The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1888-04-20

THE UNDERSIGNED, IN PURSUANCE
i of the direction of the Loan Commits
sioners of the Territory OF 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 S1st day
of May 1885, for the purchase of and at
which time sale of the bonds hereinafter
described, will be made, namely: One hun
dred and fifty bonds, each of the denomins-
Jion OF one thousand dollars, of the engraved
negotiable coupon bonds of SAID Territory,
bearing five per ceutum interest per snnum,
payable semi-annuslly, 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 ofNew York, IN the State
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 be pay
able in the lawful money of the United
States, within twenty years after the date of
their issue, but redeemable at the pleasure
of the Territory after ten years
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 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
years from the date of the issuance OF said
bonds, there is availablesin said redemption
fund the sum of fifteen thousand dollars or
more, 1t shall be the duty of the said Treas
urer BIZ advertise the amount CT money in
the said redemption fund and the number
of bonds, numbering them in the order
of their issue, commencing at the highest
numcer 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
snail not be presented for payment and
cancellation at the expiration of the date
mentioned in such advertisement. then
such funds shall remain i'll the Treasury of
the Territory to discharge such bond when
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 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 net of the Governor and Legis-
lative Assembly, entitled, IAN Act provid
ing for negotiating q loan for certain public
purposes" approved MarchS, 1888.
The Territory has no other bonded debt,
and by an act of Congress approved June
&c. 1886, Is restricted to creating any bonded
Indebtedness, except for charitable and
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