Arizona republican., 1890-08-14
AN ACT With Amendments, the Fund.- ing Act of Arizona.


 statutes of Arizona of 1887, known as "Title 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: "Title XXXI-Funding and loan. Chapter one; Ter ritorial, county, municipal and school district indebtedness"
 PAR 2039 (Sec. l.) For the purpose of liquidat- ing and providing for the payment of the out standing and existing indebtedness or the Ter ritory of Arizona 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 q 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 of the existing Territo- rial indebtedness due, and to become due, 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 l 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 of this Territory when | the same can be done at 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 ot one | thousand dollars. but bonds oi lower denonlha | | lars, may be issued when necessary. Said | bonds shall bear interest at rate to be hxed by said loan commissioners, but in no case to ex, | ceed five per certum per annum, which interest | shall be paid in gold coin or its equivalent in ! lawful money of the United States, on the fir teenth day of January in each year, at the oiiice of the Territorial treasurer, or at such bank In 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 des- ignated by said loan eommiss'1ners, ;s 1ns ,ad a, 1 the option of the purchaser of said bonds, the place of payment being mentioned Tn salu bonds. The principal oi said bonds shall be made payable in lawful money of the U United States, fifty years after the date oi their issue Said Territory reserves the right to redeem al par any of said bonds, in their numerical order at any time after twenty years after the date thereof.
 "They shall bear the date of their issue, state when, where and to whom payable, rate of in l terest, and when and where payable, and shall be signed by said loan commissioners, ana shal 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 book to pc kepl by him for the purpose, when snail state amount sold for, or, if exchanged, for what, and the faith and credit of the Territory Is hereD! pledged for the payment ot said bonds and tht
 "PAR. 2Oi2 (Sec. 4) Coupons for the interest shall be attached to eacf bond, so that they may be removed withou, injury or of mutilation bond , dheE aI snai
 
 l number of the bond to which they are attached and shall be signed by the Territorial treasurer
 "The said coupons shall cover the interest eN ! pressed in said bond from the date Of issue unt | 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. hernafter provided.
 PAR. 2oiS See 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 ] nf f hiS shall ritOrial treasurer to advertise for n sale of th' bonds to be issued for that purpose, by causing n notice of such sale to be published for tht period of one month in some daily newspaper i published at the capital of the Territory, anc l at least one insertion in newspape published in the city of New York, in the State 1 of New York, and in the city oi San Francisco in the State of California; such notice shal specify the amount of bonds to be sold, th' | place, day and hour of sale, and that bids vii De received by said treasurer for the purchase O. said bonds within one month from the eXpira l ton of said publication; and Ut the place dDC time named in said notice the said treasurer and loan commissioners shall open all bids re- ceiyed by him and shall award the purchase O said bonds, or any part thereof, to the bidder o bidders therefor bidding the lowest rate oi Tn terest Provided, That said loan commission CTS shall have the right to reject any and al bids: And provided further, That they ma, refuse to make any award unless suiliclen security shall be furnished by the bidder o bidders for the compliance with the terms O
 "PAR. 2Oii Sec 6.) When the sale of said bond shall De awarded by the loan commissioner they sh1l provide and procure the necessary bonds as in this act provided, and any expense incurred by them therefor, for the publication of said notices, cost of remittng funds for th' payment of interest or money on said bonds and all other necessary incidental expenses un der the provisions of this act shall be paid ou of the general fund of said Territory upon thu order of the Territorial auditor, countersignec by the Governor; and a sum of money suiiicien tp gai1 \ hereby prOpriated out of said fund.
 "1hey shall, from time Co time, after signing said bonds, deliver them to the Territoria treasurer, taking his receipt therefor ano charge him herewith. The said treasurer shal give to the Territory of Arizona an additiona official bond, with two or more sureties, II a sum equal to the amount of bonds de livered to him by the said loan commissioners which bond shall be approved by the Governo and deposited and filed with the Secretary O the Territory, and recorded by him in n book [, be kept for that purpose. And the said Treasure shall stand charged upon his official bond fo the faithful performance of the duties required of him under this act
 "PAR. 2OI5. (sec. 7.) The Territorial Treasure shall sell said bonds for cash, or exchange then for any of the indebtedness for the redemption of which they were so issued but in no case shal said bonds be sold or exchanged for less thar their face or par value and the accrued interes at the time of disposal, nor must any indebted ness be redeemed at more than its face value and any interest that may be due thereon.
 That said Treasurer shall indorse, by writing or stamping in ink on the face of the paper,evi dencing the indebtedness received by him il exchange for said bonds, the time when and tn, amount for which exchanged.
 "PAR. 20i6, (Sec. S) Moneys received by sait Treasurer shall be applied by him to the re demption of the indebtedness, for the redemp ton of which bonds were issued, and the Treas urer shall give notice, as is provided by law il case of payment and redemption of Territoria warrants, of his readiness to redeem such in debtedness and thereafter interest on all suct | dup outstanding
 "Before any such indebtedness shall be paiC the Territorial Auditor shall indorse on eacf certificate the amount due thereon, and shal write across the face of each the date Of its sur render and the name of the person surrender ing, and shall keep proper record thereof.
 "PAR. 2Oi7. Sec. 9.) There shall be levied an nually, upon the taxable property in this Terri tory, and in addition to the levy for other au thOrized taxes, n sufficient sum to pay the inter est on all bonds issued and disposed of in pur suance of the provisions of this act, to be placed in the Territorial treasury, in the fund to bt known as the Interest fund.- And fifty year after such bonds shall have been issued such ad ditional amount shall be levied annually as vii pay ten per cent. of the total amount issued un til all the bonds issued under the provisions O this act are paid and discharged; nothing here in contained shall be construed to prevent tn, Legislature of Arizona from creating sinking fund during the life of said bonds for their re demptiOn at maturity.
 "The Territorial Board of Equalization, or, or their failure, the Territorial Auditor, shall de termine the rate of tax to be levied in the diff ferent counties in the Territory to carry out tn, provisions of this act. and shall certify tn, same to the Board of Supervisors il each county and to the municipal ol school authorities and the said board of supervi sors, or authorities, are hereby directed and re quired to enter such rate on their assessment rolls, in the same manner and with the same effect as is provided by law in relation to other Territorial, county, municipal and school taxes Every tax levied under the provisions of author ity of this act is hereby made lien against the uroperty assessed, which lien shall attach or the first Monday in March in each year, ana shall not be satisfied or removed until such tax