The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1890-03-14

w hOh oiiO ilOul dlElNtu lue opening
OF the evening session, most of the mem
bers were present, but the speaker did not
appear to be in any particular hurry to call
the House to order. At 7:45, however, the
gaVel fell.
THE BONDING BILL,
The Council announced that it had
passed @. F. 67, the bill providing for the
issuing of territorial bonds. The bill was
read at length for the information of the
House. 1t was passed to its second reading
THE HISTORY OF UTAH.
The Council announced thatit had passed
resolution providing for the compiling
and publishing of history of Utah, and
appropriating $4,000 therefor, employing
Edward w. Tullidge for that purpose
Referred.
TWO BILLS APPROVED.
The Governor announced that he had ap-
proved H. F. so, Kimball's lien bill, and IT,
F. 50, establishing chair of geology and
mlneralogy in the University of Deseret.
TRUST AND GUARANTY ASSOCIATIONS.
H. F. IA, providing for the incorporation
and management of trust and guaranty
companies, was passed, with slight amend
ments, Sergeant, Lund and Robson being
bill are as follows:
Whereas, for the purpose of completing
the buildings for public institutions already
established, namely, the Agricultural COL
lege at Logan, the Reform school at Ogden,
the University and Deaf Mute institute,
and the buildings of the Deseret Agricul-
tural and Manufacturing society at Salt
Lake City, and the asylum for the insane
at Provo, all of which are incomplete, and,
WharnaC - 4,
territory is insufficient for the purposes
named; Therefore, Be it enacted by the
governor and legislative assembly of the
territory of Utah: That the governor and
secretary, and their successors in office,
and t. G. Weber, N. W. Clayton and
George A. Lowe, shall constitute board
of commissioners to be styled the Loan
Commissioners of the territory of Utah,
| and shall exercise the powers and perform
the duties hereafter provided.
1t shall be and is hereby declared the
duty Of the loan commissioners to provide
| for negotiating loan for the territory, ia
| sum not to exceed $500, 600, by the issuing
| of negotiable coupon bonds of this terri
tory; Provided, That said commission
shall not issue bonds for greater sum than
shall be set apart in appropriations at this
session of the legislature for the aforesaid
purposes.
| Said bonds shall be issued in denomina-
tions of 81, 1000, and shall bear interest at
rate to be fixed by said loan commission
ers, but in no case shall exceed per cent.
per annum, which shall be paid semi
! annually at the Deseret National bank in
Salt Lake city, Utah territory, or at such
bank in the city Of New York, state of
New York, as may be designated by said
loan commissioners, at the option of the
purchasers of said bonds (place of paw
| mppt IN hp ntinOp cd in nac\. tho
principal of said bonds shall be payable in
lawful money of the United States within
twenty years after the date of the issue
they shall bear the date of their issue,
state when, where and to whom pay able,
and shall be signed by the governor, score
tary and auditor of public accounts and
have the seal of the secretary affixed
thereto, and countersigned by the terrific
rial treasurer, and bear his official seal
and shall be registered by the territorial
auditor in book kept by him for that pur-
pose, and the faith and credit of the terri
tory is hereby pledged for the payment of
said bonds and the interest accruing
thereon as herein provided.
Coupons for the interest shall be at
| tached to each bond so that they may be
removed without injury or mutilation to
the bond; they shall be consecutively num-
| bered and bear the same number of the
|
coupons shall cover the interest expressed
in said bond from the date of the issue
until paid but in no case shall said bonds
bear interest nor shall any interest be paid
thereon for any time before their delivery
to the purchaser as hereinafter provided
| Whenever the said loan commissioners
shall have arranged to make loan of said
sum of three hundred thousand dollars
or any part thereof, they shall direct the
! territorial treasurer to advertise for a sale OF
the bonds to be issued for that purpose, by
causing notice OF said sale TO be published
for the period of one month in the three
daily newspapers published in Salt Lake
city, the capital of the territory, and
at least ten insertions in a newspaper
published in New York city, in the state OF
New York; in the city of San Francisco
in the state of California, and in the city
of Boston, state of Massachusetts. such
notices shall specify the amount of bonds
to be sold, the rate of interest they shall
bear, the place, day and hour of sale, and
that bids will be received by said treasurer
for the purchase of said bonds within one
month from the expiration of said publica-
ton in Salt Lake. City papers. AT the