Arizona weekly citizen., 1890-09-20
AN ACT.
Approving With Amendments the Funding Act of Arizona.

| Be 1t enacted by the Senate and House of Rep | resentatives of the United States of America il 1 Congress assembled, that the act of the Revised Statutes Of ArlZona ot 1887, known as TITLE | IXXXI-Funding," be and is hereby amended SC | as tC read as follows. and that as amended the | same Is hereby approved and confirmed, subject l to future Territorial legislation: TITLE XXI Funding and Loan. Chap CT l. Territorial | County, Municipal and school District Indebt- | einess.
 | Par 2OSe (Sec I.) For the purpose of liqui- | dating and providing for the payment oi the | outstanding and existing indebtedness of the | Territory of Arizona and such future indeb ed ness as may be or IS now authorize by law, the | GoVernor of sad Territ ory, together with the Territorial Auditor and Territorial Secretary,
 and their successors in ofise, shall constitute a | Board or Loan Commlsslonsrs of the 1errIt ny | of Arizona, and shall have and exercise the powers and perform the duties hereIaafter pro yidsd.
 Par. 2oi0. Sec. 2 It shall be and is hereby declared the duty of the Lean Commissioners | to provide for the payment sf the existing Ter | rltorial indebtedness due, and to become due, or that Is now. or may be herezfter authorized by law, and for the purpose 6 paying redeem ing and rsfunding all or any psrt of the princi- pal and interest, of either of the sxIsting and subsistlng Tsrritorial legal indebtedness, and also that which may at any tir2Abecoms due, or IS now, or may be hereafter authorized by law the said Commissioners shall, from time to time, issue negotiable coupon bonds of thIs Territory when the same can be done at a low CT rate of interest and to the profit and benefit of the Territory.
 Par. 2eu.-Sec. 8. Said bonds shall be issued
 as near as practicable in denominations of one thoussrd dollars, but bonds of lower dsnOm-
 lnation, not less than two hundred and fifty
 dollars, may be issued when necessary. Said
 bonds shall bear interest at a rate to be fixed by
 sad Loan Commissioners, bat In no fase 10 I-
 ceed lve per centum per annum, which interest
 shail be paid In gold coin or its equivalent in
 lawful money of the United States, on the if
 teenth day Of January Tn each year, at the office
 of the Territorial Treasury, or at such bank in the City of New York, Or in the City of San Fran cisco, Tn the State of California, as may be de- sigusted by said Loan Commissioners, at the option of the purchaser of said bonds, the place of payment being mentioned in said bonds
 The prime pal of said bonds shall be made pay able Tn lawful money of the United States, fifty years after the date of iheir issue, but may be redeemed aft rtwenty years.
 They shall bear the date of their issue state whea, where, and to whom payable, rate of in terest, and when and where payable. and shall be signed by said Loan Commissioners, and shall have the seal Of the Territory affixed there to- and countersigned by the Territorial Treas urer and bear his official seal, and shall be regis tered by the Territorial Auditor in book to be kept by him for the purpose, which shall state amount sold for, or, if exchanged, for what, and pledged for the payment of said boads and the interest accrulng thereon, as hereinafter pro- yided,"
 Par. 1O42 Sec. f. Coupons for the interest shalt be attached to each bond, So that they may be removed without injury nutilatisn to the bond They shall be eonsecudyely numbered
 
 they are attached, and shall be signed by the Territorial Treasurer
 ''Ihe said coupons shall cover the interest ex- pressed in said bond from the dste of issue un til paid; bat in no case shall bonds bear interest nor shall any interest be paid th. reon at any time before their delivery to the purchaser as hereinafter provided"
 Par. 2043.-jec. ,. Whenever the said Loan Commissioners may be authorized by law to is sue bonds. shall have decided to refund or de. m all or any part of the existing indebted
 1Gs Inf TQr thay hal fha ritorjal Treasurer to advertise for sale Of the bonds to be issued for that purpose by causing a notice of such sale to be published for the period of one month in some daily newspaper pu lished at the Capital of the Territory, and at leas- one insertion Tn newspaper published in tne City of New York in the State of New York and m the City Of Ban Francisco, in the State of California; said notice shall specify the amount of tue bonds to Ee sold, the place, day and hour of ile. and that bids will be received by said Treasurer for the purchase of said bends within one month from tha expiration of sad publica- Ilon; a I'd tt the pla c and time named in said notice the said Trs asurer and Loan Commis- toners shall open all bids received by him and shall award the puachase of faid bonds, or any part thereof, to the Gicder or bidders therefor bidding the lowest rate of interest: Provided, that ga Loan Commissioners shall have the right to reieGt any and all bids: And provided further, that they may refuse to make any award ne 5 sufficient security shall bs furnished by tho bidder or bidders for the compliance with the terms or their bids.
 Par. 2044.-Sec. 6. When the sale of said bonds shall be awarded by the Loan Commis- sIoner, they shall preyIde and proc ire the nec- eseafy bonds as Tn this acC provided, and any expense incurred by them therefor, for tee pub l
 icatiUu of id notices, coGt of remitting funds TOT tne payment @t Int rest or money on said bond and al other necessary incidental expen- | under the provisions of this act shall be paid out oi the general fuud of said Territory upon the order of the TerritOrial Auditor countersign ed by the governor; and a sum of money suffi- | cient to cover said cost and expenses is hereby | app. opriated out of said fund.
 They shall, from time tO time, after signing 1 said bonds, deliver them to he Territorial | Treasurer taking bls receipt therefor, and | charge hIm herewith. The said Treasurer snal glve to the Territory of Arizona, an addi- | uOnal oflicIal bond, with two or more sureiies, | In a sum equal to the amount of bonds delivered | to hlm by tae said l. Jan { commissioners, which | bonds shall be approved by the Governor and | deposited and nled with the Secl letary of the | Territory, and recorded by him in a book to be | kept by him for that purpose. And the said | Treasurer shall stand charged upon his official | bono for the faithful performance of his duties | required of him under this act.
 Par. 2045-Sec. 2. The Territorial Treasurer | shall sell said bonds fer cash, exchange them | for any of the indebtedness for the redemption | of which they were issued, but in no case | shall said bonds be sold or exchanged for lesss than their face or par value and the accrued in- | terest at the time of disposal, nor must any in- debtedness be redeemed at mO.e than it's face | value and any interest that may be due thereon.
 That sald Treasurer shsil endorse, by writing | or stamping In ink on the face of the paper eVi- dencing the indebtedness received by him in the | exchange for said bonds, the time when and the | amount for winch exchanged.
 Par. 20i6-Sec. s. Moneys received by said | Treasurer shall be applied by him to the re- demptlon of the indebtedness for the redemp- tlOn Of which bonds were issued, and the Trea- surer shall give notice, as provided by law in case Of payment and redemption of Territorial warrants, of his readiness to redeem such in- debtedness and thereafter interest on all such indebtedness due and outstanding shall cease.
 Before any such indebtedness shall be paid the