Arizona republican., 1890-09-08
AN ACT
Approving, With Amendments, the Fund
 ing Act of Arizona.

Be it enacted by the senate and House of Re | presentatives of the United States of America m | Congress assembled, that the act Of the revised | statutes of Arizona of 1887, known as "litle | NNXi-F Funding" be and is hereby, amended so as to read follows, and that as amended the same is hereby approved and confirmed, | subject to future Territorial legislation; "lItle XNNl-Funding and loan. Chapter one. Ter | rtoriN, county, municipal and school district |
 PAR. 9l{9. tSec. 1) For the purpose of hguidat- ing and providing for the payment or the out | standing and existing indebtedness or the Ter | ritory of rizona and such future indebtedness
 as may he or is now authorized by law I9 the G9v, ernorof the said Territory, together with the Territorial auditor and Territorial secretary, ana | their successors in office, shall constitute q | board of commissioners, to be styled the loan commissioner of the Territory of Arizona, and | | shall have and exercise the powers and perform | the duties hereinafter provided PAR 2Ot0. (SeC 2.) It shall be- and IS hereby, l | declared the duty of the loan commissioners to provide for the payment Of the existing leriito.
 rial indebtedness due, and to become uue,or that | is now, or may be hereafter, authorlAed Dy laWl and for the purpose of paying, redeeming ana | refuuding all or any part Of the principal ana | interest or either of the existing and sunslStihg | Territorial legal indebtedness and also that l which may nt any time become due,or IS now,or may bc hereafter, authorized by law the sald | commissioners shall, from time to tune, issue | negotiable coupon bonds Of this Territory when
 thc same can be done Ht Il lower rate ol interest
 and to the profit and benefit of the Territory. | PAR 2All lScc. 3.l Said bonds shall be issued | as near AS practicable in denominations ot one | thousand dollars.but bonds ot lower denomlha ton, not less than two hundred and fifty dol, lals may be issued when necessary. seld
 bonds shall bear interest at rate to be fixed by l said loan commissioners, but in no case tO eN- ! ceed five per certum per annum when interest shall be paid i'm gold coin or its equlVaieht III l lawful money of the United States, on the hl-
 teenth day of January in each year, at the once
 of the Territorial treasurer, or at sueh Danh III
 the city of New York, in the state or New lork; or in the city of San Francisco, m the state or
 California, or such place as may DC des.
 ignated by said loan cOmmlsSloners, at
 the option of the purchaser of said bonds, the
 place of payment being mentioned in sald
 bonds The principal of said bonds shall be
 made payable in lawful money Qi the Ulltea U
 states fifty years after the date Of their issue.
 Said Territory reserves the right to redeem ht
 par any of said bonds, in their numencal Oruer'
 at any time after twenty years alter the date
 "They shall bear the date of their issue, state when where, and to whom payable, rate or m,
 terest and when and where payable, ana shaii 1 he sisned by said loan commissioners, and shall
 have the seal of the Territory atllXed thereto, and countersigned by the IerrllOrlal treasurer
 and bear his official seal, and shall be registered ' by the Territorial auditor in book to be Kept by him for the purpose, which snail state
 amount sold for, or, if exchanged, for what, ana - the faith and credit or the territory ls hSIcb!
 pledged for the payment of said bonds and the ; interest accruing thereon, as herein provided; l "PAE. Ui2,. (sec, 4) Coupons for the } bond, so that they may be removed without injury or of mutilation bond. They snail
 be COusecuuyely numbered and pear the same number of the bond to which they are httacheu' and shall be signed by the Territorial treasurer.
