Tombstone daily prospector., 1890-08-02
AN AsT.
Approving Nith amendments she Funding kes of
 ArizQna.

ei AHisfiea lh AsohfsEesS Aehcli bittt AHAt the act of the revised statutes of Ari- zona Of 1887. known as the Title AXNI- Fundipg.' be and is hereby amended % as to read as follows, and that as amended inc same is hereby approved and confirmed subject to fuia,e Territorial iegis.aticn. 'ri;le ANNG-Fnnaisg and loan,- Chapter one. Territorial, county. municipal and school district indebtedness.
 Par. 2039, Sec. Tor the purpose of liquidating and providing fer tho payment of the outstanding and e istiag indebtedness of the Territory uf Arizona and such future indebtedness as may be, or is now authorized by law. the Governes of sad Territory. together with tbe Territorial auditor aud Territorial secretary, Rnd ibeIf I successors ia office. shall constitute board of commissioners. 10 be styled the loan com auissioucrs of fhe Terri
 tory of Arizona, aRd sbali have and exercise ihe power and perform the da;ies hereinafter provided.
 Far. 2040 Sec 2. IL snail be and is hereby declared the duty of the loan | commissioners 10 provide for the pay l ment If the existing Territorial iadsbt ness due. and to become dEe, or 1 that is now or may be hereafter, auth
 orizei by law. and for the purpose of | paying, redeening aud refuuding all 1 or any part of tbe principal and inter
 est. or either of tho existing and snb sisting Territorial legal irdebteduess, a.d also that which at aay time may | becuuas due. or is now, or may be | hereafter authorized by law. tue said commissioners shall from time Q time issue negotiable coupon bonds of this Territory vi hen the same can be done | at a lower rate of interest and to lLe prCfs and benefit of tbe Territory.
 Par. 2O4i Sec. 3. Said bonds shall | be issued as near ns practicable in de nominations Of ono thousand dollars | but bonds of lower denomination.
 not less than two hundred and fifty | dollars may be issued when necessary. Said bonds shall bear interest at Q rate | 10 be fixed by the loan commissioners. but in Do case t0 exceed five per cent | DOT annum, which interest shall be pald in gold coin OF is equivalent in lawful money of inc United States on
 the fifteenth day of January of each year st the office Of tLe Territorial treasury or at such bank in the cIty Of 1 New York, state Df New York or in the l city of San Francisco, slate of Califor
 nia as may be designated by said loan commissioners. at the option of the purchaser Of said bonds. ihe place of l 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
 cf their issue. bus may be redeemed
 after twenty years.
 They shall 5ear the daie of tbais
 issue, state when where and to whom | payable. rate of interest. and when
 and where payable and shall be signed
 by said lean commissioners, and shall
 Lave the seal of the Territory affixed
 thereto, and countszEigBei by the
 Territorial treasurer and bear hIs of
 ticial seal. and shall be registered by
 the Territorial auditor in e book 10 be
 kept by him fer the purp0se, which
 shall state the amount sold for, CT, if exchanged for what, and the faith and
 credit of the Territory is hereby pledg
 ed for the Paymeat of said bonds and
 the interest aceUriBg thereon as herein l provided
 Par 2042. Sec. 1. Coupon for the
 interest sball be attached to each bond
 so that they may be removed without injury or matilatiCn 10 the bond. They
 sasll be eousecutiFely numbered and bear the same number of the bond io v hich they are attached and shall be signed by the Territorial treasurer.
 ''fhe sad cup0us shall cover the in
 terest expressed in said bond from the
 date of issue un,il paid; but in no case
 shall bonds bear interest. nor shall any
 interest be paid thereon for any time i before iheir delivery to ii1e purchaser
 a. hereinafter provided
 | Par. 2043 Ssc. | Whenever tue said loan commissioners may be authorized
 by law 10 issue bonds or shall have de- cided io refund OF redeem all or any
 part of ibe existing indebtedness of
 This Territory. fbeg sbail direct the Territorial treasurer to advertise for the
 sale of the bonds to be issued for that purpose. by causing 2 notice of such
 sale to be pnblished for tbo period of
 one month in some daily newspaper | published at the capital of ths Terri tory, and at least one insertion in some
 newspaper published in the City Sff l New York and state of New York and
 iu the ciiy of San FrAneisco. state of California: such notlce shall spee5fy ;kc 1 amount Of bonds to he sold. the plsce day
 and hour of sale and illai bidz win se TeceiY- ed by said treasurer for the Pureisase cf sIlf 1 ss8Gs witF iB one HIoHth from hs exsarafi8n of said publication, snd st fhe place sssa titne named ir said notiee the said treasurer
 aud loan comm tssioueTs sAa3i open all Bids
 received 5y him and sAa.l award ,he uHr l chase of sad bonds. 0T sHF part thereof co the h.ddeF CT biedcrs thereof kidding ;he
 lowest Tste of interest; Provided that said
 sasn eofDHsissioaers have a righ. to reject
 auy aud ail Lads. Ano provided farther thai l tLey may refuse tO make any award unless
 sufficient security sisaii i7e furnished by the
 bidder or bidders for the compliance with thefcrlns of their bids.
 l Par. 204f See C. When fhe sale of said 1 bonds shall be awarded bv fse loan com
 nissieners they shall provide and procure 1 the necessary bonds as ia this aef prov Idcd | and any exfenses Incurred bv fEem therefore
 for the publication Of said notices, c5sts Of 1 remitting funds lof the payment of intefss. l.Os money on said bonds, and ail other nee | essaf5 incidsnfal expanaes under the pru- ! visions Of this act shall be paid 0at of ihe