Arizona republican., 1890-08-05
AN ACT Approving, With Amendments, the Fund ing Act of Arizona.

Be it enacted by the Senate and House of Re- presentatives of the United States of America in Congress assembled, that the act of the revised statutes of Arizona of 1887, known as "litie XXXI-Funding," be and is hereby amended so as to read as follows, and that as amended the same is hereby approved and confirmed, subject to future Territorial legislation "Iltle XXXI-Funding and loan. Chapter one. Ter ritorial, county, municipal and school district indebtedness"
 PAR. 2O39. (Sec I) For the purpose of liquidat- ing and providing for the payment of the out standing and existing indebtedness of the Ter ritory of rzona and such future indebtedness as may be or Is now authorized by law, the Gov ernOr of the said Territory, together 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 Territory of Arizona, and shall have and exercise the powers and perform the duties hereinafter provided.
 PAR 20i0. (Sec. 2.) It shall be, and IS hereby, declared the duty of the loan commissioners to provide for the payment oi the existing lerrito- rial indebtedness due, and to become due,of that is now or may be hereafter, authorized by law, and for the purpose of paying, redeeming and refunding all or any part Of the principal and interest or either of the existing and subsisting Territorial legal indebtedness, ana also that may be hereafter authorized by law, the said commissioners shall, from time to time, issue negotiable coupon bonds of this Territory when the same can be done ut n lower rate of interest and to the profit and benefit of the Territory.
 PAR 2O4l. Sec. 3l Said bonds shall be issued as near as practicable in denominations oi one thousand dollars but bonds of lower denomlna- tion not less than two hundred and fifty dol lars may be issued when necessary: Sald bonds shall bear interest at a rate to be nNeu Dy said loan commissioners, but Tn no case to eX- ceed five per ceLtum per annum, which interest shall be paid in gold coin or us equivalent III lawful money of the United States, on the hf- teenth day of January in each year, at the once of the Territorial treasurer, or at such bank Tn the city of New York, in the state of New York. or in the city of San Francisco, in the state oi California, or such place as may be ues, ignated by said loan commissioners, at the option of the purchaser of said bonds, the place of payment being mentioned III salu bonds The principal oi said bonds shall be made payable in lawful money Of the United States fifty years after the date Of their issue. Said Territory reserves the right to redeem at par any of said bonds, in their numerical order, at any time after twenty years alter the date thereof
 "They shall bear the date of their issue, state when where, and to whom payable, rate or m, terest, and when and where payable, ahd shaii be signed by said loan commissioners, ana shail have the seal of the Territory affixed thereto and countersigned by the Territorial treasurer and bear his official seal, and shall be registered by the Territorial auditor in d book 10 De kep' by him for the purpose, which snail state amount sold for, or, if exchanged for what and the faith and credit of the Territory Is hereD! | pledged for the payment oi said bonds ana the 1 interest accruing thereon, as herein provided
 
 | interest shall be attached to each bond, so that they may be removed wlthou' | injury or of mutilatiOn bond. They shal | be consecutively numbered and bear the same | 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 oi issue uhti ! paid: but in no case shall bonds bear interest nor shall any interest be paid thereon for any | time before their delivery to the purchaser a' | herinafter provided. , | commissioners may be authorized by law tt | issue bonds, or shall have decided to refund 0l redeem all or any part oi the eXlsllhg iilueDted ness of this Territory, they shall dlrect the Ter | ritOriul treasurer to advertise for sale or th' | bonds to be issued for that purpose, by causlnt | a notice of such sale to be published TOT th' period of one month in some daily newspape | published at the capital of the Territory, ant at least one insertion in newspape | published in the city of New York, in the Stat, ! of New York and in the city of San Francisco | in the State of California; such notice shal ] specify the amount of bonds to be soid, th' l place day and hour of sale, and that bids VII be received by said treasurer for the purchase said bonds within one month rom the eNplIa | ton of said publication; and at the place ap' | time named in said notice the sald treasure and loan commissioners shall open all Dlos re ceived by him and shall award the purchase 0 said bonds, or any part thereof, to the Dlduer 0 bidders therefor bidding the lowest rate Of in
