The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1888-04-03
UTAH TERRITORY BONDS.
One Hundred and Fifty Thousand
tS15O,OOO.OO) Dollars of Give (5l
Fer Gent. Utah Territory Bonds for
Sale

TIRE UNDERSIGNED, IN PURSUANCE
L of the direction of the Loan Commits
s!onerS of the errltOiY o. Utah, hereby ad-
vertises that bids will be received at his
office, in the City of Salt Lake, said Terri.
tory, until II O'Clock, noon. of the 31st day
of May, 1888, for the purchase of and at
which time a sale of the PONDS hereinafter
described, will be made, namely: One hun
dred and fifty bonds, each OF the denomina-
ton of one thousandd dol arS, of the engraved
negotiable coupon bonds of said Territory,
bearing five per cedlum interest per snnum.
payable sem ,-annu&ly, on the first days of
January and July OF each year. at 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 bv said
can Comm1> siOnerS, at the option OF the
purchasers Of said bonds.
The principal of said bonds shall be pay
able in the lawful money of the United
States, within twenty years4after the date OF
their i.sue, but redeemable at the pleasure
OF the, Territory after ten years
from date 1t Is provided in the
law, that Mt the expiration of
ten years after the issuing OF said bonos
there is set apart and appropriated out of
general funds in the hands of the Terri;
tOrlal Treasurer, annually not lets taan
fifteen thousand dollars, to be placed by the
said Treasurer in a fund to be known as the
REDEEM ption 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 availabIe:in said redemption
fund the sum of fifteen thousand dollars or
! more, it shall e the duty OF the said Treas
urer l" advertise the amount of money in
| the said redempti II fund and the number
of bonds. numbering them in the orner
OF their issue, commencing at the highest
| mum er 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 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 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 Hccrued
interest at the time 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 successful bidder for compliance
with the terms of his BID, 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 sct of the Governor and Legis-
lative Assembly, entitled IAN Act provid
ing for negotiating a loan for certain public
purposes" approved MarchS, 1855
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 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.
JAMES JACK,
Territorial Treasurer