Arizona republican., 1890-07-13
A N ACT
Approving, With Amendments, the Fund
 ing Act of Arizona.

l so ms to read as follows. and that as amended the same is hereby approved and confirmed, subject to future Territorial legislation Title | XXXI-Funding and loan. Chapter one. Ter ritorial, county, municipal ana schooi dlstrict | indebtedness"
 | PAR 2O39 (Sec l) For the purpose of liquidat- ing and providing for the payment of the out standing and existing indebtedness oi the Ter ritory of Arizona and such future Indebtedness | us may be or Is now authorized bv 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, 2OlO. (Sec 2.) It shall be, and Is hereby, declared the duty of the loan commissioners to provide for the payment of the existing Territo- rial indebtedness due, and to become due,or that is now, or may be hereafter, authorized by law, | and for the purpose of paying, redeeming and l refunding all or any part of the principal ana interest, or either of the existing and subsisting Territorial legal indebtedness and also that | which may at any time become due ,or is now, ,or may be hereafter, authorized by law, the said commissioners shall, from time to time, issue negotiable coupon bonds ot this Territory when the same can be done at a lower rate Of interest and to the profit and benefit of the Territory. PAR 20il. Sec. 3) Said bonds shall be issued | as near as practicable in denominations of one thousand dollars but bonds of lower denomina- tion, not less than two hundred and fifty dol lars, may be issued when necessary: Said bonds shall bear interest at a rate to be liked by said loan commissioners, but in no case to ex- ceed five per ceLtum per annum, which interest shall be paid in gold coin or its equivalent Tn
 lawful money of the United States, on the hf- teenth day of January in each year, at the office of the Territorial treasury, or ut such bank in the city of New York, in the state of New fork: or in the city of San Francisco, in the state oi California, us may be designated by said loan commissioners, ut the option of the purchaser of said bonds, the place of payment being men, bonds shall be made payable in lawful money of the United States, hfty years after the date or their issue, but may be redeemed after twenty , "They shall bear the date of their issue, state when where, and to whom payable, rate Of in. , terest, and when and where payable, and shall | be signed by said loan commissioners, and shall have the seal of the Territory liked thereto, and countersigned by the Territorial treasurer and bear his official seal, and shall be registered by the Territorial auditor in book to pc Kept amount sold for, or, if exchanged, for what ana
 the faith and credit of the Territory is hereby
 pledged for the payment oi said bonds ana ,he interest accruing thereon, as herein provided interest rne ,if shall i'' be ' attached to each r bond, so that they may be removed without 3 be consecutively numbered and bear the same f 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 untl
 paid; but in no case shall bonds bear interest ! nor shall any interest be paid thereon for an!
 
 r herinafter provided
 8 "PAR. 2oi3. (sec. 5.) Whenever the said loar commissioners may be authorized by law tt { issue bonds, or shall have decided to refund ol ( redeem all or any part of the existing Indebted ness of this Territory, they shall direct the Ter s ritorial treasurer to advertise for sale of th'
 bonds to be issued for that purpose, by causint !, n notice of such sale to be published Tor tEt n period of one month in some daily newspaper ' published at the capital of the Territory, anc n at least insertion m neWspape | published in the city of New York, in the Stat' u u of New York, and in the city of San F Francisco i in the State of California; such notice shal . | specify the amount of bonds to be sold, tn n place. day and hour of sale and that bids vii - be received by said treasurer for the purchase
 said bonds within one month from the expira r ton of said publications and at the place an' . time named in said notice the said treasure and loan commissioners shall open all bids re l. ceved by him and shall award the purchase O | said bonds, or any part thereof, to the bidder O | bidders therefor bidding the lowest rate Of in n terest: Provided That said loan commission . CTS shall have the right to reject any and al e bids: And provided further, That they ma n refuse to make any award unless suhicien
 security shall be furnished by the bidder O d bidders for the compliance with the terms O
 "PAR 2Oii (Sec. 6) When the sale of said bond
 shall De awarded by the loan commissioners
 they shall provide and procure the necessar
 bonds as in this act provided, and any expens
 incurred by them therefore, for the publication n of said notices, cost of remitting funds for tn
 payment of interest or money on said bonds
 
 d der the provisions of this act shall be paid Ou |, of the general fund of said Territory, upon tn II order of the Territorial auditor, countersigne
 by the Governor; and q sum of money sutiicen
 to cover said costs and expenses is hereby aI y propriated out of said fund
 '"fhey shall, from time to time, after signin '' said bonds, deliver them to the Territoris e treasurer, taking his receipt therefor, an n charge him herewith. The said treasurer sha
 give to the Territory of Arizona an additions
 official bond, with two more suretes, i l n
 livered to him by the said loan commissioner :, which bond shall be approved by the Goyernc a the Territory, and recorded by him in a book [ " be kept for that purpose. And the said Treasure " shall stand charged upon his official bond fC
 the faithful performance of the duties require f. "PAR 2Oi5. (Sec. 7.) The Territorial Treasure T shall sell said bonds for cash, or exchange thel u for any of the indebtedness for the redemptio
 of which they were so issued but in no case sha d said bonds be sold or exchanged for less tha | their face or par value and the accrued intere' |. at the time of disposal, nor must any indebted It ness be redeemed at more than its face valu f and any interest that may be due thereon.
 ", That said Treasurer shall indorse, by writin LII or stamping in ink on the face of the paper.ey
 dencing the indebtedness received by him h. exchange for said bonds, the time when and tn Y, amount for which exchanged. ~ PAR. 20i6, (Sec. S) Moneys received by sai )r Treasurer shall be applied by him to the r'
 demption of the indebtedness, for the redemI ,,, ton of which bonds were issued, and the Trea .I urer shall give notice, as is provided by law in case of payment and redemption of Territorii " warrants, of his readiness to redeem such 1T :! debtedness and thereafter interest on all sue v, indebtedness due and outstanding shall cease. III Before any such indebtedness shall be pal ye the Territorial Auditor shall indorse on eac
 certificate the amount due thereon, and sha U write across the face of each the date of its SUI b. render and the name of the person surrende
 ing, and shall keep proper record thereof
 "PAR. 2Oi7 Sec. 9) There shall be levied al
 nually, upon the taxable property in this Ter
 tory, and in addition to the levy for other al
 thOrized taxes, a sufficient sum to pay the inte to est on all bonds issued and disposed of in pu
 suance of the provisions of this act, to be place
 in the Territorial treasury, in the fund to " after such bonds shall havebeen issued such n, re dtional amount shall be levied annually as wi n pay ten per cent. of the total amount issued ul til all the bonds issued under the provisions st this act are paid and discharged; nothing her .. in contained shall be construed to prevent Il Il, Legislature of Arizona from creating a sinkir of fund during the life of said bonds for their r
 demption at maturity.
 CT "The Territorial Board of Equalization, or ( ne their failure, the Territorial Auditor shall d n termine the rate of tax to be levied in the di or provisions of this act and shall certify u
 same to the Board of Supervisors,
 each county and to the municipal
 school authorities and the said board of superN Ia, sors, or authorities, are hereby directed and . quired to enter such rate on their assessme sl a' rolls, in the same manner and with the san ne ne Territorial, county municipal and school taxe "i Every tax levied under the provisions of authC
 ity of this act is hereby made lien against Il . property assessed, which lien shall attach
 shall not be satisfied or removed until such tf
 has been paid.
 n, "All moneys derived lfrom taxes authoriz '' the Territorial treasury and shall be applied a 'First To the payment of the interest on tl id bonds issued hereunder
 .Nf thn YNrt.n ntVNal