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ORDINANCE NO. 102
AN ,OiiDINANCt: of the Town of ~eward, Alaska, providing for the issuance and sale
of general bonds in the sum of $50,000.00 for the purpose of construction and
equipping a public school bUllding, as authorized by the voters of said Town
of Seward, at an elechon }-,eld thenin on September 10, 1928, and providing for
the forw and terms of such bonds and the establishment of the proper funds for
the payment of the principal and interest thereof.
WHEREAS, at a speclal election held in the Town of Seward, Alaska, on Sept-
ember 10, 1928, pursuant to Ordinance No. 101, passed and approved August 6,
1928, more than 65"/0 of the votes cast at such election were in favor of the
issuance of general bonds in the principal surr, of $50,000.00, to pay the costs
of constructing and equipping a public school building in said Town of Seward;
now, therefore,
BE IT ORDAINED BY THE COl-'lHON COut;CIL OF T!cE TO';IN
OF St};JARD, TERRITORY OF AU,SKA, as follows:
SECTION 1. That in accordance with said special election and for the purpose
of raising funds to pay for the cost of constructing and equipping a public
school building in the Town of Seward, the Mayor and Town Clerk of said Town be;
and they are hereby authorized and directed to execute and issue the general
negotiable coupon bonds of said Town in the principal sum of $50,000.00, to be
dated October 1st, 1928, and bear interest at the rate of 7% per annum, payable
semi-annually on the first days of April and October of each year, said bonds
to be in denominations of $500.00 each, numbered from 1 to 100, inclusive, and
mature serially in the order of their numbers as follows:
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1',' The Town of Seward reserving the right to pay all such bonds in their numerical
order on any interest payment date on and after the expiration of five years
I from date of issue, at the rate of $4,000.00 on principal each year.
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$2,500.00 on October 1, 1933
$2,500.00 on October 1, 1934
$2,500.00 on October 1, 1935
$2,500.00 on October 1, 1936
$2,500.00 on October 1, 1937
$2,500.00 on October 1, 1938
$2,500.00 on October 1, 1939
$2,500.00 on October 1, 1940
$2,500.00 on October 1, 1941
$2,500.00 on October 1, 1942
$2,500.00 on October 1, 1943
$2,500.00 on October 1, 1944
$2,500.00 on October 1, 1945
$2,500.00 on October 1, 1946
$2,500.00 on October 1, 1947
$2,500.00 on October 1, 1948
$2,500.00 on October 1, 1949
;12,500.00 on October 1, 1950
$2,500.00 on October 1, 1951
$2,500.00 on October 1, 1952
SECTION 2. That said bonds herein authorized be issued shall be substantially
in the following form, except as to the date of payments:
No.
$500.00
UNITED STATES OF AV~RICA
Territory of Alaska
Town of Seward
SCHOOL BUILDING BOND OF 1928.
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KNOW ALL )viEN BY THESE PRESENTS, that the Town of Seward, a municipal
corporation duly organized and existing within the Territory of Alaska,
acknowledged itself to owe and for value received promises to pay to
bearer the sum of Five Hundred Dollars ($500.00) on the 1st day of
, 19 , together with interest thereon from
date hereof until paid, at the rate of $X 7% per annum, payable
Ordinance No. 102
Page #2
semi-annually on the first days of April and October in each year,
as evidenced by and upon presentation and surrender of the annexed
interest coupons as they severally become due, both principal and
interest payable in gold coin of the United States of America of
the prAsent standard of weight and fineness, at the Chase National
Bank, in the City of New York.
For the prompt payment of this bond, both principal and interAst, the
full faith, credit, and resources of said Town of Seward are hereby
irrevocably pledged: Provided, that said Town of Seward hereby
reserves the right on interest payment dates to payoff the retire
such bonds in their numerical order, at the rate of $4,000.00 in
principal each year, from and after the expiration of five years
from date hereof.
This bond is part of an issue of general bonds in the principal sum of
$50,000.00, all of like date, which said bonds are to be used for
strictly municipal purposes, to-wit, the construction and equipment
of a public shcool building suitable to the n.,eds and requirements
of said town of Seward, all as provided by Act of Congress approved
March 28, 1928, and as provided by Ordinance No. 101 of said Town,
passed and approved August 6, 1928, and this bond is issued pursuant
to and in full compliance with the laws of the United states and the
Territory of Alaska, and of the ordinances of said Town of Seward.
It is hereby recited, certified and declared that all act~, conditions
and things required by the laws of the United states and of the Territory
of Alaska and of the ordinances of said Town of Seward to exist and
be done precedent to and in the issuance of this bond have existed
and been done in due and regular form, time and manner as requi red
by law and that the entire indebtedness of said Town, including this
bond, does not exceed any limitation prescribed by the laws of the
United states or the Territory of Alaska.
IN WITNESS 1.'IH~REOF, the Town of Seward, Alaska, has caused this bond
to be signed by its Mayor and attested by its Clerk, and has caused
its corporate seal to be hereto affixed, and the interest coupons
attached to be signed and sealed with the facsimile signaturRs of
said officers, and the seal of said Town, this 1st day of October,
1928.
TO'tlN OF SE'wARD, ALASKA
By
Its Mayor
ATTEST:
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Its Municipal Clerk
No.
INTEREST COUPON
$17.50
On the first day of April, 192 , The Town of Seward, Alaska,
will pay to Bearer, at the Chase National Ban~, in the City of
New York, the sum of Seventeen Dollars and Fifty Cents ($17.50)
in gold coin of the United States of America, such sum being the
semi -annual interest due that date on its general school building
bond, dated October 1st, 1928, No.
TO'~IN OF St}IIARD, FLASKA
By
It s Hayor
ATTEST:
Its Municipal Clerk
~ECTION 3: Said bonds shall be sioned by the Mayor and attested by the Town
Clerk under the seal of said Town and each of said inteucst coupons shall be
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signed with the facsimile signature of said officers, and such facsimile
sianatures shall be binding to all intents and purposes upon said Town of
Seward.
SECTION 4: There shall be included in the annual tax levy of said Town of
Seward a tax upon all of the property in said Town, subject to taxation, suf-
ficient in amount to pay the inter.st on said issue of general bonds as the
same may become due, and sufficient to provide a fund for the payment of the
principal of said bonds as the same mature, and there is hereby created and
established a special fund to be called "Seward General School Bond 1928 Fund,"
into which such fund said taxes shall be paid, and no part of said taxes so
levied and paid into the said fund shall be used for any other purpose than the
payment of principal, and interest of said general bonds; and the full faith,
property and credit of said Town are hereby irrevocably pledged for the col-
lection and levy of such taxes and the payment of principal and inter~ st of
said bonds as the same mature.
SECTION 5: That said ussue of bonds shall be sold by said Town of Seward
through its Common Council at a price of not less than par and accrued interest,
and the :'layor and Town Clerk, after the exeoution of said bonds, an~ hereby
authorized and directed to deliver the same to the purchaser thereof as fixed
by resolution price of said bonds. 1
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fECTION 6: That no part of the funds arising from the sale of said bonds shall I
be used for any purpose other than the construction and equipment of said publi~
school buildings and the proceeds of sale of said bonds shall be disbursed for I
such purposes under the order and direction of the Common Council. I
The Above Ordinance was read and passed by action of the Town Council at its
regular meeting September 11, 1928. See Book 3, page 381-382 of Minutes.
The original of the above Ordinance has been lost. This is a true coPY, made
from the r, cord of Minutes of September 11, 1928.
Certified corre7ct,:
~.A ~-/ _ _'/,L December 23, 1957
Ci ty Clerk