Arizona republican., 1890-07-27
AN ACT
With Amendments, the Fund
 ing Act of Arizona.

Be it enacted by the senate and House of Re presentatyes of the United States of America in Congress assembled, that the act of the revised statutes of Arizona of 1887, known as Title XXXI-Funding," be and is hereby, amended so as to read follows, and that us amended the same is hereby approved and confirmed, subject to future Territorial legislation: Title XXXI-Funding and loan. Chapter one. Ter rtorial, county, municipal and school district indebtedness"
 | PAR 2O39 (Sec i) For the purpose of lguidat- l ing and providing for the payment of the out standing and existing indebtedness oi 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 | 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. 20iO. Sec. 2) It shall be, and is hereby, | declared the duty of the loan commissioners to | provide for the payment Of the existing Ierrito- l rial indebtedness due and to become due that | is now, may be hereafter, authorized by law, and for the purpose of paying, redeeming ana refunding all or any part oi the principal ana | interest or either of the existing and subssting Territorial legal indebtedness, and also that which may at any time become due ,or IS noW,oI commissioners shall, from time to time, issue negotiable coupon bonds of this Territory when
 the same , e can roS Se aoe aod hsne oi inc Teprtory | PAR 2Oil. (Sec. 3.) Said bonds shall be issued
 as near as practicable in denominations oi one ] thousand dollars, but bonds or a lower denOmlud- tion not less than two hundred and fifty dol | lars, may be issued when necessary. Said
 bonds shall bear interest at a rate to be fixed by said loan missiOners, but in no case to ex
 ceed five per certum per annum, which interest
 shall be paid in gold coin or its equivalent ln
 lawful money of the United States, on the fir
 teenth day of January in each year, at the Ofllce | 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 bonds the | place of payment being mentioned m said bonds The principal of said bonds shall be | 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 alter the date | thereof.
 when where, and to whom payable, rate Of in, |
 terest and when and where payable, and shall
 be signed by said loan commissioners, and shall 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 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 oi said bonds ana the interest accruing thereon, as herein provided:
 "PAR. 2Oi2. (Sec. i) Coupons for the
 interest shall be attached to each
 bond, so that they may be removed without
 be consecutively numbered and bear the same
 number of the bond to which they are attached,
 and shall be signed by the Territorial treasurer
 .sThe said coupons shall cover the interest ex-
 pressed in said bond from the date oi 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
 hernafter 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 indebted
 ness of this Territory, they shall direct the Ter u...t, aIy E4lp n
 bonds to be issued for that purpose by causing
 n notice of such sale to be published Tor 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 Oi 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 Dds re-
 ceiyed by him and shall award the purchase of
 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 may
 refuse to make any award unless suihcleht
 security shall be furnished by the bidder or
 bidders for the compliance with the terms oi
 their bids.
 , shall be awarded by the loan commissioners
 they shall 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 remtting 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, countersigned
 by the Governor; and a 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 suretes, in d 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 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 of him under this act.
 , PAR 2Oi5 (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 so issued but in no case shall
 said bonds be sold or exchanged for less than their face or par value and the accrued interest r 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 thereon ; 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 l Treasurer shall be applied by him to the re- , demption of the indebtedness, for the redemp- 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 , 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 | l 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. 20f7. (Sec. 9) There shall be levied an nually, upon the taxable property in this Terri 7 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 3 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- ditonal 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.
 sThe Territorial Board of Equalization, or, on
 their failure, the Territorial Auditor, shall de- y termne the rate of tax to be levied in the diff
 ferent counties in the Territory to carry out 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 is provided by law in relation to other | Territorial county, municipal and school taxes. a Every tax levied under the provisions of author