Tombstone daily prospector., 1890-08-01
AN ACT.
the Fuadiag Act of Arizona.


 the act of the revised statutes of Au- zona of 1887. known as the Title AAAt-Funding, be and is hereby amended so as to read as follows, and that as amended the same is hereby approved and confirmed subject tO future Territorial legislation. Title XNXI-Funding and loan. Chapter one. Territorial, county. municipal and school district indebtedness.
 Par. 2039, Sec. 1 For the purpose of liquidating and providing for the payment of the outstanding and cx isiing indebtedness of the Territory of Arizona and snch future indebtedness as may be, or is now authorized by law, the Governor of 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 Terri | tory of Arizona, and shall have and exercise the power and perform the | duties hereinafter provided.
 Par 2O40 Sec ?. It shall be aUd is hereby declared the duty of the loan commissioners to provide for the pay ment Uf the existing Territorial indebt
 
 | that is now or may be hereafter, snth orizei by law, and for the purpose of paying. redeeming and refundiHg all or any part Of tbe principal aud inter | est, or either of the existing and sub sis,ing Territorial legal indebtedness, asd also that which at any time may | become due. or k now. or may bf' | hereafter authorized by law. the said ! | issGe negotiable ccupup bonds of ihis | Tel ritory when the sane can be done at lower rate of interest and to the profit and benefit of tie Territory. Par. 20ii Sec. 3 Said bonds shall ! be issued as near as practicable in de ! nominations of one thousand dollars but bonds of lower denomination. not less than two hundred and fifty | dollars may be issued when necessary. : Said bonds shall bear ihtsrsst at a raie to be fixed hy he loan commissioners, but in Dg case to exceed i've per cent DOT annum. which interest shall be paid in gold coin or its equivalent in lawful money of the United States on | the fifteenth day of January of each year at ihe office of the Territorial treasury or at such bank in the city of | New York, state of New York or in the city of San Francisco. state of Califor nia as may be designated by said loan commissioners, at the option G the purchaser of said bends. the place of payment being mentioned in said bonds The principal of said bonds shall be made payable in lawful money of the United States fifty years after the date cf their issue. but may be redeemed after twenty years.
 They shall bear the date of their issue, state when where and 10 whom payable, rate of interest, and when and where payable and shall be signed by said loan commissioners. and shall have the seal of the Territory affixed thereto, and countersigned by tie Territorial treasurer and bear hIs of. fcial seal. and shall be registered Ly the Territorial auditor in book to be kept by him for the purpose, which , shall state the amount sold for, or, il exchanged for what, and the faith and credit of the Territory is hereby piedg
 ed for the Payment of said bonds and the interest accuring thereon as herein provided
 Par 2O42, Sec f. Coupons for the
 interest shall be attached 10 each bond
 SO that they may be removed without injury or musilation to the bond. They shall be consecutively numbered and bear the same number of the bond 10 which they are attached and shall be signed by the Territorial treasurer.
 ''The sad cnpons shall cover the in tervst expressed iu said bond from ihe date of issue Entil paid but in no case shall bonds bear interest. nor shall any
 interest be paid thereon for any time
 before their delivery 10 the purchaser as hereinafter provided.
 Par. 2043 Ssc. Whenever the said joan commissioners may be authorized d by law to issue bonds oT shall have de- eided to refund or redeem all or any part of the existing indebtedness of this Territory. they shall direct the Territorial treasurer 10 advertise fer the sale of the bonds to be issued for that purpose. by cansing q notic9 of such sale to be published for the period of one month in some daily newspaper pnblisbed at the capital of the Terri ] tory, aud ss least one insertion in soGss newspaper published in the City of ! New York and state of New York and in the city Of San Francisco. state of Calfornia: su-h noslce sba}l specify the amount of bonds to be sold. the place, day
 and hour of sale and that bids WIil be teeeiv- ed by said treasurer for the purchase Gf said . bonds zif, in one m0Rfh from the expiration of said pubticafion. and at the place and time named i< said Rotice t.e said treasurer
 and loan eornnissioners 5hall open aa biss
 received by him and shall award he nur. chase of sand bonds. or any part tbereof Co
 the bidder or bidders thereof bidding. tlse
 lowest rate Of Interest. Provided that said , losn commissioners have a right to reject . sns and all bids And provided further that ! they may refuse to make aBy award unless : sufficient security shall be furnished by tse bidder or bidders for the compliance with the terms Of their bids.
 Par. S044. See C. When the sais of said , bonds shall be awarded by the loan com
 m.ssioaers taey sfal provide and procure
 the necessary bonds ss in this act provided
 and any expenses ineGrFed by them thert fore for the publication of said notices. eosis of
 remitting funds for the payment 0f inteSes;
 or money on said bonds, sad all other nee
 essary incidental expenses under the pro- visions of this act shall be paic ont Of the