Arizona weekly citizen., 1890-09-20

Territorial Auditor shall endorse on each certi-
 hcate the amount due thereon, and shall write
 across the face of each the date of its surrendei and the name of the person surrendering and l shall keep proper record thereof.
 Par. 2047-Sec. 2. There shall be levied an-
 nually upon the taxable property in the Terri
 tory and ID addition to the levy for other author
 ized taxes, sufficient to pay the interest OF 1 all bonds issued and disposed of in pursuance of the provisions of this act. to be placed in the Territorial Treasury, in the fund to be known as ] the Interest Fund. And fifty years after such | bonds shall have been issued such additional
 amount shall be levied annually as will pay ten
 Der cent of the total amount issued until all the
 bonds issued under the provisions of this act are paid and discharged; nothing herein contained shall be construed tO prevent the Legislature of Arizona from creating a sinking fund during the | life of said bonds for their redemption at ma- | turity.
 The Territorial Board of Equalization. or on their failure the Territorial Auditor, shall de termine the rate of tax to be levied in the diff
 ferelt counties in the Territory to carry out the
 provisions of this act, and shall certify the same
 to the Board of Supervisors in each county and | to the municipal or school authorities and the said Board of Supervisors, or authorities are hereby directed and required to enter such rate
 on their assessment rolls in the same manner and with the same effect as is provided by law in re- latlOn to other Territorial, county, municipal and school taxes. Every tax levied under the
 provisions of authority of this act is hereby
 made a hen against the property assessed, which
 lien shall attach on the first Monday in March in each year, and shall not be satisfied or removed untll SUcn tax has been pald.
 All money derived from taxes authorized by the provisions ftliis act shall be paid into the Territorial Treasury and shall be applied.
 FIRST. To tn payment of the interest on the bonds issued hereunder.
 SECOND To payment of the principal of such bon 's: Provided that all moneys remaining in the interest fund after the payment of the inter est, and all moneys remaining in the redemption fund after all said bonds shall have been paid and discharged, shall be transferred by the Ter ritorlal Treasurer to the Territorial Gent ral Fund.
 Par 2OlS-Sec. 10. Whenever, after the expir- atiOn of the fifty years from the date of issuance of any bonds under this act, there remains after the payment of the interest provided in the preceding section, a surplus of ten thousand dol lars more, it shall be the duty of the Territorial Treasurer to advertise, as in the manner of ad- vertlslng by the Loan Commissioners for bids for sale of bonds, which advertisement shall state the amount of money in the said redemp- ton fund, and the number of bonds, numbering them Tn the order of their issuance, commencing at the lowest number then outstanding which such fund IS set apart to pay and discharge, and If such bonds so numbered in such advertisement shall not be presented for payment and cancella- tien at the expiration of such publication then such fund shall remain in the treasury to dis charge such bonds whenever presented, but they shall draw interest after the expiration of such publication. But before any such bonds shall be paid they shall be presenter to the Territorial Auditor, who shall endorse on each bond the amount due thereon and shall write across the face of each bond ths date of it's surrender and the name of the person surrendering The Terri tOrial Auditor shall keep a record of all bonds issued and disposed of by the Territorial Treas urer, showing their number, rate of interest date and amount of sale, when, where and to whom payable, and if exchanged, for what and when presented for redemption, the date, amount due thereon and the person surrendering,
 The Board of Supervisors of the counties the municipal and school authorities are hereby au- thorized and directed to report to the Loan Com mlssoners of the Territory their bonded and out standing indebtedness and said Loan COmmis- | sloners may, on written demand, require an Otfi- cial report from the Board of Supervisors of counties, the municipal or school authorities of their bonded and outstanding indebtedness, and | sald Loan Commissioners shall provide for the | or refunding of the county, municipal | and school district indebtedness upon the official demand of said authorities, in the same manner as other Territorial indebtedness, and they shall issue bonds for any indebtedness now allowed CT that may be hereafter allowed by law to said | county, municipality or school district, upon official demand by said authorities; the county or school district to pay ints the | Territorial treasury, In addition to all other l taxes authorized by law, such amounts as may | be directed by the Territorial Board of EQualiz- etlon, on their failure by the Territorial Au- dltOr, te be levied for the payment of the prin- cipal of the bonds issued in redemption re- | funding or other bonds issued to such county | municipality or school district when the sam | shall become due, aud in addition a rate of in | tereet paid by the Territory on such bonds,
 Par, 2O49---Sec, II. When the Treasurer pays Il pr redeems any indebtedness he shall endorse by | writing or stamping in ink on the face of the
 
 the words redeemed and cancelled" with the date of cancellation. He shall keep a Il 'ull and particular account and record of all his under this act, and of the bonds and surrendered, ard he shall trans mt to the Governor an abstract of hIs proceed ngs uader this act with his annual report, to be )y the Governor laid before the Legislature st | ts meeting. All books and papers pertaining to l ss matter provided in this act shall at all times 'e open to the inspection of the party interested T the Governor, or committee of either branch n the Legislature. iOiQC cOmmlttQa of hOfh I Par. 2OJO- Sec. F. It shall be the duty of the -errltorlAl Treasurer to pay the interest on said 'onds whom the same falls due. out of said in- crest fund, If suficien and if said fund be not | uficiert, then to pay the defcien y out of the eneral fund; Pr .vided, that the Territorial Au- itOr shall first draw his warrant on the Terri orIal Treasurer, payable to the order of said reasurer, for the amount of such deficiency out 4 the general fund. Par. 2O5l--Se. 1s It shall be the duty of said { ,Oan COmmIs toners to make a full report of all heir proceedings had under the provisions of , nis act to the Governor. before the fret ay of January of each year, and said reports { hall be transmitted by the Governor to the erritOrlal Legislative Assembly. , Par. 2Oj2---Sec. If. No bond sued under the rovlsions of this act shall be taxed within this erritOry.
 Sec. 15. That nothing in this act shall be con- rued to authOrl any future increase of any n excess of the limit prescribed ' the I'll 4Irison Act" Provided, however, that le present existing and outstanding indebted ess together with such warrants as may be sued for the necessary and current ezpenses of irrylng on Territorial, county, municipal and ,ho ll government for the year ending December {, 1890 may also be funded and bonds issued IT the redemption thereof; and thereafter no errants. certificate or ether evidences of in- ,btedness shall be allowed to issue or be legal here the same IS in excess of the limit pre- rlbed by the Harrison ac,."
 All acts CT parts of acts In conflict with this t are hereby repealed. January ?. 1SgO,