The Wrangell sentinel., 1930-04-10
ACT OF CONGRESS
Relating to Wrangen
 Schools

Al AIt lo duhhoAAAS Luo AnGOIPOAdl-
 ed town of Wrangell, Alaska, to
 issue bonds in any sum not ex-
 ceeding $50.O0O for the purpose
 of constructing and equipping a
 public school 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 incorpor- ated town of Wrangell, Alaska, is hereby authorized and empowered to issue bonds in any sum not ex- eeeding S50,000 for the purpose of constructing and equipping 8 pub lie school 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 indebtedness in serial form matur- ing in substantially equal annual installments, 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 cbaII ba iSouad a unao{aI alactf0n shall be ordered by the common council of the town of Wrangell, at W h c h election the question of whether such bonds shall be issued shall be submitted to the qualified electors of said town of WrangelI 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 for such election, the manner of con ducting the same, and the canvass of the returns of said election shan be, as nearly as practicable, in ac- cordance with the requirements of law in general or special cleo tions in said municipality, and said bonds shall be issued only upon condition that majority of 65 per centum of the votes cast at such election in said town shall be in fa- yor of issuing said bonds.
 Sec. 4. That the bonds above specified, when authorized to be issued as hereinbefore provided, shall bear interest at rate to be fixed by the common council of Wrangell, not to exceed per cen tum per annum, payable semiannu- ally, and shall not be sold for less than their par value, with accrued interest, and shall be in denomina- tions not exceeding S1,000 each the principal to be due in twenty years from date thereof: Provided, however, That the common council 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- nun 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 oI the town treasurer or at such bank ill 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 Yided 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 from time to time as the same may be re- quired for said purposes.
 Approved, February 9, 1927.