Arizona weekly enterprise., 1890-07-26

I auce of the provisions of this act, to be placed in the Territorial treasury, in the ! fund to known as the Interest fund.- And fifty years after such bonds shall have been issued such additional amount shall be levied annually as will pay ten per cent of the total amount issued until all the bonds issued under the provisions of this act are paid and discharged nothing herein contained shall be con strued to prevent the Legislature of Ari- zona from creating a sinking fund during | the life of said bonds for their redemp- ton at maturity.
 The Territorial Board of Equaliza- ton. or, on their failure, the Territorial
 Auditor shall determine the rate of
 tax to be levied in the different counties in the Territory to carry out the prOvis- ions Of this act. and shall certify the same to the Board of Supervisors in each county and to the municipal or school
 authorities; and the said board of super yisors, or authorities, are hereby direct ed and required to enter such rate on their assessment rolls, in the same man.
 ner and with the same effect as IS proyld-
 ed by law in relation to other Territorial,
 county, municipal and school taxes.
 Every tax levied under the provisions
 of authority of this act is hereby made a
 lien against the property assessed, which
 lien shall attach on the first Monday in
 March in each year. and shall not be
 satisfied or removed until such tax has | been paid.
 "All money derived from taxes author
 ized by the provisions of this act shall
 he paid into the Territorial treasury and
 shall be applied
 First To the payment of the interest
 on the bonds issued hereunder.
 Second To the payment of the
 principal of such bonds: Provided, That
 all moneys remaining in the interest fund
 after the payment of the interest and all
 moneys remaining in the redemption fund after all said bonds shall have paid
 and discharged shall be transferred by
 the Territorial Treasurer 10 the IerrtO-
 rial general fund
 PAR 204S Sec. 10) Whenever after
 the expiration of the fifty years from the date of issuance of any bonds under this
 act, there remains after the payment ol
 the interest as provided in the preceding
 section, surplus of ten thousand dol
 lars or more, it shall be the duty of the
 Territorial Treasurer to advertise, as in the manner of advertising by the loan commissioners for bids for sale of bonds
 which advertisement shall state the amount of money ill the said redemption
 fund, and the number of bonds, number ing them in the order of their issuance
 commencing at the lowest number then
 outstanding, which such fund Is seI
 apart to pay and discharge, and if such
 bonds so numbered in such advertise
 ments shall not be presented for pay
 ment and cancellation at the expiration
 of such publication, then such fund shal
 remain in the treasury to discharge sucL
 bonds whenever presented. but they shal
 draw no interest after the expiration o
 such publication. Before any such bonds
 shall ka paid they shall be presented tc
 the Territorial Auditor. who shall endorse
 on each bond the amount due thereon
 and shall write across the face of eacL
 bond the date of its surrender and the
 name of the person surrendering. The Territorial Auditor shall keep q record
 of all bands issued and disposed Of by th'
 Territorial Treasurer, showing thelr mum
 Der. rate of interest, date and amount O
 sale. when, where and to whom payable
 and.if exchanged, for what and whel
 presented for redemption. the date amount due thereon and person sur
 rendering
 The Board oT Supervisors of the counties, the municipal and schoo
 authorities are hereby authorized anC
 directed to report to the loan commis
 sioners of the Territory their bonded ant
 outstanding indebtedness and said loaI
 commissioners hihy. GH written demand require an official report rom ihs boart of supervisors of counties, the municipa or school authorities. of their bonded an, outstanding indebtedness, and said lOal
 commissioners shall provide for the re deeming or refUna!ng of the county 1 municipal. and school district indebted
 ness, upon the official demand of sai | authorities, in the same manner as othe . Territorial indebtedness, and they shal l issue bonds for aQy indebtedness nov ? allowed, or that may be hereafter allowed r by law to said county, municipality, c - school district, upon official demand b I said authorities: the county municipaht g or school district to pay into the Territo ? rial treasury, iD addition to all other taXe Q authorized by law, such amounts as ma ' be directed by the TeTritqrial board ( D equalization, CT on their failure by tn | Territorial auditor, 10 he levied for th e payment of the principal of the bond l issued in redemption, refunding, or Otht - bonds issued to such county. municipalit - or seh1al district when the same sha ] become due. and h add,tiCp a rate of 1T e terest paid by the Territory op sue r bonds.
 Ii PAR. 2O49. (Sec. IL When the trea e Jrar pays or redeems any indebtedne' l. he shall endorse, by writing or staml - ing in ink on the face of the paper ev l. dencing such indebtedness so paid or T. Il dee1ned, the words redeemed and cal 5, celed.' with the date of cancellation. H V shall keep a full and particular accom # and record of all his proceedings undt IT this act and of the bonds redeemed an e surrendered, and he shall transmit to Il
 Governor an abstract of his proceeding ,f under his set with his annual report n be, by the Governor, laid before thE lGgi l. lature at it's meeting. All books and p ,t pers pertaining to the matter provide " in this act shall at all times be open jfi the ipspeetinn of the party interested. ,r the Governor, or [ eammlttee of elth m branch of the legislature, ot jQii l- committee of both.
 of PAR. 2050 (Sec. 12.) It shall be tl al duty of the Territorial treasurer to P; .r the interest on said bends when the san .d falls i4e ont of said interest fund.- if sr of ticient; and # sad fad he not sutficiel IQ then to puN tue utuelciIhN Ntll Ui tt4A St of eral fund Provided That. the Territori
 auditor shall first draw his warrant .r the Territorial treasurer, payable to t ,a ofdsF Gf gaid treasurer, for the amount of such defeiene} a5t of the geneI le fund.
 .i- PAR. 2051, (Sec, 13.) It shall be du al of said loan commissioners to make fl IT, report of all their proceedings had und all the gr3yisions of this act to the Govern -s on or before ths ifst day Of January he each year, and said reports shall ke trar fin mitted by the Governor the Territor ,a- legislative assembly.
 0y PAR. 2052. (Sec. 14.) No bond issI or issued Ender the provisions of this { 1d shall be taxed within this Territor, es @ Sec 15. That nothing Iii .Ais act sh
 be construed to authorize any future ,ol are9se of any indebtedness ill excess ,b the limit prescribed by the Harris ,t act" Provided however. That the pr a,. ent existing and outstanding indebtPdpe iS together with such warrants as may a,' issued for the necessary and current d ed penses of carryi4F np Territorial, coun ,st municipal and school guySrpment 'rH the year ending December 3l, 1890 hi 'at ' also be funded and bonds issued for '' redemptlon thereof; and thereafter