Arizona republican., 1890-09-03
AN ACT
With Amendments, the Fund
 ing Act of Arizona.


 Be it enacted by the senate and House of Re | presentatves of the United States of America in | Congress assembled, that the act of the revised | statutes of Arizona of 1887, known as "iitle | NNXl-Funding, .be and IS hereby, amended so as to read as follows, and that as amended the same is hereby approved and confirmed, | subject to future Territorial legislation: "l1tle NNNl-Funding and loan, Chapter one. Ter | ritorial, county, municipal and school district
 PAR. 9lSg' tSec. l.) For the purpose of iquidat- ing and providing for the payment of the out | standing and existing indebtedness or the Ter ] ritury of Arizona and such future indebtedness as may be or is now authorized py law, the SoV- ernor of the said Territory, together with the Territorial auditor and Territorial secretary, ana their successors in office, shall constitute | board of commissioners, to be styled the loan | commissioners of the Territory of Arizona, and | shall have and exercise the powers ana perform | the duties hereinafter provided. | HPAR 20lO (Sec 2.) It shall be, and is hereby, declared the duty of the loan commissioners to provide for the payment of the existing Terrlto- rial indebtedness dhe, and to become due,Or that | is now, or may be hereafter authorized by law, | and for the purpose of paying redeeming and | refunding all or any part of the principal ana | interest, either of the existing and subsistlng Territorial legal indebtedness, and also that | which may at any time become due, or is now ,or may be hereafter, authorized by law, the said l commissioners shall, from time to time, issue
 negotiable coupon bonds or this Territory when the same can be done at a lower rate Of interest and to the profit and benefit of the Territory.
 | PAR. 20il. (Sec. S.l Said bonds shall be issued
 
 thousand dollars. but bonds ot lower denomlna' ton, not less than two hundred and nity dol, lars, may be issued when necessary; Salu bonds shall bear interest at rate to be hNed Dy l said loan commissioners, but in no case 10 eN-
 ceed five per certum per annum, which interest
 shall be paid in gold coin or us eqnlVaeht di m
 teenth day of January in each year, at the olhce
 of the Territorial treasurer, or at such bank Tn
 the city of New York in the state oi New lorH;
 or in the city of San Francisco, in the state oi
 California, or such place as may be des,
 ignated by said loan commissioners, at
 the option of the purchaser oi sald bonds lne
 place of payment being mentioned in said
 bonds The principal of said bonds shall be made payable in lawful money of the United
 states fifty years after the date ot their issue.
 Said Territory reserves the right to redeem at
 par any of said bonds, in their numerical order,
 at any time after twenty years after the date
 "They shall bear the date of their issue, state when where, and to whom payable, rate or in- terest and when and where payable, and snail l be signed by said loan commissioners, and snail have the seal of the Territory affixed thereto, . and countersigned by the Territorial treasurer
 and bear his official seal, and shall be registered by the Territorial auditor Tn q DoOk to pc kept by him for the purpose, which shall state amount sold for, or, ii exchanged, for what, and Q the faith and credit of the Territory is hereby
 pledged for the payment Of said bonds and the 5 interest accruing thereon, as herein provided: , ''PAR. 20l2. Sec, 4) Coupons for the
 interest shall be attached 70 each .
 injury or of mutilation bond. They shall 2 he consecutiyely numbered and bear the same | number of the bond to which they are attached'
 and shall be signed by the Territorial treasurer. ] ''The said coupons shall cover the interest eN- pressed in said bond from the date of issue until paid: but in no case shall bonds bear interest, Q nor shall any interest be paid thereon for any , time before their delivery Co the purchaser, as . herinHiter provided.
