Tombstone daily prospector., 1890-07-23
AN ACT.
Approving WiGh Amendments the Eundisg Act of
 Arizona.


 the act of the revised statutes of Ar- zona of 1887, known as the Title XXXI-Funding. be and is hereby that as amended the same is hereby approved and confirmed subject to fuiu,e Territorial legislation. Title XXXI--Funding and loan. Chapter one. Territorial, eoanty. municipal and school district indebtedness.
 Par 2039, Sec. For the purpose of liquidsting aud providing fer the pay ment of the outstanding and CT isting indebtedness of tine Territory of Arizona and such future indebtedness as may be, or is now authorized by law, the Governor of said Territory. togei her with the Territorial auditor and Territorial secretary, and their successors in office. shall constitute a board of commissioners. to be styled the loan commissioners of the Terri tory of Arizona, and shall have and exercise the power and perform the duties hereinafter provided
 Par a0l0 Sec ?. It shall be aud Is hereby declared the duty of the loan commissioners to provide for the pay
 
 ness due, aud to become due. or that is now or may be hereafter, auth orizea by law. and for the purpose of paying, Tedeening and TetuBdi5g all or any part of tbe principal and inter est. or either of the existing and sub sis:ing Territorial legal indebtedness, aud also that which at any time may become due. or is now, or may be hereafter authorized by law. the said commissioners shall fToB lime 10 tune issue negotiable 'upop bonds of this Terl itory when the same can be done at lower rate of interest and to ihe I,ro6g and benefit of the Territory.
 Par. 2O4l Sec 8. Said bonds shall be issued as near as practicable n de nominations of ons thousand dollars but bonds of a lower denomination. not less than two hundred and fifty 9llars may be issued when necessary. Said bonds shall bear interest at rate 10 be fixed by the loan commissioners. but in DO case to exceed five per ceR; DOT annum, which interes. shall be pad jn gold coin or its equivalent in lawful money of the United States on the fifteenth day Of January of eaci- year st the office of the Territorial treasury or at such bank in the city of New York. state of New York or in the city of San Francisco. state of Cslifor mia as may be designated by said loan commissioners, at the option of the purchaser of said bonds. the place of payment being mentioned in said bonds The principal of said bonds shall be made payable in nlavful money of the United States fifty years after the date cf their issue. bu; may be redeemed after twenty years.
 They shalk bear the date of their issue, state when where and to whom payable, rate of interest. and when and where payable and shall be signed by said loan com mmissionefs, and shall have the seal of the Territory affixed thereto. and countersigned by tEe Territorial treasurer and bear his Of hcial seal and shall be registered by the Territorial auditor in book to be kept by him for fhe purpose, which shall state the amount sold for, or, if exchanged for what, and the faith and credit of the Territory is hereby pledg esl for the Pay ment of said bonds and the interest accuring thereon as herein provided.
 Par 2042. Sec f. Coupon for fine interest shall be attached 10 each bond so that they may be removed without injury or mutIlation to the bond. They sLall be cousecutiveiy numbered and bear the same numbeE of the bond to which they are attached and shall be signed by tbe Territorial treasurer.
 The sad cupons shall cover the in- terest expressed in said bond from the date of issue sntil paid; but in no case shall bonds bear interest. nor shali aDy interest be paid thereon for any time before their delivery to the purchaser as hereinafter provided.
 Par. 2043 Sse. Whenever the said loan commissioners may be authorized by law 10 issue bonds or shall have de- cided to refund or redeem all or any part of the existing indebtedness of this Territory. they shall direct the Territorial treasurer 10 advertise for the sale of the bonds to be issued for that purpose, by causing a notice of such sale 10 be published for the period of one month in some daily newspaper published at the capital of the Terri tory, and at least one insertion in some  newspaper published in the City of New York and state of New York and in the city Of Ssn Francisco. state of California. su>h notice shall specify the amount of bonds to be sold, the place, day and hour Of sale aad that bids ~iii be reeeiF- ed by said treasurer for the purchase Cf said bonds wis iD ons month from the expiration of said pub.icatiaa, and at the place and tiIne named is said notice the said .FcasGreF aud loan commissioners shall open all bids received by him and shall award .he puF chase os sad bonds, or any part thereof 10 ;he bidder or bidders thereof biddiag the lowest rate of interest: Provided that said loan commissioners have a right t0 reject sny and all bids. And progsdrd further that tiicy may refuse to make any award uaiess saihcienfsecurity shall be furnished ny tisr bidder or bidders for the compliance with the terms of their 5isk.
 Par s0ts, Sec c. When the sale of said bonds shall be awarded by the loan com missioners they shaii provide and procure the necessary bonds ss ia this act provided, sud any expenses incurred by iEem therefore