Arizona republican., 1890-07-11
AN ACT Approving. With Amendments. the Fund ing Act of Arizona.

presentatiyes 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 us to read as follows, and that as amended the same Is hereby approved and confirmed, subject to future Territorial legislation: "T1tle 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 b7 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. 20i0. (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 to become due ,or that is now, or may be hereafter, authorized by law, and for the purpose of paying, redeeming ana refunding all or any part of the principal and interest, or either ot the existing and subssting Territorial legal indebtedness, and also that which may at any time become due,or Is now s.i 4I 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. 20il. (Sec. Sl Said bonds shall be issued as near as practicable in denominations of one thousand dollars, but bonds of q lower denomina' tion, not less than two hundred and hfty 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 ceItum per annum, which interest shall be paid in gold coin or its equivalent in lawful money of the United States, on the tif- teenth day of January in each year, at the office of the Territorial treasury, or Ut 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 Caliiornia as may be designated by said loan commissioners, at the option of the purchaser of said bonds, the place Of payment being men. tioned 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 years.
 "They shall bear the date of their issue, state 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 affixed thereto, and eountersigned 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 Of said bonds and the interest aceruing thereon, as herein provided.
 PAR. 2ol2 lsec. 4) Coupons for the interest shall be attached to each 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, |.
 "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.
 PAR 2OiS (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 Tor sale of the xsta ixA & 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 Stage 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 holr of sale, and that bids will be received by said treasurer for the purchase of | said bonds within one month from the expira- tion of said publication; ard at 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 saidfloan commissions 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 2Oli (Sec. 60 When the sale of said bonds | | they shall provide and procure the necessary | bonds as 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, countersigned | by the Governor; and a sum of money sutiicien. | to cover said costs and expenses is hereby ap. | propriated out of said fund.
 ahsaI etstNaa | said bonds, deliver them to the Territorial | treasurer, taking his receipt therefor, and | charge him herewith. The said treasurer shal give to the Territory of Arizona an additional q sum equal to the amount of bonds de | liyered to him by the said loan commissioners which bond shall be approved by the Governor | the Territory, and recorded by him in book tS be kept for that purpose. And the said Treasurer shall stand charged upon his official bond fol | the faithful performance of the duties required of him under this act.
 l "PAR 2Oi5 Sec. 7,) The Territorial Treasure 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 it's 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 iI exchange for said bonds, the time when and tn, amount for which exchanged.
 "PAR. 20i6, Sec. S) Moneys received by sait 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 II 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 pal. | tlsaT Tarrit rtal uhan asar
 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
 "PAR. 20i7. (Sec. 9.) There shall be levied aI
 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 place.
 in the Territorial treasury, in the fund to b
 known as the Interest fund, And fifty year
 ditional 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 c
 this act are paid and discharged; nothing here
 in contained shall be construed to prevent tb
 Legislature of Arizona from creating sinkin
 fund during the life of said bonds for their re
 ssThe Territorial Board of Equalization, or, O
 their failure, the Territorial Auditor, shall dc
 termine the rate of tax to be levied in the di
 ferent counties in the Territory to carry out tn
 provisions of this act, and shall certify tn
 same to the Board of Supervisors
 each county and to the municipal C school authorities and the said board of superv
 sors, or authorities, are hereby directed and rs
 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 taxe
 Every tax levied under the provisions of author
 ity of this act is hereby made a 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.
 "All moneys derived ifrom taxes authorize