Arizona republican., 1890-08-18
AN ACT With Amendments, the Fund.- ing Act of Arizona.

Congress assembled that the act of the revised statutes of Arizona of 1887, known as "llie XXXI-Funding," be and is hereby, amended { so to read as follows, and that as amended the same is hereby approved and confirmed, subject to future Territorial legislation: "irtle XXXI-Funding and loan. Chapter one. Ter ritorial, county, municipal and school district indebtedness" .
 PAR. 20}q (Sec lD For the purpose of liguidat 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 lhw the doV- ernor of the said Territory, together with the Territorial auditor and Territorial secretary, ana their successors in office, shall constitute a 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 herepy, declared the duty of the loan commissioners to provide for the payment oi the existing Ierrito. rial indebtedness due, and to become que or that is now, or may be hereafter authorized by law, and for the purpose Of paying, redeeming and refundng all or any part of the principal ana interest or either oi the existing ana sdossg s thaf which may at any time become due,o Is now,or may be hereafter, authorized by law, the said commissioners shall, rom ume G to tlne' issue issue | negotiable coupon bonds of this Territory when the same can be done at a lower rate of interest | and to the profit and benefit of the Territory. | PAR 2Oil. (Sec 3.l Said bonds shall be issued | as near as practicable in denominations Of one | thousand dolars. but bonds oi lower denomlha-
 ton, not less than two hundred and hity dol, 1 bonds shall bear interest at rate to be hxed py | said loan commissioners, but in no case to ex- | | ceed five per ceEtum per annum, when interest 1 shall be paid in gold coin or its equivalent III | lawful money of the United States, on the ht- teenth day of January in each year. at the othce of the Territorial treasurer, or at sueh bank III the city of New York, in the state or New lork; or in the city of San Francisco, in the state oi California, or such place as may be des. ignated by said loan commlssl9ners, ,, at the option of the purchaser Of said bonds, the | place of payment being mentioned Tn sald
 bonds. The principal oi said bonds shall De made payable in lawful money oi 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 , IA,
 "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 snail
 have the seal of the Territory aiilXed thereto,
 and countersign by the Territorial treasurer
 and bear his official seal, ana shall De reglstered by the Territorial auditor in book to De 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
 "PAR. 2Oi2 (Sec. i) Coupons for the interest shall be attached tO eacn
 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 htthched,
 and shall be signed by the Territorial treasurer. 'The said coupons shall cover the interest eX,
 pressed in said bond from the date ol issue untll 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 eXisung lnIeDied-
 ness of this Territory, they shall direct the Ter . rtOrial treasurer to advertise Tor sale or the
 bonds to be issued for that purpose Dy causing
 n notice of such sale to be published Tor tne
 period of one month in some daily newspaper
 published at the capital Of the Territory, ana
 at least one insertion m newspaper I published in the city of New York, in the State f of New York and in the city of San Francisco T in the State of California: such notice shall 1 specify the amount Of bonds to be sold, the f place day and hour of sale, and that bids will be received by said treasurer for the purchase O n said bonds within one month from the eNpira ton of said publication; and at the place ana - time named in said notice the said treasurer |, and loan commissioners shall open all bids re- | ceived by him and shall award the purchase ol - said bonds, or any part thereof to the bidder or . bidders therefor bidding the lowest rate oi ln-
 terest: Provided That said loan commission
 CTS shall have the right to reject any and all
 bids: And provided further, That they ma!
 refuse to make any award unless sufficient - security shall be furnished by the bidder or
 bidders for the compliance with the terms oi 70 their bids. ,,,
 shall De awarded by the loan commissioners
 they shall provide and procure the necessary l bonds as in this act provided, and any expense incurred by them therefor, for the publication | of said notices, cost of remttung funds Tor the
 payment of interest or money on said bonds,
 and all other necessary incidental expenses un- s 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 a sum of money sufficient
 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 l
 charge him herewith. The said treasurer shall
 give to the Territory of Arizona an additional "a, official bond, with two or more suretles, in y a sum equal to the amount of bonds de-
 livered to him by the said loan commissioners, . which bond shall be approved by the GovernoI z the Territory and recorded by him in book to V be kept for that purpose And the said Treasurer
 shall stand charged upon his official bond for s the faithful performance Of the duties required I. "PAR, 2Ol5. Sec 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 case 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 he redeemed at more than its face value K and any interest that may be due thereon.
 e "That said Treasurer shall indorse, by writing
 or stamping in ink on the face of the paper,evl
 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- ts tion of which bonds were issued, and the Treas
 urer shall give notice, as is provided by law in - case of payment and redemption of Territorial S. warrants, of his readiness to redeem such in $ debtedness and thereafter interest on all such g indebtedness due and outstanding shall cease
 "Before any such indebtedness shall be paid - the Territorial Auditor shall indorse on each T 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 D ing, and shall keep proper record thereof
 y, "PAR 20i7. Sec. % There shall be levied an. la nually upon the taxable property in this Terri
 tory, and in addition to the levy for other au- - thorized taxes q 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 fifty years = after such bonds shall have been issued such ad- ditional amount shall be levied annually as will T. pay ten per cent of the total amount issued un p til all the bonds issued under the provisions of le this act paid and discharged; nothing here D. 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 ID erent counties in the Territory to carry out the a provisions of this act and shall certify the q same to the Board of Supervisors in 0' each county and to the municipal or
 school authorities and the said board of supervi-
 sors, or authorities, are hereby directed and re-
 auired 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 I the first Monday in March in each year, and