Arizona citizen., 1875-12-04
THE CITIZEN.
Territorial Prison Bonds.

On Monday we received the follow 'ng.
 YUMA, November 30, 1S75.
 EDITOR CITIZEN: The highest bid for bonds WAS eigh.y-four and fifteen siXteenths on the dollar Rejected by 'he Board J. NJ. REDONDO,
 Chairman.
 This is tEe result of an advertised call for bids to purchase bonds of Ari- zona authorized by the last legislature 10 construct Territorial prison al Yuma The whole amount of bonds authorized is S25,0O0, and they were prepared al the uniform value of S2j0 per bond. The interest is payable an nually al the rate of ten per cen,um per annum. The Prison Commission CTS may order the bonds sold or pay for the erection of the prison building with them, ''as to the Board shall seem most advisable" The bonds cannot Se sold for less than eighty cents on the dollar The bid rejected was near ly eighty-five, the Board evidently be- lieving the Bonds worth more. Ger tain il is they are perfectly safe and w0ud make an excellent security in case holder desired 10 borrow.
 1T has been stated to Us that men who investigated inc subject with a view of purchasing bonds, were moi satisfied with ti,c mctaod of offering ihem for sale taking the ground that the Territorial Treastaer alone vas au. thorized to sell, although the Treasar- CT could only sell them on the order of the Prison Commissioners Here is the section Of law regarding signatures to, delivery of, and method of selling or disposing of the bonds:
 SEC O. All such bonds shall be signed by the Secretary. with his own proper name, aitiXing bis official char acter, and shall hc authenticated with the great seal of the TerritOry, and shall be indorsed by the Governor of the Territory, with his proper name. and affixing his official character and shall then be delivered by the Secretary 10 the Treasurer of ihe Territory. and the Secretary shall keep d register of said bonds, showing the number and amount of each bond, and shall charge the Treasurer with the full amount oi said bonds. Al the time of issuing said bonds under the provisions of thIs act, the Territorial Treasurer shall sign sufficient number of them with his own proper name, affixing his of fcial character. which sad signing shall bind the Territory, and shall in ihc same mancr sign the coupons there unto attached, as hereinafter provided The coupons or certificates for the payment of interest shall be attached tO sad bonds in such manner that they may be taken off without injuring or mutilating the bonds, and shall be seyerally numbered from one to five in elusive. each bearing the correspond ing number of the bond to which they are attached. The Treasurer shall keep a register of all the bonds Issued hy hlm. and shall deliver to the Board of Prison Commissioners, all the bonds. or such part thereof as the said Board of Prison Commissioners shall require under the provisions of this act. or upon the order Of the said Board of Prison Commissioners, shall convert the said bonds into money. Upon re- criviRg the written order of said Board of Prison Commissioners. the Terri torial Treasurer shall thcreuDon advcr- tiSe for proposals for the purchase of said bonds. and at the time and place designated, shall open the bids and award the sale oi the bonds 10 the highest bidder Provided. that no bonds shall be sold for less sum than eighty cents on the dollar And the orders of thc said Commissioners on the Treasurer for either bonds or money accruing from the sale thereof. shall be valid and sufficient vouchers Tn the hands of the Treasurer for said bonds or the money arising from ihe sale of the same II shall be left to discretion of the Board of Prison Com mi>sioncrs to cause the bonds to be sold as herein provided. or to pay for lhe erection ot the prison building with the bonds as to them shall seem most advisable.
 The sonora Bushu hackiaC