626
PUBLIC LAW 85-675-AUG. 18, 1958
[T2 S T A T.
which are payable solely from the revenues of a municipal or public utility shall not be subject to the limitations on bonded indebtedness prescribed by any debt-limitation law applicable to municipal corporations or public-utility districts in the Territory of AlasKa; but refunding bonds issued under authority of this section which constitute general obligations of a municipal corporation or a publicutility district or school district shall be subject to the limitations of bonded indebtedness prescribed by any debt-limitation law applicable to municipal corporations or public-utility districts or school districts in the Territory of Alaska, except as provided in section 63 Stat. 628. 6 of the Alaska Public Works Act, as amended (48 U.S.C. 486d). in^reTt'e't?*"'"^' "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 or school district issuing the bonds. I n 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 or public-utility district or school district issuing the same, not to exceed, however, 6 per centum per annum payable semiannually. 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, and said refunding bonds may be delivered to the purchasers thereof not more than ninety days prior to the date upon which the bonds to be refunded mature or are to be redeemed. Taxes. "SEC. 3. I t shall be the duty of the governing body of every municipal corporation or public-utility district or school district which issues such bonds under the authority of this Act to levy or cause to be levied each year during the life of such bonds taxes in amounts sufficient seasonably 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 municipality or public utility shall be secured by a lien on or a pledge of the revenues of said utility which shall be equal to or greater than the lien pledge of said revenues which secures the outstanding bonds to be refunded. Nothing herein contained shall prevent the issuance of refunding bonds i^ayable solely from the revenues of a municipal or public utility which bonds are issued for the purpose of refunding general obligation bonds issued for the acquisition of such municipal or public utility. SEC. 2. All bonds which have heretofore been issued by any municipal corporation or any public-utility district or any school district in the Territory of Alaska and all proceedings for the authorization
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