 '1he said coupons shall cover the interest eA,, 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 Tor any
 time before their delivery to the purchaser, as ,!PRH SoiS tsec. 5) Whenever the said loan
 commissioners may be authorized by law to z issue bonds, or shall have decided to refund or redeem al! or any part of the existing indebted-
 t.f [ ng lpr v. - ritOral treasurer to advertise for sale Oi the l bonds to be issued for that purpose, by causing . A 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 a newspaper ' published in the city of New York, In the state of New York and in the city of San Francisco, D in the State of California; such notice shall , specify the amount Of bonds tO be sold, the 10 place, day and hour of sale, and that bids wlu i recci we'd by said treasurer for the purchase of
 said bonds within one month rom the eNplrd.
 tiOu of said publication; and at the place ahu
 time named in said notice the sad treasurer To . and loan commissioners shall open all bids re-
 ceiyed by him and shall award the purchase ol ' said bOnds or any part thereof, to lhe blduer oi - ! bidders therefor bidding the lowest rate oi ln' . l lsrest: Provided, That said loan commission. U CTS shall have the right to reject any and all o bids And provided further, That they may " refuse tO make any award unless sunclchl - security shall be furnished by the bidder or
 bidders for the compliance with the terms of i' their bids.
 N A Naa shall be awarded by the loan commissioners C they shall provide and procure the necessary n bonds as in this act provided, and any expense V incurred by them therefor, 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 c order Of the Territorial auditor, couutersigned T. l by the Governor; and sum Of money sufficient H t6 cover said costs and expenses Is hereby ap' t prOpriated out Oi said iund
 "fhey shall. from time to time, after signing V said bonds, deliver them to the TerritOria l. | treasurer, taking his receipt therefor and
 charge him herewith. The said treasurer shal c give tO the Territory of Arizona an additional ,, l official bond, with two or more suretes, 1T ' a sum equal to the amount of bonds de | iyered to him by the said loan commissioners
 which bond shall be approved by the Governor ' and deposited and filed with the Secretary O n the Territory, and recorded by him in q book tC
 be kept for that purpose. And the said Treasurer
 shall stand charged upon his official bond fol
 the faithful performance Of the duties required II "PAR. 2Ji5. iseo. 7.j The Territorial Treasurer
 shall sell said bonds for cash, or exchange them IF for any of the indebtedness for the redemption of which they were issued but in no case shal said bonds be sold or exchanged for less thaI W their face or par value and the accrued tnteres
 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 e or stamping in ink on the face of the paper,eyl . dencing the indebtedness received by him 1T it exchange for said bonds, the time when and the n amount for which exchanged.
 "PAR 2Ol6 (5ec. s) Moneys received by saiC 't Treasurer shall be applied by him to the re
 demption of the indebtedness, for the redemp
 ton of which bonds were issued, and the Treas
 urer shall give notice, as is provided by law 1T
 case of payment and redemption Of Territoria
 warrants of his readiness to redeem such in
 debtedness, and thereafter interest on all sucf . indebtedness due and outstanding shall cease. c "BefOre any such indebtedness shall be paiC
 the Territorial Auditor shall indorse on eaci
 certificate the amount due thereon, and shal write across the face Of each the date Ol It's sur
 render and the name of the person surrender s ing, and shall keep proper record thereof.
 "PAR. 2Oi7 Sec. % There shall be levied an
 nually, upon the taxable property in this Terri y tory, and in addition tO the levy for other au n thorized taxes, sufficient sum to pay the inter = est on ull bonds issued and disposed of in pur 's suance of the provisions Of this act Co be placed 's in the Territorial treasury, in the fund to bC
 known as the Interest fund And fifty year
 after such bonds shali have been issued such ad , dtional amount shall be levied annually as vii pay ten per cent. of the total amount issued un )l til all the bonds issued under the provisions k this act are paid and dischargedi nothing here U in contained shall be construed to prevent th' J, Legislature of Arizona from creating sinking )t fund during the life of said bonds for their re s. dempton at maturity.
 y their failure, the Territorial Auditor, shall de 5- termine the rate Of tax to be levied in the dlf 1T ferent counties in the Territory to carry out th' i provisions of this act, and shall certify tho same to the Board of Supervisors il
 each county and to the municipal o
 school authorities and the said board of superyi
 sors or authorities, are hereby directed and re
 quired to enter such rate on their assessmen
 rolls in the same manner and with the sam( r. effect as is provided by law in relation to othe
 Territorial, county, municipal and school taxes
 Every tax levied under the provisions ofauthOr e ity of this act is hereby made lien against tho ,a property assessed, which lien shall attach or It the first Monday in March in each year, anC r. shall not be satisfied or removed until such ta1 n has been paid.