric light, power, water, and telephone properties and all additions and betterments to and extensions thereof remaining after the payment of the expenses of operation and maintenance of said properties and Covenants with reserve for depreciation and prior pledges of such revenues. In the holders. resolution or ordinance authorizing the issuance of said bonds the common council of the city of Anchorage is authorized to covenant with the holders from time to time of the bonds issued hereunder as follows: (a) That the city will maintain and operate the public-utility properties of the city hereinbefore mentioned in an efficient and economical manner; (b) That the city will fix, establish, and collect rates, tolls, rents, and other charges for all commodities, services, or facilities sold, furnished, or supplied by the city through said public-utility properties 702 [60 STAT.