The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1888-04-27

sale.
THE UNDERSIGNED, IN PURSUANCE
i of the dmeeti II OF the Loan Commits
siOners of the erritOry o. an, hereby ad-
vertises that bids will be received at his
Office, in the City OF Salt L IKE, said Terri.
tory, until II O'Clock, noon. of Ih 3lSt day
of May, 1888, for tae purchase of aud at
which time sale of the bonds hereinAfter
described, will be made, nam ,ly: Que hum
dred aud hity bonds, each OF the deuOmIn =
ton OF one thousand dol ars of the engraved
negotiable coupon bonds OF s4ld Territory,
bearing five per ceasum interest Der 8nnum,
payable seml-annually, on the first days OF
January and July of each year, at the Desa-
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
loan Commissioners, AT the option OF the
purchasers of saIu bonds.
The principal of said bonds shall he pay
able in the lawful money of the United
their issue, but redeemable at the pleasure
of the Territory after ten years
from date 1t is provided in the
Saw, that at the expiration of
there is set apart and appropriated out of
general funds in the hand, of The Terri
lGorial Treasurer, annually not lesS than
6fteen thousand donArs, to be placed by the
said Treasurer in q fund to be kno~u as the
Redemption FUND for the reclamation of
that whenever after the expiration of ten
years from the d ate OF the Issuance OF said
bonds, there is available in said redemption
fund the sum of fifteen thousand dollars or
more, 1t shall e the duty OF tue said Treas
urer Va advertise the am unT of money in
the said redempti fund and the number
of bonds, numb sTiug them in the orNer
OF their issue, commencing at the highest
numrer taeu outstanding which sich fund
Is set apart to pay aud disch iTge, and the
date Whp nai6
bonds so numbered in sucn advertisement
shall not be presented for payment and
cancellation at the expiration Of the date
mentioned in such al vertisement then
such funds shall remain in the reasury of
ths Territory TO discharge such bond wnen-
ever presented for payment, but such bond
shall draw no 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 accrued
interest at the time of payment therefor.
The award of purchase of said bonds win
be made to the highest bidder, but before
making any aWard security will BIZ required
of the successful bidder for compliance
with the terms OF his d. and said Loan
Commissioners reserve the right 20 reject
any and all bids.
The bonds offered are TO be issued for the
building of educational institutions for
which apprO prlatiUns have been made by
the Governor and Legislative Assembly of
said Territory. aud by authority and in pur
suance of an act of the Governor and Legis-
1Rtive Assembly, entitled, IAN Act prrgld
ing for negotiating loan for certain public
purposes" approved March 5, 1888. -
The Territory has no other bonded debt,
and by an act of Congress approved June
30, 1885, is restricted t. 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 Tor 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.