The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1888-04-28

PER Cent Utah Territory Bonds for
Sale.
mHE UNDERSIGNED, IN PURSUANCE
of the direction of the Loan Commits
sioners of the erritofY o. . nh, hereDy ad-
vertises that bids will be received at his
office, in the City of Salt Lske, sid Terri.
tory, until u O'Clock, noon, of the S1st day
which time sale of the bonds hereinafter
described. will be made, manly: One hum
dred and fifty bonds, each of the denomlns.
ton of one thousand dol ars, OF the engraved
negotiable coupon bonds of s7ld Terrltory'
bearing five per centum interest per snnnm:
payable seml-annually, on the first dsys OF
January and July of each year. st The Desc
ret National Bank in said City, or at sncn
bank in the City of New York, IN the Stite
OF New York, as may be designated BY SAID
Loan Commissioners, at the option OF the
purchasers of said bonds.
The principal of said bonds shall re pay
aide in the lawful money of the United
States, within twenty years after the date OF
their issue, but redeema6le at the pleasure
from date. 1t Is provided in the
law, that at the expiration of
ten years after the issuing of said bonok
there is set apart and appropriated out OF
general funds in the hands of the Terri
toriA Treasurer, annually not le,s thnn
fifteen thousand dollars, to be placed by the
said Treasurer in fund to be known as the
Redemption Fund for the redemption of
said bonds; And it Is also further provided
thEtEhenever, after the expiration OF zen
years from the date of the Issuance OF said
bonds, there is available in said redemption
fund 1he sum of fifteen thousand dollars OF
mona, It shall Re the duty of the said reas-
urerEo advertise the amount OF money In
the said redempti n fund and the number
of bonds, numbering them in the orIer
of their issue, commencing at the highest
number then outstanding which such fund
is set apart to pay and disch .rge, and the
date when they viii be paid, and II such
bonds SO numbered in such advertiser Ell !
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 Cray no interest after the exPlrHaon
OF said advertisement.
IN no case will said bends be sold for less
than their face or par value and the "ccr1ed
interest at the time of payment therefor;
The award of purchase OF said Donds WEI
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 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 Tor
which appropriations have been made by
the Governor and Legislative Assembly OF
said Territory, and by authority and in pur'
suance Of an act of the Governor ana Legs
lative Assembly, entitled, IAN Act praVid-
ing for negotiating lo4n for certain public
purposes, j" approved HarchS, 1888;
The Territory has no other bonded dept,
and by an act of Congress approved June
30, 1886, is restricted 80 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. Any 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. -
Territorial Treasurer.