Arizona republican., 1890-08-13
AN ACT Approving, With Amendments, the Fund ing Act of Arizona.

 XXXI-Funding" be and is hereby, amended so as to read 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"
 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 Gov ernor of the said Territory, together with the Territorial auditor and Territorial secretary, and their successors in office, shall constitute 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. 2Oi0. (See 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,o that is now, or may be hereafter, authorized by law, refunding ali 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,of commissioners shall, from time to time, issue negotiable coupon bonds of this Territory when the same can be done at lower rate 0i interest and to the profit and benefit Of the Territory.
 PAR. 2O4l. (Sec. 3) 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 Said bonds shall bear interest at rate to be fixed 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 oiice 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 des. ignated by said loan commissioners, at the option of the purchaser of said 6onds the place of payment being mentioned in said bonds The principal oi said bonds shall De 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 after the date thereof. when, where, and to whom payable, rate of in- terest, and when and where payable, and snail be signed by said loan commissioners and snail have the seal of the Territory ahixed thereto, and countersigned by the Territorial treasurer and bear his official seal, and shall be registered | by the Territorial auditor in a book to De Kept ainount 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; | "PAR 20i2. (Sec. 4.) Coupons for the interest shall be attached to each bond, so that they may be removed without injury or of mutilation bond. They shall | 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 of issue untll paid but in no case shall bonds bear interest, | nor shall any interest be paid thereon Tor any time before their delivery to the purchaser, as
 PAR, Sois, (sec. 5) Whenever the said loan commissioners may be authorized by law to issue bonds, or shah 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 a sale or the bonds to be issued for that purpose, by causing | a notice of such sale to be published Tor the | published at the capital of the Territory, and ut least one insertion in newspaper published in the city of New York, in the State 1 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 explra, | ton of said publication; and at the place and | time named in said notice the said treasurer and loan commissioners shall open all bids re- | ceiyed by him and shall award the purchase oi 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 refuse to make any award unless sufficient security shall be furnished by the bidder oi bidders for the compliance with the terms ol | their bids
 PAR 2Oil. (sec. 6) When the sale of said bonds shall De. awarded by the loan commissioner: they shiAl 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 remitting funds for the payment of interest or money on said bonds and all other necessary incidehtal expenses un , of the general fund of said Territory, upon the order of the Territorial auditor, countersignec by the Governor; and q sum of money sufficient | to cover said costs and expenses IS hereby aP | nronriatpd of said fund.
 "fhey shall, from time to time, after signing said bonds, deliver them to the Territoria | charge him herewith. The said treasurer shal give to the Territory of Arizona an additiona | official bond, with two or more sureties, 1T sum equal to the amount oi bonds de liyered to him by the said loan commissioners
 which bond shall be approved by the Goyerno and deposited and filed with the Secretary O
 the Territory, and recorded by him in book t'
 be kept for that purpose. Ana the sald treasure
 shall stand charged upon his official bond fo
 the faithful performance of the duties required of him under this act
 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 thai
 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 valu'
 and any interest that may be due thereon
 That said Treasurer shall indorse by writin, or stamping in ink on the face of the paper .eyi
 dencing the indebtedness received by him il
 exchange for said bonds, the time when and thu
 amount for which exchanged.
 "PAR. 2Ol6, (Sec S) Moneys received by sai, 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 suci indebtedness due and outstanding shall cease.
 "Before any such indebtedness shall be pait
 the Territorial Auditor shall indorse on eacl 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. 20i7. 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, a 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 b known as the Interest fund.- And fifty year . after such bonds shall have been issued such ad ditonal 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 sinkin fund during the life of said bonds for their re , demptiOn at maturity.
 'sThe Territorial Board of Equalization, or, ol their failure, the Territorial Auditor, shall de termine the rate of tax to be levied in the dii 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 O school authorities and the said board of supervi sors, or authorities, are hereby directed and re
 quired to enter such rate on their assessmen rolls, in the same manner and with the sam effect as is provided by law in relation to othe
 Territorial, county, municipal and school taxes
 Every tax levied under the provisions of author
 ity Of this act is hereby made lien against tn . property assessed, which lien shall attach o the first Monday in March in each year, an shall not be satisfied or removed until such ta
 has been paid.
 ) UAll moneys derived from taxes authorizes