Tombstone daily prospector., 1890-07-19
A ACT.
she Eanding Aes of Arizona.

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 of America in Congress assembled that the act of the revised statutes of An zona of 1SSi. known as the Title AXXI-Fundipg," be and is hereby amended so as to read as follows, and that as amended the same is hereby approved and confirmed subject to XXXI-Fundipg and loan. Chapter one. Territorial, county, municipal and school district indebtedness.
 Par. 2039, Sec. For the purpose of iiquidsting and providing fer the payment of the outstanding and ex lstlng indebtedness of tine Territory of Arizona and such future indebtedness as may be, or is now authorized by law, the Governor of said Territory. together with the Territorial auditor and Territorial secretary, and their successors in office. shali constitute 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. 2040 Sec 2. IL shall be and Is hereby declared the duty of the loan commissioners to provide for the pay
 ment of the existing Territorial indebt ness due, and to become due. or that is now or may be hereafter, auth orized by law, and for the purpose of paying, redeeming and refup5ing all or any part Of tbe principal and inter est. or either of the existing and sub
 sisting Territorial legal indebtedness, aud also that which at any time may become due. or is now. or nay b. hereafter authorized by law, the said commissioners shall from time % time issue negotiable esupop bonds of this Territory when the same can be done l at lower rate of interest and to the profit and benefit of the Territory. Par. 2O4I Sec. 3. Said bonds shall be issued as near as practicable in de nominations of ons thousand dollars but bonds of lower denomination. rot less than two hundred and fifty dollars may be issued when necessary. Said bonds shall bear interest at rate to be fixed by the loan commissioners. but in no case to exceed i've per cent DOT aunum, which interest shall be
 paid in gold coin or its equivalent ID
 lawful money of the United States ou the fifteenth day of January of each year at the office of the Territorial
 treasury or at such bank in the city oi New York, state of New York or iD the
 city of San Francisco. state of Califor
 nia as may be designated by said loan commissioners, at the option of the T purchaser Of said bonds. the place of payment being mentioned in said bonds The principal of said bonds shall be
 made payable unlawful money of the United States fifty years after the date of their issue. but may be redeemed
 after twenty years.
 They shall 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 commissioners, and shall have the seal of the Territory affixed
 thereto, and countersigned by the i Territorial treasurer and bear hls of ieisI seal. and shall be registered by the Territorial auditor in a book 10 D, kept by him for tie purpose, which ? shaIl state the amount sold for. or, i ] exchanged for what, and the faith ana ere lit of tue Territory is hereby pledg ? ed for the Payment of said bonds anC P the interest aecuripg thereon as hereir
 provided.
 Il Par 2042, Sec. 4. Coupons for thu - interest shall be attached to each bona - 90 that they msy be removed withou injury or matilatioc 10 the bond. The, shall be consecntiyely numbered ane
 boar the same number of the bond t'
 which they are attached and shall b
 signed by the Territorial treasurer.
 '.The sad cupous shall cover the in,
 terest expressed in said bond from th. date of issue aniil paid; but in no eas'
 shall bonds bear interest. nor shall an,
 interest be paid thereon for any tim
 before their delivery to the purchase
 as hereinafter provided.
 Par. 20i3 Ssc. Whenever the sai, | IU--s commissioners may be authorizes
 by law ls- issue bonds or shall have de
 eided to refunn :. redeem all or an,
 part of the existing sadebtedness o
 this Territory they ahaG direct thu | Territorial treasurer 10 advef,'se for th'
 sale of the bonds to be issued Cor tba
 purpose, by causing Q notice of sucl
 sale 10 be published for the period O
 one month in some daily neEspape
 published at the capital of the Terri tory. and at least one insertion iD som' iufNbDd1cf Buo2lcDeh III tNc SAf S ] New York and state of New York a1s
 in the city of San Francisco. state 0 1 California; such Rotiee shall specify tbi } ] amount of bonds to be sold, ihe place. dsl and hour of sale and that bids will be ieeeiv l ed by said treasurer for the purchase CT s4i' bonds xitl in one month from the espirxtloi . of said publication, and al the place ant , time named in said Hotice the said treasure 1 and loan commissioners shall open sl bid received by bim aud shall sWaFd ,he pur l ehsse Of sand bonds. or Eny part thereof t' ; the bidder oT bidders thereof bidding tb , lowest rate Of interest: Provided that sai' . loan commissioners have a right t0 fejee sny and all bids. And provided further tha they may refuse to make any award uHies sufficient security shaii te furnished by tA bidder or bidders for the compliance wit
 the terms of their bids
 sPar. 9S44. Sec e. When the sale of sal . tsonds shall 1e aEzreed by the hoas com missioners tkey snall provide eBd p-oeaEi . the DeeeSszxY bonds ss ir this act provided ' snd auyex penscs incurred sy them therefor fr, fI,. f.tf.sf f,e, f,f sa1d pOf5eek e0sfa f