Arizona republican., 1890-07-16
AN ACT
Approving, With Amendments, the Fund.-
 ing Act of Arizona.

Be it enacted by the Senate and House of Re.
 presentatiyes of the United States of America in Congress assembled that the act of the revised
 s!a;Htes of Arizona of lss7, known as "Iitle
 so as to read as follows, and that as amended the same Is hereby approved and confirmed,
 subject to future Territorial legislation Title M
 rtorial, county, municipal and school district indebtedness"
 PAR 2Ol9 (sec, l) For the purpose Of iquidat, ing and providing for the payment of the out
 standing and existing indebtedness of the Ter | rtory 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 u 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. 2OiO 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 Co become due ,or that is now, or may be hereafter, authorized by law, and for the purpose of paying, redeemlng and
 refunding all or any part of the principal and
 interest, either of the existing and subsisting 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. 204l. (Sec. 3) Said bonds shall be issued
 as near practicable in denominations of one thousand dollars but bonds of lower denomina- tion not less than two hundred and fifty dol lars, may be issued when necessary. Said bonds shall bear interest at rate to be fixed by said loan commissioners, but in no case to ex- ceed five per ceEtum per annum, which interest shall be paid in gold coin or Its equivalent Tn law full money of the United States, on the ff-
 teenth day of January in each year, at the office of the Territorial treasury, 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 of
 California, as may be designated by said loan commissioners, at the option of the purchaser of said bonds, the place of payment being men, toned in said bonds. The principal of said
 bonds shall be made payable in lawful money
 of the United States, fifty years after the date Of
 their issue, but may be redeemed after twenty years.
 "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 shall be signed by said loan commissioners, and shall have the seal of the Territory ali xed thereto,
 and bear his official seal, and shall be registered by the Territorial auditor in a book to be kept by him for the purpose, which shall state amount sold for or, if exchanged, for what, and
 the faith and credit of the Territory is hereby pledged for the payment of said bonds and the
 interest accruing thereon, as herein provided;
 rAE 3 sSa SS9eSn' to Or eaes bond, so that they may be removed without injury or mutilation to the bond. They shall
 be consecutiyely 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 Of issue until
 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, as herinafter provided.
 commissioners may be authorized by law to
 issue bonds, or shall have decided to refund or redeem all or any part Of the existing indebted;
 ness of this Territory, they shall direct the Ter ritOrial treasurer to advertise for sale of the bonds to be issued for that purpose, by causing
 a notice of such sale to be published for the period of one month in some daily newspaper
 published at the capital of the Territory, and at least one insertion in newspaper published in the city of New York, in the State of New York, and in the city of San Francisco,
 in the State of California; such notice shall specify the amount of bonds to be sold, the place, day and hour of sale, and that bids will
 be received by said treasurer for the purchase oi
 said bonds within one month from the expira, tiOn of said publication; and ut 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 of
 said bonds, or any part thereof, to the bidder or
 bidders therefor bidding the lowest rate of in
 terest: Provided, That said loan commission.
 CTS shall have the right to reject any and all
 bids And provided further, That they may
 refuse to make any award unless sufficient
 security shall be furnished by the bidder or
 bidders for the compliance with the terms of
 their bids.
 PAR 2On Sec 6.) When the sale of said bonds
 shall De awarded by the loan commissioners
 they shall provide and procure the necessary
 bonds us in this act provided, and any expense
 incurred by them therefore, for the publication of said notices cost of remitting funds for the
 payment of interest or money on said 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, cOunterslgned
 by the Governor; and n sum of money sufficient to cover said costs and expenses is hereby ap-
 prOpriated out of said fund.
 They shall, from time to time, after signing said bonds, deliver them to the Territorial treasurer, taking his receipt therefor, and charge him herewith. The said treasurer shall give to the Territory of Arizona an additional official bond, with two or more sureties, in 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 of the Territory, and recorded by him in book 10 be kept for that purpose And the said Treasurer shall stand charged upon his official bond for the faithful performance of the duties required of him under this act.
 PAR 2Oi5 (See. 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 issued but in no shall said bonds be sold or exchanged for 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 its face value and any interest that may be due thereoH.
 That said Treasurer shall indorse, by writing stamping in ink on the face of the paper,evi- | dencing the indebtedness received by him in exchange for said bonds the time when and the amount for which exchanged.
 "PAR. 20i6, (Sec. S) Moneys received by said | 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, is provided by law in | case of payment and redemption of Territorial | warrants, of his readiness to redeem such in | 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 1 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, sufficient sum to pay the inter est on all bonds issued and disposed of in pur. suauce of the provisions of this act to be placed in the Territorial treasury, in the fund to be known as the Interest fund.- And fifty years after such bonds shali havebeen 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 of 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.
 "The Territorial Board of Equalization or, on 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 the provisions 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 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 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.