The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1888-04-01

January and July of each year, which
said interest warrant shall be drawn at
least one month previous to the matur-
ing of the interest, and the sum Of
Seven Thousand Five hundred Dollars
or SO much thereof as may be neees-
sary is hereby appropriated and set
aside from the general fund of the TT
ritory from year to year, to pay the
interest upon said bonds.
SEC. 8. At the expiration OF ten years
after the issuing of said bonds, there
shall be set apart and is hereby appro-
priated, out of the general funds in the
naudS of the Territorial Treasurer. an
nualty, not less than the sum OF fifteen
thousand dollars, to be drawn on the
warrant of the Auditor TO pay the prin-
cipsl of said bonds as the same shall fall
due or be called for, as provided in this
act. Said amount shall be held and
placed by the Treasurer in fund 10 be
known as the redemption fund. for the
redemption of said bonds, provided, that
the provisions of this section shall not
be construed to prohibit the Legislature
from making provisions for the rede mp
ton of any or all of sad bonds after the
expiration OF said ten years.
SEC 8. Whenever, after the expira-
ton of ten years from the da;e of issu-
anCe Of any bonds under this act there
IS available, as provided il the pre-, g l.
ing section, the SUM OF fifteen thousand
dollars, or more. 1t shall be the duty Of
the Territorial Treasurer 20 advertise as
In the manner Of the advertising of the
Loan Commissioners, for bids for sale
OF bonds, which ADVERT, ement sht II
state the amount OF money in the SAID
redemption iund, ana the number of
bonds. mum bsring them in the order of
their issuance, commencing ut the high
est number then outstanding, which
such fund is set apart to pay and dis
charge, and the date when they will be
paid, and if such bonds SO Numbered III
such advertise" eDt shall not be pre-
sented for payment and cancellation, at
the expiration of the date mentioned in
the publication, then such fund shall
remain in the treasury to discharge
such bonds whenever presented, but
they shall draw no interest alter
the expiration Of such publication,
Before any such bond shall be paid, |
they shall DE presented to the Territorial |
Auditor. who shall endorse on each |
boud the amount due thereon, and |
shall write across the face of each bond |
the dSte OF It's surrender and the name /
of the person surrendering; the Terri |
tOrial Treasurer shall, within ten DAYS
after the sale of such bonds. fle with
the Territorial Auditor q verified state
ment showing their number, rate of in
terest. date and amoant of sale, wren.
where and to whom PAYABLE, and the
Territorial Auditor shall keep record
Of all bonds issued ard disposed of by
he Territorial Treasurer, showing their
lumber, rate of interest, date and
amount of sale, when, where, and to
whom payable, and when presented for
the date, amount due
thereon snd the person surrendsring.
SEC. 10. 1t shall be the 0uty of said
Board of Loan Commissioners to make
| full report of ali their proceedings,
lad under the provisions of this Act,
10 the Territsrial Legislative
Assembly upon the first day of the
session. Il
SEC. IL. No bonds issued. under the
of this act shall be taxed for
my purpose within this Territory.
SEC. IL. This act shall be IN force
rom and afterits approval.
Approved March s, 1888.