Page:United States Statutes at Large Volume 60 Part 1.djvu/730

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79TH CONG., 2D SESS.-CH. 674-JULY 26, 1946 adequate to provide revenues, income, receipts, and profits sufficient to pay the expenses of operation and maintenance of said properties and to provide reasonable reserves for depreciation and for the pay- ment of the principal of and interest on all bonds payable from such revenues and all other charges and expenses whatsoever which may be or become a charge on such revenues; (c) That the city will keep all the revenues, income, receipts, and profits arising from the ownership, management, and operations of the public-utility properties by the city in a fund separate and apart from all other funds of the city to be collected, held, and disbursed in such manner as the city may provide in the resolution or ordinance authorizing the issuance of bonds hereunder; (d) That the city will not thereafter issue any bonds, notes, or other evidences of indebtedness payable from such revenues, except within such limitations as may be prescribed in such resolution or ordinance; (e) That the city will not thereafter issue any bonds, notes, or other evidences of indebtedness payable from such revenues which would be a prior lien or charge upon said revenues over the bonds issued pursuant to such resolution or ordinance; (f) That the city will provide a special fund for renewals and replacements to the public-utility properties into which fund the city shall pay sums from the revenues of said properties in such amounts as may be specified in said resolution or ordinance; (g) That the city will not sell, lease, or otherwise dispose of any or all of said public-utility properties without then or theretofore making provision for the payment of the bonds authorized by this Act; (h) That the city will keep books and accounts with respect to the operation of said public-utility properties in such manner as pre- scribed by the Federal Power Commission governing municipal licenses and provide for the periodic audit of such books by certified public accountants who shall report on such operations; (i) That the city will provide for periodic examinations of the pub- lic-utility properties of the city by an engineer or firm of engineers who shall report thereon at such times as shall be prescribed in said resolution or ordinance; and (j) That the city will do and perform such other acts and take such other proceedings as may be necessary to more fully secure the payment of the bonds authorized by said resolution or ordinance as shall be deemed advisable by the common council. SEC. 7. Upon the sale of any bonds authorized by this Act, the city of Anchorage shall provide for the payment of the proceeds thereof into a special fund which shall be used for no other purpose except as specified in this Act, and said bonds may be sold all at once or from time to time, and with such rate of interest not exceeding 5 per centum per annum, as the common council of the city of Anchorage shall direct. SEC. 8 . The city of Anchorage is hereby authorized to enter into contracts with the United States of America or any agency or instru- mentality thereof to obtain a grant or loan of money funds to aid in the construction of water facilities, sewers and sewage-disposal facilities, heating plants and distribution facilities, electric and steam power and light plants and distribution facilities, telephone plants and distribution facilities, stadia, gymnasia, auditoria and athletic fields, streets and street improvements, corporation or equipment yards, city-hall additions, and school buildings. SEC. 9 . The provisions of this Act and of any resolution or ordinance authorizing the issuance of bonds hereunder shall constitute a con- tract with the holders of such bonds from time to time, and the pro- visions thereof and hereof shall be enforceable by any owner or holder Special fund. Saleof bonds. Maximum rate of interest. Grant, etc., of money for construc- tion. Suits at law or in equity. 703 60 STAT.]