 "PAR 2OB Sec 5) Whenever the said loan
 commissioners may be authorized by law to 5 issue bonds or shall have decided to refund or v redeem all or any part of the existing indeDted-
 ness of this Territory they shall direct the Ter l ritOrial treasurer to advertise Tor sale or the
 bonds to be issued for that purpose by causing
 n notice of such sale to be published for the
 period of one month in some daily newspaper
 published at the capital of the Territory, and
 at least one insertion m newspaper n published in the city of New York, in the state t of New York, and in the city Of San Francisco q in the State of California; such notice shall 2 specify the amount of bonds to be sold, the n place, day and hour of sale, and that bids will
 be received by said treasurer for the purchase oi , ! said bonds within one month from the expira u tion of said publications and at the place and l- time named in said notice the sald treasurer |. and loan commissioners shall open all bids re-
 ceived by him and shall award the purchase o
 said bonds, or any part thereof, tO the bidder ol 'r bidders therefor bidding the lowest rate oi m y terest: Provided, That said loan commission is CTS shall have the right 10 reject any and al " bids: And provided further, That they may e refuse to make any award unless suiieien )i security shall be furnished by the bidder o a. bidders for the compliance with the terms o .g their bids
 NpAR gOtt. tSec. h.) w nell the kule or hAlu DOIu 's shall De awarded by the loan commissioner
 they shall provide and procure the necessar! le bonds as in this act provided, and any expense a incurred by them therefor, for the publication u of said notices cost of remitting funds for tn, al payment of interest or money on said bonds y and all other necessary incidental expenses un ,r der the provisions of this act shall be paid on '. of the general fund of said Territory, upon tn, " order of the Territorial auditor, countersignet re by the Governor; and Q sum of money suiiicien pr to cover said costs and expenses IS hereby ap ot propriated out of said fund.
 n "fhey shall, from time to time, after signinl v said bonds, deliver them to the Territoua to charge him herewith. The said treasurer shal
 give to the Territory of Arizona an addittona
 official bond, with two or more sureties, II
 a sum equal to the amount of bonds de is liyefed tO him by the said loan commissioners " which bond shall be approved by the Goyeno d and deposited and filed with the Secretary o
 the Territory, and recorded by him in book t
 be kept for that purpose. And the said Treasure
 shall stand charged upon his official bond fo
 the faithful performance of the duties required
 "PAR. 2Oi5 Sec 7j The Territorial Treasure ', shall sell said bonds for cash, or exchange then J' for any of the indebtedness for the redemption ,e (which they were issued but in no case shal ', said bonds be sold exchanged for less thai d their face or par value and the accrued interes .1, at the time of disposal nor must any indebted :! ness he redeemed at more than lts lace yalu h and any interest that may be due thereon.
 u That said Treasurer shall indorse, by writn " or stamping in ink on the face of the paper evl ts dencing the indebtedness received by him il
 exchange for said bonds, the time when and tn ' amount for which exchanged.
 (, "PAR. 2Ol6, (Sec S.) Moneys received by sai' s, Treasurer shall be applied by him to the re g demption of the indebtedness, for the redemp " ton of which bonds were issued, and the Treas 'V urer shall give notice as is provided by law II 1t case of payment and redemption Of Territoria l. warrants, Of his readiness to redeem such in
 debtedness, and thereafter interest on all sucl
 Indebtedness due and outstanding shall cease. U Before any such indebtedness shall be pal, )O the Territorial Auditor shall indorse on eacl . certificate the amount due thereon, and shal write across the face of each the date of It's sur )r render and the name of the person surrender
 ing, and shall keep proper record thereof
 "PAR 2Of7 (Sec. 9.) There shall be levied an ie nually upon the taxable property in this Terri
 tory and in addition to the levy for other au l- thOrized taxes, sufficient sum to pay the inter ,a est on all bonds issued and disposed oi Tn puf ie suance of the provisions of this act to be pace O. in the Territorial treasury in the fund to b ,d known as the Interest fund. And fifty year
 after such bonds shall have been issued such ad
 ditional amount shall be levied annually as vii
 pay ten per cent. of the total amount issued un
 til all the bonds issued under the provisions O
 this act are paid and discharged; nothing here .i- in contained shall be construed to prevent tn m Legislature of Arizona from creating sinkin y fund during the life of said bonds for their re n- demption at maturity.
 a sThe Territorial Board of Equalization, or, oi % their failure, the Territorial Auditor shall de y termne the rate Of tax to be levied in the dii ferent counties in the Territory to carry out tn 6 provisions of this act and shall certify tn =, same to the Board of Supervisors il 'n each county and to the municipal Q if sors, authorities are hereby directed and re t quired to enter such rate on their assessmen it rolls in the same manner and with the sam )s effect as is provided by law in relation to othe m Territorial, county municipal and school taxes - Every tax levied under the provisions of author il ity Of this act is hereby made lien against tn lll property assessed which lien shall attach O. al the first Monday in March in each year, an ,a shall not be satisfied or removed until such tn ,p AlI mnneys derived from taxes authorizes