The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1888-04-24

THE UNDERSIGNED, IN PURSUANCE
of the direction of the Lean Commits
sioners of the territory o. Utah, hereby ad-
Vertises that bids will be received at his
Office, in the City of Salt Lake, said Terri
tory, until IL O'Clock, noon, of the S1st day
of May, 1858, for the purchase of and at
which time a sale of the bonds hereinafter
described. will be made, namely: One hun
dred and fifty bonds, each of the denomlns.
ton of one thousand dol arS, OF the engraved
negotiable coupon bonds of Sald Territory,
bearing five per ceutum interest per annum:
payable sem annually, on the first Gays OF
January and July of each year at the Desc
ret National Bank in said city, or at such
bank in the City ofNew YORK, ~ the state
of New York, as may be designated by said
Loan Commi, sioners, at the option of the
purchasers of said bonds.
The principal of SAID bonds shall he pay
able in the lawful money of the United
States, within twenty years after the date of
of the Territory after ten years
from date 1t is provided in The
law, that at the expiration of
ten years after the issuing of said bonds
there is set apart and appropriated out of
general funds in the hands of the Terri
torfal Treasurer, annually not less than
fifteen thousand dollars, to be placed by the
said Treasurer in a fund 10 be known as the
Redemption FUND" for the redemption of
said bonds; And it is also further provided
that whenever. after the expiration of ten
years from the date OF the Issuance of said
bonds, there is available in said redemption
fund the sum of fifteen thousand dollars or
more, it shall e the duty of the said Treas
urer IN advertise the amount of money in
the said redempti III fund and the number
of bonds, numbering them in the orr er
of their issue, commencing at the highest
numrer then outstanding which such fund
is set apart to pay and discharge, and the
date when they will be paid, and if such
bonds so numbered in such advertiser ent
shall not be presented for payment and
cancellation at the expiration of The date
mentioned in such advertisement then
such funds shall remain in the treasury of
the Territory to discharge such bond when
ever presented for payment, but such bond
shall draw 10 interest after the expiration
of said advertisement.
In no case will said bonds be sold for less
than their face or par value and the sccr1ed
interest at the tine of payment therefor.
The award of purchase of said bonds will
be made to the highest bidder, but before
making any award, security will be required
of the succ 'ssful bidder for compliance
with the terms Of his b d. and said Loan
Commissioners reserve the right 10 reject
any and all bids.
The bonds offered are to be issued for the
building of educational institutions for
which APPROPRIATIONS have been made by
the Governor and Legislative Assembly OF
said Territory, and by authority and in pur-
suance of an ret OF the Governor and Legis-
lative Assembly, entitled, IAN Act provid
ing for negotiating loan for certain public
purposes" approved March6, 1883.
The Territory has no other bonded debt
and by an act of Congress approved June
70, 1886, is restricted to creating any bonded
Indebtedness, except for charitable and
(educational institutions and Is limited in
its power to create indebtedness for any
purpose, exceeding one per cent. OF its tax
able valuation as shown by the last assess
ment of its taxable property for Territorial
and County PURPOSES. Auy Indebtedness
ATTEMPTED to be created in excess thereof
is declared void. These bonds are exempt
by law from taxation for any purpose
within the Territory.
JAMES JACK,
Territorial treasurer.