Arizona silver belt., 1890-02-22
A FUNDING BILL FOR ARlzoNA.

outlined by Governor Wolfley, was in
 troduced in the U. s. Senate, by Mir
 Cullom, December IF, 1889, and wa
 favorably reported, with amendments
 on the 10th inst, by Mir Jones, of Ar
 kansas, from the Committee OK Terri
 tories.
 The bill, as amended, provides fol
 the funding of the Territorial indebt
 edness-county, municipal and schooI
 district-outstandlng and existing
 and such future indebtedness as is, oI
 may be, authorized by law The Gov.
 ernor, Territorial Auditor and Terri
 torial Treasurer, and their successors
 in office, shall constitute board of
 commissioners, to be styled the loan
 commissioners of the Territory of Arr
 zona Bonds, payable in fifty years,
 shall be issued and shall bear interest at rate to be fixed by said commis. sionerS, but not to exceed five per cent. per annum.
 Par. 2045 (Sec. ? directs that the Territorial treasurer shall sell said bonds for cash, or exchange them for any indebtedness for the redemption of which they were issued, but in no case shall bonds be sold or exchanged for less than their face value and the accrued interest at the time of their disposal, nor must any indebtedness be redeemed at more than its face value and any interest that may be due thereon,
 Par. 2047 (Sec. 9 provides that there shall be levied annually, upon the taxable property in this Territory, and in addition 10 the levy for other authorized taxes, sufficient sum to pay the interest on 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 levled annually as will pay ten per cent, of the total amount issued until all bonds are paid and discharged Nothing herein con .ained shall bc construed te prevent -he Legislature of Ar2ona from creat. ng a sinking fund during the life off such bonds for their redemption at maturity
 The Territorial Board of Equaliza- ion, CT, on their failure, the Territo. 'ial Auditor, shall determine the rate ,i tax to be levied in the different counties to carry out the provisions of 1 his act.
 An important provision of the bill s that which authorizes and directs Boards of Supervisors. of the eoun- .es, municipal and school authorities, o report to the loan commissioners | heir bonded and outstanding lndebt- ,dneSs, and said loan commissioners |. nay, on written demand, require an f 'fiicial report from the Boards of Su- of counties, the municipal or chool authorities, of their bonded and . indebtedness, and said | oan commissioners shall provide for he redeeming CT refundlng of the ounty, municipal, and school district upon the official demand | # sad authorities, Tn the same man. Ter as other Territorial indebtedness, md they shall issue bonds for any in- now allowed, or that may ,e hereafter allowed, by law to said onnty, municipality, or school dIstrct, lpon official demand by said authori- les; the county, municipality, or chool district to pay into the Territo' ial treasury, Tn addition to all other axes authorized by law, such amounts IS may be directed by the Territorial 3oard of Equalization, or, on their allure, by the Territorial Auditor, to 'e legled for the payment of the prin- ipal of the bonds issued Tn redemp- ion, refunding, or other bonds issued c, such county, municipality, or school district when the same shall become Iue, and lu addition a rate of interest ,aid by the Territory on such bonds"
 Par. 2052 (Sec. 15) provides "that lothlng Tn this act shall be construed 0 authorize any future increase of my indebtedness in excess of the limit prescribed by the Harrison Act; Provided, however, that the present 'xisting and outstanding indebted. less, together with such warrants as nay be issued for the necessary and tirrent expenses of carrying on Ter 'itorial, county, municipal, and school government for the year ending De ,enber thirty first, eighteen hundred md ninety, may also be funded and ponds issued for the redemption there If; and thereafter no warrants, certi- icates, or other indebtedness shall be Lllnunl tn isS11n o,. hn Innnl m nrn fhc