940 Repeals. 49 Stat. 1553, 1554. 7 U. S. C. §§343e, 369a. PUBLIC LAWS—CHS. 768, 769—OCT. 27, 1949 [63 Stat . the provisions of this Act until a subdivision of the Territory of Alaska into counties is effected. Sec . 3. That portion of section 1 of the Act of June 20, 1936 (49 Stat. 1553), which extends the provisions of the Capper-Ketcham Act to the Territory of Alaska, and section 3 of said Act of June 20,1936, are repealed. Approved October 27, 1949. October 27, 1949 [H. R. 4586] [Public Law 418] Virgin Islands. Issuance of bonds. Limitation on in- debtedness. Maturity. Interest. Tax exemption. Taxes. [CHAPTER 769] AN ACT To authorize the government of the Virgin Islands or any municipality thereof to issue bonds and other obligations. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That to construct, improve, extend, better, repair, reconstruct, acquire, and operate any and all types of public works which shall include, but not be limited to, streets, bridges, wharves, and harbor facilities, sewers and sewage- disposal plants, municipal buildings, schools, libraries, gymnasia and athletic fields, fire houses, electric distribution systems or other work pertaining to electric systems, and other public utilities, including those owned or operated by the Saint Thomas Power Authority, or to clear slums, accomplish urban redevelopment or provide low-rent housing, negotiable general obligation bonds and other obligations may be issued by the government of the Virgin Islands or any munic- ipality thereof: Provided, That no public indebtedness of any munic- ipality thereof shall be incurred in excess of 10 per centum of the aggregate assessed valuation of the taxable real property in such municipality and that no public indebtedness of the government of the Virgin Islands shall be incurred in excess of 10 per centum of the aggregate assessed valuation of the taxable real property in the islands. Bonds issued pursuant to this Act shall bear such date or dates, may be in such denominations, may mature in such amounts and 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, 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 government of the Virgin Islands or of the municipality issuing the bonds. In 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 signature, whether manual or facsimile, shall, neverthe- less, be valid and sufficient for all purposes, the same as if such offi- cers had remained in office until such delivery. The bonds so issued shall bear interest at a rate not to exceed 4 per centum per annum, payable semiannually. All such bonds shall be sold for not less than the principal amount thereof plus accrued interest. AH bonds issued by the government of the Virgin Islands or any municipality thereof, including specifically interest thereon, shall be exempt from taxation by the Government of the United States, or by the government of the Virgin Islands or any political subdivision thereof, or by any State, Territory, or possession or by any political subdivision of any State, Territory, or possession, or by the District of Columbia: Pro- vided further, That the government of the Virgin Islands and any municipality thereof shall be obliged to levy and collect sufficient taxes for servicing any of the outstanding bonds, even if such tax- ation is required at a rate in excess of or in addition to the tax or 941 63 Sta t .] 81st CONG., 1st SESS.—CHS. 769, 770—OCT. 27, 1949 tax rate of 1.25 per centum of the assessed value which is provided for in section 3 of the Act of May 26, 1936 (49 Stat. 1372). Sec . 2. The proceeds of the bond issues or other obligations herein authorized shall be expended only for the public improvements set forth in section 1 of this Act, or for the reduction of the debt created by such bond issue or obligation, unless otherwise authorized by the Congress. Sec . 3. Bonds or other obligations issued pursuant to this Act shall not be a debt of the United States, nor shall the United States be liable thereon. Approved October 27, 1949. 48 U. S. C. § 1401b. Proceeds. ' Nonliability of IT. S. [CHAPTER 770] AN ACT To approve contracts negotiated with the Belle Fourche Irrigation District, the Deaver Irrigation District, the Westland Irrigation District, the Stanfield Irrigation District, the Vale Oregon Irrigation District, and the Prosser Irri- gation District, to authorize their execution, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the contracts referred to in sections 2 to 6, inclusive, of this Act, which have been negotiated by the Secretary of the Interior (hereinafter referred to as the “Secretary”) pursuant to subsection (a) of section 7 of the Reclamation Project Act of 1939 (53 Stat. 1187), are hereby approved and the Secretary is hereby authorized to execute them on behalf of the United States. BELEE FOURCHE PROJECT, SOUTH DAKOTA Sec . 2. The contract with the Belle Fourche Irrigation District which was approved by the electors of said district on May 3, 1949. (a) The 1947 reclassification of the lands of the Belle Fourche Irri- gation District, made in accordance with the provisions of section 8 of the Reclamation Project Act of 1939, and approved by the board of directors of said district on December 27, 1948, is approved. (b) Contingent upon execution of said contract all payments upon construction charges shall be suspended against three thousand four hundred twenty and seven-tenths acres of land classified under the Act of May 25, 1926 (44 Stat. 636), as in part productive and in part unproductive and found to be temporarily unproductive under the reclassification of lands, approved in section 2 of this Act until the Secretary shall declare them to be possessed of sufficient productive power to be placed in a paying class, whereupon payment of con- struction charges against such areas shall be resumed. The reclassi- fication of such areas shall be completed by the Secretary within five years of the effective date of said contract. While said lands so classified as temporarily unproductive and the construction charges against them are suspended, water for irrigation purposes may be furnished upon payment of the usual operation and maintenance charges, or such other charges as may be fixed by the Secretary, the advance payment of which may be required in the discretion of the Secretary. Should said lands temporarily classed as unproductive, or any of them, be found by the Secretary to be permanently unpro- ductive, there shall be deducted from the construction charge obli- gation of said Belle Fourche Irrigation District on account of them an amount obtained by multiplying the total acreage declared by the Secretary to be permanently unproductive by the sum of $43.90 per acre for construction charge plus $10.17 per acre for drainage costs. October 27, 1949 [H. R. 5184] [Public Law 419] Irrigation districts. Approval of con- tracts. 53 Stat. 1192. 43 U.S.O. §485f(a). 53 Stat. 1192. 43 U. S. O. § 485g. Suspension of con- struction charges. 43 U. S. O. §§ 610, 423-423g. Reclassification of lands. Water for irrigation purposes. Deductions from construction charge obligations.