 terest: Provided, That said loan commission CTS shall have the right to reject any and al
 bids: And provided further, That they ma ma | refuse 10 make any award unless suilicien
 security shall be furnished by the bidder 0 bidders for the compliance with the terms 0 | their bids. ,,,,
 shall De awarded by the loan commissioner
 they shall provide and procure the necessar
 bonds as in this act provided, and any eNpens
 incurred by them therefor i2r tne PnoTiCs'Ib ir ,b
 of said notices, cost of remitting funds Tor th
 paymcnt of interest or money on said bonds
 and all other necessary incidental expenses ul
 der the provisions of this act shall be paid ou
 of the general fund of said Territory, upon th
 order of the Territorial auditor, cOunterslgne
 by the Governor; and a sum of money suthcien
 to cover said costs and expenses IS hereby al
 prOprated out of said fund
 "fhey shall from time to time, after signln
 said bonds, deliver them to the lerrltorlh
 treasurer, taking his receipt therefor, an
 charge him herewith The sald treasu,gr sna
 official bond, with two or more suretles, l
 Il sum equal to the amount oi bonds d'
 livered to him by the said loan commissioner which bond shall be approved by the Governc
 and deposited and filed with the secretary (
 the Territory, and recorded by him Tn a book
 be kept for that purpose. And the said Treasure
 shall stand charged upon his official bond 1c
 the faithful performance of the duties require
 of him under this act.
 "PAR. 2Oi5 Sec 7.) The Territorial Treasure
 shall sell said bonds for cash, or exchange thel | for any of the indebtedness for the redemptio of which they were so issued but in no case sha , ! said bonds be sold or exchanged Tor less Una their face or par value and the accrued intere' ' at the time of disposal, nor must any indebted | ness be redeemed at more than its face yalu
 and any interest that may be due thereon
 That said Treasurer shall indorse, by wrtin
 or stamping in ink on the lace or the papet,eV
 dencing the indebtedness received by him l
 exchange for said bonds, the time when and tn amount for which exchanged.
 "PAR. 20i6, (Sec. S.) Moneys received Dy sal
 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 urer shall give notice, as IS provided by law case of payment and redemption ol ierrltofi' i , | warrants of his readiness to redeem such II r debtedness, and thereafter interest on all sue , indebtedness due and outstanding shall cease "Before any such indebtedness shall be pal
 the Territorial Auditor shall indorse on eac
 certificate the amount due thereon, and sha
 write across the face of each the date of its su , render and the name of the person surrende
 ing and shall keep proper record thereof.
 aPAR 2Oi7 Sec. 9) There shall be levied al s nually, upon the taxable property in this Ter tory, and in addition to the levy Tor other a'
 thorizcd taxes, sufficient sum to pay the lnte - 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
 known as the Interest fund And ifty yea
 after such bonds shall have been issued such n,
 ditional amount shall be levied annually as wi
 DRY ten per cent of the total amount issued III
 til all the bonds issued under the provisions g this act are paid and discharged; nothing her in contained shall be construed to prevent U , Legislature of Arizona from creating sinkir , fund during the life of said bonds for their r
 dempti0n at maturity.
 - "The Territorial Board of Equalization, or, c their failure, the Territorial Auditor, shall d termine the rate of tax to be levied in the di
 ferent counties in the Territory to carry out u
 provisions of this act. and shall certify tl
 same to the Board of Supervisors
 each county and to the municipal
 school authorities and the said board of supery
 sors, or authorities, are hereby directed and T } quired to enter such rate on their assessmel . rolls in the same manner and with the san
 effect as is provided by law in relation to oth , Territorial, county, municipal and school taxe ? Every tax levied under the provisions of autho at ,hi io Inv n nSt