The Idaho world. [volume] (Idaho City, Idaho Territory) 1864-1918, 1866-02-03
AN ACT.
AN ACT
To prOUide for Funding the Indebtedness eJthe Re
ritOry Of Idaho.
Be 1t Enacted by the Legislative .4ssembl,
nf The Tprriin,al nf Ldnhn- 40 Enunann !

ofthe Territory Of Idaho, as folloaOs
SECTION 1. On and after the date of the passage
of this Act it shall not be lawful for the Territo
rial Treasurer or Territorial Receiver, to paw any
warrant drawn ON the Treasury of said Territory
prior to the passage of this Act, excepting in The
manner hereinafter provided.
| SEC. 2. That for the purpose of providing for
the payment of the Indebtedness Of the Territory
of Idaho, or so much of it as is comprised within
this Act. the Treasurer or Receiver Of the Terri
tory shall cause to be prepared suitable bonds, not
to exceed the sum of the Indebtedness of said Ter.
rtory, up to the first day of December 1865, bear
ing interest at tho rate Of twelve per cent per an
num- from the date of their issue at tae Ter
ritonal Treasurer's or Territorial receiver office
on the first day of December inthe year of tus Lord
Onethousand eight hundred and seventy five (lS75).
said interest to be paid semi.annualy on the first
day of December, and the first day of July, of each
year, excepting the interest on the first years
bonds, which shall be payable on the first day of
December, A. d. 1856. Said bonds shall be sign
ed by the Secretary of the Territory and counter
signed by the Territorial Comptroller, or Auditor
and endorsed by the Territorial Treasurer, or Re-
ceiver and shall have the seal of the Territory of
Idaho attached thereto
Sec. 8. Coupons for the in terest shall be attach
ed to each bond. SO that the coupon may be re.
moved without injury to or mutilation of the bond
Said coupons cohsecutively numbered shall be
signed by the Territorial Treasurer or Receiver.
SEC 4. It shall be the duty of the Territorial
Treasurer or Receiver, and the Territorial Comp
troller or Auditor, each to keep separate record
OF all such bonds as may be issued hereunder
showing the number, date and amount Of each
bond aud TO whom the same was issued.
Sec. 5. The sum of five hundred dollars, or so
much as may be necessary for that purpose, is
hereby appropriated out of any moneys in the Ter.
rtorial Treasury, not otherwise appropriated, to
pay the expense that may be incurred by the
fCroo in hou iu
pared 8
SEC. g. From and after the first day of Decem.
Der, 1865, all persons holding any evidences
ofindebtedness Of said Territory in the form of
warrants drawn by the Territorial Auditor upon
the Treasurer thereof, yet unpaid shall, upon
presentation and surrender of the same to the Ter
ritorial Treasurer or Receiver receive in exchange
therefor bond or bonds, such as are provided for
in this Act, equal in amount to the amount of the
bond or bonds, warrant or warrants so surrender.
ed By him or her, including interest thereon as
provided for in this Act. The Territorial Treas
urer or Receiver shall endorse on the back of each
warrant so redeemed the date on which be re-
deemed the same. from whom received, and~rhe
number of the bond or bonds issued in exchange
therefor. This endorsement shall be countersgn.
ed by the Territorial Comptroller or Auditor, and
each warrant shall be filed in the Office of Secre.
tary of the Territory. The Treasurer or Receiver,
and the Auditor or Comptroller shall each keen |
rans SO delivered up, date of the same and of the |
amount, and the number of the bond issued there.
on, and the Territorial Treasurer or Receiver shall
not quidate or pay any of the aforesaid Territor-
ial bonds or warrants but in the manner herein |
provided.
SEC.7. For the payment of the principal aud in.
tefest of the bonds issued under this Act, there
shall be set aside the entire amount of the revenue
derived from the collection of foreign miners tax
or license, as paid into the Territorial Treasury;
Treasurery OF the Territory and the same shall he
set appart and applied to the payment Of the in
terest accruing on the bends herein provided tor,
and the final redemption of the principal of said
bonds and the faith OF the Territory of Idaho is
hereby pledged for the payment of the bonds is.
sued by virtue of this Act, aud the interest there
on, in gold or silver coin of the United States and
If necessary, to provide other aud ample means
for the payment thereof.
SIC. 8. Whenever on the first day of July orDe.
cember in any year there shall remain of the fund
provided in Section six of this Act, surplus
over and above what shall be necessary to pay
the interest due on that day of one thousand dol
lars, or MORE it shall be the duty Of the Terri o.
rial treasurer or Receiver to advertise for the pc
Rod OF thirty days, Ia one weekly newspaper of
alton, published in the Territory for
sealed proposals, directed to the Receiver or Treas
urer of the Territory, for the surrender of bonds
issued under this Act, in such quantity as the
holder may desire, not exceeding the amount
which said surplus shall be sufficient to redeem
Sac. 8. When the time Of advertising shall have
elapsed. the said Treasurer or Receiver shall open
III sealed proposals, and accept the lowest bids