Arizona republican., 1890-08-27
AN ACT
Approving, With Amendments, the Fund
 ing Act of Arizona.

statutes of Arizona of ISS7 known as ''Title | 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 "lltle XXXI-Funding and loan. Chapter one Ter | | ritorial, county, municipal and school dlstrlct | indebtedness" -
 PAR 2O39 Sec. 1) For the purpose of iqudat- l 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 | the said erGTtory together with tns 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. 2OiO. (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, authorlZed by law, and for the purpose Of paying, redeeming ana refunding ali or any part of the principal and interest, or either of the existing and subsstlng Territorial legal indebtedness, and also that which may at any time become due, ,or is now ,or may be hereafter, authorized by law, the sald commissioners shall from time to time, 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 2Oii Sec 3.) Said bonds shall be issued us near as practicable in denominations Of one thousand dolars. but bonds of lower denomlna- ton, not less than two hundred and hity dol,
 lars, may be issued when necessary. Said bonds shall bear interest nl rute tO De UAeu DS said loan commissioners but in no case to ex. ceed five per centum per annum, which interest shall be paid in gold coin or its equivalent in lawful money of the United States on the hf- teenth day of January in each year, at the office 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 or California, or such place as may pc des, ignated by said loan commissioners, at the option of the purchaser of said bonds, the place of payment being mentioned Tn salu 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 after the date
 thereof.
 when, where, and to whom payable, rate or i'll.
 terest, and when and where payable, and shall
 be signed by said loan commissioners, anH as snaii , and Countersigned by the Territorial treasurer and bear his official seal, and shall be registered F | by the Territorial auditor in book to be Kept f by him for the purpose, which shall state amount sold for, or, ii exchanged, for what and f the faith and credit of the Territory is hereby , pledged for the payment Of said bonds and the 1, , interest accruing thereon, as herein provided ''PAR. 2Oi2. (Sec. 4) Coupons for the
 interest shall be attached to each | injury or of mutilation bond. They shall
 be consecutvely 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 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
 herinatter provided.
 z 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 snail direct lhe Ter ', bonds to be issued for that purpose, by causing : Il 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 of bonds to be sold, the
 place, day and hour Of sale, and that bids VIII
 be received by said treasurer for the purchase of
 said bonds within one month from the eNplra-
 ton of said publication; and at the place and
 time naned 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, to the bidder or
 bidders therefor bidding the lowest rate of in
 CTS shall have the right to reject any and all
 bids: And provided further, That they may | refuse to make any award unless sufficient IT security shall be furnished by the bidder or
 bidders for the compliance with the terms Of
 their bids.
 y shall Dc, awarded by the loan commissioners
 they shall provide and procure the necessary . bonds AS in this act provided and any expense
 
 of said notices, cost of remitting funds for the |, payment of interest or money on said bonds, V and all other necessary incidental expenses un-
 der the provisions of this act shall be paid out 2 of the general fund of said Territory, upon the U order of the Territorial auditor, countersgned l. by the Governor; and q sum of money sufficient V 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 | treasurer, taking his receipt therefor, and
 charge him herewith. The said treasurer shall r give to the Territory of Arizona an additional
 official bond with two or more % Sand saTetles, in livered 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 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. Sec 7) The Territorial Treasurer - shall sell said bonds for cash, or exchange them s. for any of the indebtedness for the redemption s which they were so issued but in shall z, 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 T ness be redeemed at more than its face value
 and any interest that may be due thereon. n That said Treasurer shall indorse, by writing or stamping in ink on the face of the paper evI- y, dencing the indebtedness received by him in ia 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. - 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 Q, warrants, of his readiness to redeem such in y 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 I; certificate the amount due thereon, and shall 1i write the face of each the date of its sur l. render and the name of the person surrender
 ing and shall keep proper record thereof l, "PAR 20i7. (Sec. 9.) There shall be levied an. !, !, nually upon the taxable property in this Terri 9S tory, and in addition to the levy for other au. o 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 D 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 us will IS pay ten per cent of the total amount issued un. y til all the bonds issued under the provisions of this act paid and discharged; nothing here
 in contained shall be construed to prevent the - Legislature of Arizona from creating sinking 'S fund during the life of said bonds for their re h 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 F. erent counties in the Territory to carry out the t. same to the Board of Supervisors in
 each county and to the municipal or school authorities and the said board Of supervi 2 sors, or authorities are hereby directed and re- h quired to enter such rate on their assessment l- rolls, in the same manner and with the same
 effect as is provided by law in relation to other ,S Territorial, county municipal and school taxes n 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.