Arizona republican., 1890-07-15
AN ACT
Approving, With Amendments. the Fund.-
 ing Act of Arizona.

XXXI-Funding and loan. Chapter one. Ter. ritorial, county, municipal and school district indebtedness" PAR 2OS9 (Sec l.) For the purpose of liquidat- ing and providing for the payment of the out. standing and existing indebtedness 0i the Ter rtory of Arizona and such future indebtedness as may be or is now authorized by law, the Gov ernOr of the said Territory, together with the Territorial auditor and Territorial secretary, and 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 and perform the duties hereinafter provided. PAR. 20i0. (Sec 2.) It shall be, and Is hereby, declared the duty of the loan commissioners to | provide for the payment or the existing lerrito. rial indebtedness due, and to become due, ,or that | is now, may be hereafter, authorized by law,
 and for the purpose of paying, redeeming and refunding all or any part oi the prihclpal ana interest, either of the existing and subsistiDg | Territorial legal indebtedness and also that
 which may at any time become due,or Is now ,orr
 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 . lower rate of interest
 and to the profit and 6eneht h oi the uerri'Gry ysd | as near as practicable in denominations of one
 thousand dollars, but bonds of a lower denomina- | tion, not less than two hundred and hity dol | lars, may be issued when necessary. Said bonds shall bear interest at rate to be hxed by
 said loan commissioners, but in no case to ex. ceed five per ceEtum per annum, which interest l shall be paid in gold coin or its equivalent in | law ful money of the United States, on the ff- teenth day of January in each year, at the office
 of the Territorial treasury, or at such bank Tn | the city of New York; in the state or New York. | or in the city of San Francisco, in the state Of | California as may be designated by said loan
 commissioners, at the option of the purchaser | of said bonds, the place of payment being men. tioned in said bonds. The principal of said l bonds shall be made payable in lawful money
 of the United States, fifty years after the date of | "They shall bear the date of their issue, state
 when, where, and to whom payable, rate ot in, | terest, and when and where payable, and shall | be signed by said loan commissioners, and shall
 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 in book to De Kept ] by him for the purpose, which shall state
 amount sold for or, fl exchanged, for what, ana
 the faith and credit of the Territory, Is hereby l pledged for the payment of said bonds and the
 interest accruing thereon, as herein provided;
 ran i b, seo D a,ssheS SSTPSn' ,S for esss ss
 bond, so that they may be removed without
 injury or mutilation to the bond. They shall
 be consecutively numbered and bear the same l number of the bond to which they are attached, and shall be signed by the Territorial treasurer
 "The said coupons shall cover the interest eX
 pressed in said bond from the date of issue until | paid but in no case shall bonds bear interest, | nor shall any interest be paid thereon for any l time before their delivery to the purchaser, as herinafter provided.
 commissioners may be authorized by law to l issue bonds, or shall have decided to refund or
 redeem all or any part of the existing indebted
 ness of this Territory, they shall direct the Ter | ritOral treasurer to advertise for sale Of the | bonds to be issued for that purpose, by causing
 a notice of such sale to be published Tor the period of one month in some daily newspaper published at the capital of the Territory, and | at least one insertion in newspaper
 published in the city of New York, in the state l of New York; and in the city of San Francisco, | in the State of California; such notice shall | specify the amount of bonds to be sold the
 place, day and hour of sale, and that bids VIII
 be received by said treasurer for the purchase oi | said bonds within one month from the eXplra
 tion of said publication; and at the place and
 time named in said notice the said treasurer
 and loan commissioners shall open all bids re- Ceiyed by him and shall award the purchase oi
 said bonds, or any part thereof, to the bidder or bidders therefor bidding the lowest rate of in-
 terest: Provided, That said loan commission, CTS shall have the right to reject any and all
 bids: And provided further, That they may | refuse to make any award unless sufficient
 security shall be furnished by the bidder or
 bidders for the compliance with the terms Of l their bids.
 ! "PAR 2Oii (Sec 6) When the sale of said bonds
 shall De awarded by the loan commissioners l they shall provide and procure the necessary | bonds as in this act provided and any expense incurred by them therefore for the publication 1 of said notices, cost of remitting funds for the | payment of interest or money on said bonds, 1 and all other necessary incidental expenses un-
 of the general fund of said Territory, upon the | order of the Territorial auditor, countersigned l by the Governor; and sum Of money suticient l to cover said costs and expenses is hereby ap' | prOpTiated out Oi said fund.
 They shall, from time to time, after signing said bonds, deliver them to the Territorial
 treasurer, taking his receipt therefor, and give tO the Territory of Arizona an additional official bond, with two or more snreties, in
 a sum equal to the amount of bonds de l livered to him by the said loan commissioners, which bond shall be approved by the Governor
 and deposited and filed with the Secretary of the Territory, and recorded by him in a book to be kept for that purpose. And the said Treasurer
 shall stand charged upon his official bond for
 the faithful performance of the duties required of him under this act shall sell said bonds for cash or exchange them for any of the indebtedness for the redemption
 of which they so issued but in no case shall said bonds be sold or exchanged for less than their face par value and the accrued interest at the time of disposal, nor must any indebted
 ness be redeemed at more than its face value and any interest that may be due thereon That said Treasurer shall indorse, by writing stamping in ink on the face of the paper,eyi- dencing the indebtedness received by him in l exchange for said bonds, the time when and the | amount for which exchanged
 "PAR. 20i6, Sec. S.) Moneys received by said |
 Treasurer shall be applied by him to the re- demption of the indebtedness, for the redemp- | tiOn of which bonds were issued, and the Treas |
 urer shall give nOtice as is 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 l indebtedness due and outstanding shall cease
 "BefoTe any such indebtedness shall be paid | the Territorial Auditor shall indorse on each | certificate the amount due thereon, and shall | write across the face of each the date of its sur
 render and the name of the person surrender
 ing, and shall keep proper record thereof
 "PAR. 2Oi7. Sec. % There shall be levied an
 nually, upon the taxable property in this Terri | tory, and in addition to the levy for other au-
 thorized taxes, a sufficient sum to pay the inter
 est on all bonds issued and disposed of in pur-
 suance 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 havebeen issued such ad
 ditional amount shall be levied annually as will | pay ten per cent. of the total amount issued un- til all the bonds issued under the provisions of this act are paid and discharged; nothing here in contained shall be construed to prevent the | Legislature of Arizona from creating sinking fund during the life of said bonds for their re demptiOn at maturity.
 "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 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 supervi sors, or authorities, are hereby directed and re- quired to enter such rate on their assessment rolls, in the same manner and with the same effect as is provided by law in relation to other Territorial, county, municipal and school taxes. Every tax levied under the provisions of author ity of this net is hereby made a lien against the property assessed, which lien shall attach on the first Monday in March in each year, and shall not be satisfied or removed until such tax has been paid.
 ''All moneys derived Ifrom taxes authorized by the provisions of this act shall be paid into the Territorial treasury and shall be applied
 First To the payment of the interest on the bonds issued hereunder
 "SecOnd. To the payment of the principal of such bonds: Provided, That all moneys re.