The Clifton clarion., 1885-03-11

in this Act shall be of the denom- ination of one thousand dollars each, and shall bear interest at the rate of seven per cent per annum, interest payable annually, ,and shall have coupons attached for said in- terest, so said coupons may be re- moved without mutilation to the bond. The said bonds shall be is- sued in the name of the counties of Graham or Gila and shall be made payable to the railroad com pany constructing the road as aforesaid, or bearer, thirty years after date, and shall be made pay able, both principal and interest, at the office of the County Treau- Ter. The said bonds and coupons shall be signed by the Chairman of the Board of Supervisors, and the County Treasurer and shall be countersigned by the County or District Clerk, who shall also af- fix to each bond the seal of the District Court in and for said counties of Graham and Gila, and the said Board of Supervisors of said counties of Graham and Gila are hereby authorized and direc- ted, within thirty days after the passage of this Act, to prepare, or cause to be prepared, sufficient number of bonds to meet the re quirements of this Act in form and manner as follows:
 Here follows the form of the bonds to be issued by either coun- ty, also the form of the coupons.- ED. CLARION.
 SEC. 5. The Board of Supervi- sors of said counties of Gila and Graham are hereby authorized and directed at their first regular meeting after the first issuance of bonds issued and delivered under the provisions of this Act, and an nually thereafter, and at the time and in the manner provided by the revenues laws of the Territory for levying taxes therein, to levy such additional tax as may be necessary to raise a sum of money sufficient to pay the interest on any out standing bonds issued under the provisions of this Act; provided, that in the year 1901, and every year thereafter until both the principal and interest of the bonds which may have been issued un- der the provisions of this Act, shall have been paid, the said Board of Supervisors shall in the manner and at the time provided by the general revenue laws of the Territory for levying taxes there in, levy such further and addi- tlonal tax as may be required to raise a sum of money sufficient to pay and redeem such amount of bonds and pay the interest thereon annually as will insure the re- demption of the whole amount of bonds outstanding within fifteen years from said A. D. 1901, or by the year A. D. 1916, and until the whole of said bonds therein sha have been paid and redeemed as aforesaid. The taxes so levied and collected shall, by the Treas urers of said counties of Graham and Gila, be placed in a fund to be denominated Railroad Interest and Redemption Fund.-" and the moneys so placed in said fund are hereby appropriated, and they shall be used for the purposes named in this Act, and for no other purpose whatever.
 SEC. 6. The said Treasurers shall, out of raid railroad interest and redemption fund, and if there be not sufficient in said fund, then the amount of such deficiency shall be paid out of the gen eral fund of said counties, pay annually, on the date of each bond, the interest which shall then have accrued upop the said bond, and upon the payment by the Treasurers of any interest upon any of said bonds, he shall require the coupons representing the in terest paid to be detached and surrendered to him; and he shall endorse across the date when he received the same and the amount paid therefor; and the same shall be retained by him in his office and be voucher for the money paid out.
 SEC. '. Whenever there shall have accumulated in said railroad interest and redemption fund the sum of one thousand dollars in ex- cess of the interest due and paya- ble in any one year upon all out