Arizona republican., 1890-07-20
AN ACT Approytng, With Amendments, the Fund ing Act of Arizona.


 so as to read as follows, and that as amended the same is hereby approved and confirmed, subject to future Territorial legislation: Title -Funding'and loan. Chapter one. Ter ritorial, county, municipal and school district indebtedness"
 PAR, 2O39, (Sec. l) For the purpose of liquidat- ing and providing for the payment Of the out standing and existing indebtedness Of the Ter ritory of Arizona and such future indebtedness as may be or is now authorized by law, the Coy ernor of the said Territory, together with the Territorial auditor and Territorial secretary and their successors in office, shall constitute board oi 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 TerrltO rial indebtedness due, and to become due, or that is now, or may be hereafter, authorized by law, and for the purpose of paying, redeenlng ana refunding all or any part of the principal and interest, or either of the existing and subslstng 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 inc same can be done at a lower rate Of interest and to inc profit and benefit of the Territory. PAR 2Oll (Sec 3) Said bonds shall be issued as near us practicable in denominations oi one thousand dollars but bonds oi lower denOmlna- tinn, not less than two hundred and fifty dol lars may be issued when necessary. Sald bonds shall bear interest at rate to be fixed by said loan cDmmi SSlOnerS, but Tn no case 10 eA- ceed five per ceEtum per annum, when interest shall be paid in gold coin or It's equivalent Tn | lawful money of the United States, on the fif- 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 or New Iork. | or in the city of San Francisco, In the state oi California, or such place as may De des, | ignated by said loan commissioners, at | the option of the purchaser Of said bonds, the 1 place of payment being mentioned Tn said | bonds The principal oi said bonds small pc | made payable in lawful money Of the united States, fifty years after the date oi 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 ai'er the ua'e | thereof.
 "They shall bear the date of their issue, state | when, where, and to whom payable, rate or III, | terest, and when and where payable, and snail | be signed by said loan commissioners, ana shaii | have the seal of the Territory alhAed thereto, | and countersigned by the Territorial treasurer and bear his official seal, and shall be registered 1 by the Territorial auditor in book tO De kept | by him for the purpose, which shall state amount sold for, or, fl exchanged, TOT what ana | the faith and credit of the Territory Is herepy | pledged for the payment Of said bonds and the l interest accrung thereon, as herein provided l PAR. 2Oi2. (Sec. i) Coupons for the interest shall be attached io,of to ,Snmi each | iuiury or of mutilatiOn bond. They shaIl | be cOnsecutively numbered and bear the same | number of the bond to which they are httached' and shall be signed by the Territorial treasurer | "The said coupons shall cover the interest eX ,raseed in said bond from the date of issue until | paid; but in no case shall bonds bear interest, l nor shall any interest be paid thereon Tor any time before their delivery to the purchaser, as | herinafter provided.
 "PAR. 2Oi3. (Sec. 5.) Whenever the said loan | commissioners may be authorized by law to | issue bonds, or shall have decided tO refund or redeem all or any part of the existing lndeDted- ness of this Territory, they shall direct the Ter ritorial treasurer to advertise Tor sale or the ! bonds to be issued for that purpose, by causing ! a notice of such sale tO be published Tor the period of one month in some daily newspaper published at the capital Ol the Territory, and tI leaS one insertion m newspaper published in the city of New isrk, In the state | of New York. and in the city Oi San Francisco, in the State of California, such notice shall specify the amount oi bonds to be soid, ths | place. day and hour of sale, and that bids VIII be received by said treasurer for the purchase or said bonds within one month from the eXpira, tion of said publication; and at the place and time named in said notice the said treasurer and loan commissioners shall open all bids re ceived by him and shall award the purchase OI said bonds, or any part thereof, 10 the bldder or bidders therefor bidding the lowest rate oi ln-
 terest; Provided, That said loan commission, CTS shall have the right to reject any ana all
 refuse to make any award unless sufficient
 security shall be furnished by the bidder or
 bidders for the compliance with the terms ol
 "PAR. gOil lSec. G. When the sale of said bonds
 shall De awarded by the loan commissioners
 they shall provide and procure the necessary
 
 incurred by them therefor, for the publication
 of said notices, cost of remitting funds for the
 payment of interest or money on sald bonds
 and all other necessary incidental expenses un-
 der the provisions of this act shall be paid out
 of the general fund of said Territory, upon the
 order of the Territorial auditor counterslgped . by the Governor, and d sum Ot money sumcleht
 to cover said costs and expenses IS hereby ap-
 propriated out of said fund.
 "fhey shall from time to time, after signing
 said bonds deliver them to the Territorial | in
 charge him herewith. The said treasurer shall
 give to the Territory of Arizona an additional
 official bond, with two or more sureties, Tn
 a sum equal to the amount of bonds de-
 liyered tO him by the said loan commissioners,
 which bond shall be approved by the Governor
 and deposited and filed with the secretary oi
 inc Territory, and recorded by him in q book to
 be kept for that purpose. And the said Treasurer
 shall stand charged upon his official bond for
 the faithful performance of the duties required
 "PAR, 2OI5, iSec 7) The Territorial Treasurer | shall sell said bonds for cash, or exchange them
 for any of the indebtedness for the redemption
 of which they were so issued but in no shall
 said bonds be sold or exchanged Tor less than
 their face or par value and the accrued interest at the time of disposal, nor must any indebted,
 ness be redeemed at more than It's lace value
 and any interest that may be due thereon.
 That said Treasurer shall indorse, by writing
 or stamping in ink on the face oi the paper,eyl-
 dencing the indebtedness received by him in
 exchange for said bonds, the time when and the amount for which exchanged. . "PAR. 2Oi6, (Sec. s. Moneys recelNcu Dy salu
 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 Tn
 case of payment and redemption of Territorial
 warrants, of his readiness to redeem such ln-
 debtedness, and thereafter interest on all such
 indebtedness due and outstanding shall cease.
 "BefOre any such indebtedness shall be paid the Territorial Auditor shall indOrse on each , certificate the amount due thereon, and shall
 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 Il 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 be
 known as the Interest fund And hity years after such bonds shall have been issued such ad- ditional amount shall be levied annually as Will
 pay ten per cent of the total amount issued un, til all the bonds issued under the provisions ol | this act are paid and discharged nothing here in contained shall be construed to prevent the Legislature of Arizona from creating sinking . fund during the life of said bonds for their re.
 demptiOn at maturity.
 their failure, the Territorial Auditor, shall de
 termne the rate of tax to be levied in the dit ferent counties in the Territory to carry out the . same to the Board of Supervisors in
 each county and to the municipal ol
 school authorities and the said board of superyi sors or authorities, are hereby directed and re
 nuired 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 property assessed, which lien shall attach Or the first Monday in March in each year, and shall not be satisfied or removed untll such tax "Aii moneys derived from taxes authorized