Arizona silver belt., 1890-07-26

sufficient security shall bs furnished by the bidder CT bidders for the compliance with the tarms of their bids.
 "fAn 20i4 (sec. 6 When the sale of said bonds shall bo awarded by the loan commissioners they shall provide and procure the necessary bonds as in this act provided, and any expense in- cagred by them therefore, for the publi- cation of said notices, cost of rrmittiDg funds for the payment of interest CT money on said bonds, and all other nec- essary incidental expenses under the provisions of this act shall be pald out of the general fund of said Territory, ,,pon ths order of the Territorial auditor, coan- tersisned by the Governor, and a sum of money sufficient to cover said costs and expenses is hereby appropriated oht Of said fund
 "They shall, from time to time, after signing said bends, deliver them to shs Territorial Treasurer. taking his receipt therefor, and charge him herewith The said treasurer shsll give to the Territory Gf ArizGua an additional official bond, rith teasr more snr.ties, if sum equal to the amount of bonds delivered to him by tho sad loan commissioners, which bond shall Do approved by the Governor and deposited and tiisd with the secre- tary of the Territory, and recorded by him in book to be kept for that per lpose. And the sad Treasurer shall stand charged upon his ofReial hona for the faithtel perf.Fmance of the duiies requiryf .. him under this act.
 "Ptn 2045. (ssc. r. The Territorial Trsssursr shall sell said bonds for cash, or exchange them for any of the indsbt- edness for the redemption of which they were SO issued, but in 10 .ase shall said bonds be tsld or exchanged for less than their face or par yslae and the accrued i interest at the time of disposal. upF must any indebtedness be redeemed at more than its face valus and any interest that may be drethsse0n.
 That said @rcassrer shall nidofsp, bp i writing or stamping in iBk on the face of the paper, epidenciag the indebtedness received by him in exchange for said 1 bonds. te lple when and the aaeunt for which exchanged.
 'PAg. 20i6. (Sec. 6. Moneys received by said Treasurer shall be applied by him to the redemption uf tine indebtedness, for the redemption uf which bonds wore 1 issued, and the Treasurer shall give no- tice, as IS provided by law in case of pay r,ent and redemption of Territorial war rants, of his readiness to redeem such indsbtsdne.s, and thereafter interest on ali such Indebtedness due and outstand- ing lhall cesse.
 ''Before any such indebtedness ahall l be paid tue TcrrltoriaI Auditor ahal, in d1Iso on each certificate the aulnuat due thereon, and shall write across the faes of each the date of its surrender and the name of the person sarrendering, and shall keep proper record thereof
 PAR 2e4.. tsec. 9 There shall he ! erty in this Territory, and in addition to tho levy for other authorized taxes. a sthcsnt sum to pay the interest on all bonds issued and disposed of Tn pur- susnco of the provisions of this act, to be placed in tho Territorial treasrry, ia the fund to be known as the Interest fund And fifty years after such bonds shall havv been issued such additional amount shall be levied annually as will pay ten per cent. of the total amount issued pn- til all tho bon1s issusd under the preris- ion. of this act are paid and discharged; hsthing herein contained shall bo con- .trned to prevent the Legislature of Ari- zona from creating sinking fund during the life of said bonds for their redemp- ton at maturity.
 "1he Territorial Board of Equslizs- tion, CT, on their failure, the Territo torial Andito-, shall determine the rate of tax to be levied in the different counties in tho Territory to carry out the provisions of this act, and shall certify the salae to the Board of Supervisors in each coun- ty and to the mnncipal or school author ities; and the said beard sf supervisors, or authorities, are hereby directed and required tc enter such rate en their as sessment rolls, in the same manner snd with the same effect as is prsfiaed by law in rststion to other Territorial, coun- ty, municipal and school taxes. Every tax levied under ths provisions of author ity of this act is hereby made 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 pali
 "All leohevs derived from taxes au- therized by tie preei6ic.i. of this act shall be paid into the Territerial treaaury and shall be applied
 s'First. To tue payment of the inter est on the bonds issued hereunder
 Second. To the payment of the prin- cipal 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 to the Terrto- rial 'grnersi fund
 } PAR. 2o4s. (sec, 1el Whenever after the expiration of the fifty years from the date of issuance of any bonds under this act, there remains after the payment of tho interess as provided in the preceding , section, surplus cite thousand dollars 1, 1T more, 1t shall be the duty of the Ter sitorial Treasurer to advertise. as in the manner of advertising by the loan com miss;oners for bids for sale of bonds, } which advertisement shall state tie