The Wrangell sentinel., 1927-04-28
ACT OF CONGRESS Relating to Wrangell
 Schools

An Act to authorize the incorporat-
 ed town of Wrangell. Alaska, to
 issue bonds in any sum not ex-
 ceeding S505000 for the purpose
 of constructing and equipping a
 public-sehool building in the
 town Of Wrangell, Alaska.
 Be it enacted by the Senate and House Of Representatives of the United States of America in Con- gress assembled, That the ineorpof- ated town of Wrangel Alaska, is hereby authorized and empowered to issue bonds in any sum not ex- ceeuing S50,O00 for the purpose of constructing and eQuipping a pub lic-sehool building in the town of Mrangell, Alaska: Provided. how ever, That no issue of bonds or oth- CT instruments of any such indebt- edness shall be made other than such bonds or other instruments of l4ueptedness in serial form matur- lug h substantially equal annual lnstaIlments, the first installment to mature not later than five years from the date of the issue of such series, and the last installment not later than thirty years from the date of such issue.
 Sec. 2. That before said bonds shall be issued special election shall be ordered by the common council of the town of Wrangell, at which election the question of whether such bonds shall be issued shall be submitted to the qualified electors of said town of Wrangell whose names appear on the last as sessment roll Of said town for muni- cipal taxation. Thirty days notice of such election shall be given by publication thereof in a newspaper printed and published and Of gener- al circulation in said town before the day fixed for such election.
 Sec. 3. That the registration fol such election, the manner of con duoting the same, and the canvass of the returns of said election shall be, as nearly as practicable, in ac- cordance with the requirements of law in general or special elee- tions in said municipality, and said bonds shall be issued only upon condition that a majority of 65 per centum of the votes cast at such election in said town shall be in favor of issuing said bonds.
 Sec. 1. That the bonds above specified, when authorized to be issued as hereinbefore provided, zhall bear interest at a rate to be
 gd by the common council of a eangeII, not to exceed per cen lum per annum, payable Semiannu ally, and shall not be sold for less than their par value, with accrued interest, and shall be in denomina loHs not exceeding S1,000 each, the principal to be due in twenty years from date thereof: Provided however, That the common counci, of the said town of Wrangell may reserve the right to pay off such bonds in their numerical order at the rate of s4,000 thereof per an- mum from and after the expiration of five years from their date. Prin cipal and interest shall be payable in lawful money of the United States of America at the office of the town treasurer or at such bank in the city of New York, in the State of New York, or such place as may be designated by the com mon council of the town of Wran- gell, the place of payment to be mentioned in the bonds: And pro vided further, That each and every bond shall have the written sigma ture of the mayor and clerk of said town of Wrangell and also bear the seal of said town.
 Sec. 5. That no part of the funds arising from the sale of said bonds shall be used for any purpose other than specified in this Act. Said bonds shall be sold only in such amounts as the common council shall direct, and the proceeds thereof shall be disbursed for the purposes hereinbefore mentioned and under the order and direction of said common council fom time to time as the same may be requir- ed for said purposes.
 Approved, February g, 1927.