The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1888-04-12
UTAH TERRITORY BONDS.
One Hundred and Fifty Thousand
($15O,oOO.OO) Dollars of Five (5)
Per Cent. Utah Territory Bonds for
Sale.

TIME UNDERSIGNED, IN PURSUANCE
of the direction of the Loan Commits
S!oners of the Territory o. Utah, hereby ad-
vertises that bids will be received at his
office, in the City OF Salt Lake, Sald Ierrl-
tory, until II O'Clock, noon, OF the 3lst DAY
of May, 1888, for the purchase of and at
which time a sale of the bonds hereinafter
described. will be made, namely: One nun
dred and fifty bonds, each OF the denomlna-
ton of one thousand dOl.a OF the engraved
negotiable coupon bonds of said Territory,
bearing five per ceEtum interest per annum.
payable seml-annuelly, on the first days OF
January and July of each year, st the Desc
ret National Bank in said City, or at such
bank in the City of New York, in the State
of New York, as may be designated by said
purchasers of said bonds
The principal of said bonds shall be pay
able in the lawful money of the United
States, within twenty years after the date OF
their Issue, but redeema6le at the pleasure
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
torial Treasurer, annually not less than
fifteen thousand dollars, to be placed by the
said Treasurer in a fund to 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
wears from the date of the Issuance of said
bonds. there is availablelin said redemption
fund the sum of fifteen thousand dollars or
more it shall tie the duty of the said Treas
urer 10 advertise the amount OF money In
the said redemption fund and the number
of bonds, numbering them IN the oroer
of their issue, commencing at the highest
mum ter 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 advertisement
shall not be presented for payment ana
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 payne emit, but sucn Dond
shall draw no interest alter the expiration
of said advertisement
In no case will said bonds be sold for less
than their face or par value and the eccrued
interest at the time of payment therefor.
The award of purchase of said bonds VIII
be made to the highest bidder, but before
making any award, security will be required
of the successful bidder for compliance
with the terms of his bid, and said Loan
Commissioners reserve the right TO reject
any and ell bids.
The bonds offered are to be issued for the
building of educational institutions Tor
which appropriations have been mace oy
the Governor and Legislative Assembly OF
said Territory, and by authority and IN pur-
suance of an act of the Governor and Legs
lative Assembly, entitled, Gan Act PROVO
ing for negotiating a loan for certain public
purposes" approved March8, 1885,.
The Territory has no other bonded DEBT,
and by an act of Congress approved june
| 30, 1886, is restricted to creating any bonded
! Indebtedness, except for charitable ana
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 Tor territorial
and County PURPOSES. Any Indebtedness
| attem pted 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.