Arizona republican., 1890-08-12
AN ACT Approving, With Amendments, the Fund.- ing Act of Arizona.


 presentatives of the United States of America II
 Congress assembled, that the act of the revised | statutes of Arizona Of 1887, known as "Iitlt | lNNNl-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: "Titl, | NXNl-Funding and loan. Chapter one; Ter
 ritorial, county, municipal and school district l indebtedness"
 PAR. 2039. (Sec. l.) For the purpose of liquidat
 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
 ernor of the said Territory, together with the
 Territorial auditor and Territorial secretary, ano | their successors in office, shall constitute
 board of commissioners, to be styled the loaI
 commissioners of the Territory of Arizona, and | shall have and exercise the powers and perform | the duties hereinafter provided
 "PAR, 20l0. (Sec, 2) It shall be, and is hereby
 declared the duty of the loan commissioners tt
 provide for the payment of the existing Territo | rial indebtedness due, and to become due, or tha
 is now, or may be hereafter, authorized by law
 and for the purpose of paying, redeeming anC | refunding all or any part Of the principal anc
 interest, or either of the existing and subsistnl l Territorial legal indebtedness, and also tha
 which may at any time become due,or is now ol
 may be hereafter, authorized by law, the said commissioners shall, from time to time, issue
 negotiable coupon bonds of this Territory whei
 the same can be done at a lower rate of interes
 and to the profit and benefit of the Territory. | PAR. 20ll. (Sec. 3l Said bonds shall be issued ! as near us practicable in denominations or ont | thousand dollars but bonds of lower denomina | ton, not less than two hundred and fifty dol | lars, may be issued when necessary. Said
 bonds shall bear interest at rate to be fixed by l said loan commissioners, but in no case to eX | ceed five per ceEtum per annum, which interest | shall be paid in gold coin or its equivalent m | lawful money of the United States, on the fiji | teenth day of January in each year. at the ofllce | of the Territorial treasurer, or at such bank in | the city of New York, in the state of New York
 or in the city of San Francisco, in the state oi | Falf n | ignated by said loan commissioners, at
 the option of the purchaser of said bonds, 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 of their issue | Said Territory reserves the right to redeem al
 par any of said bonds, in their numerical order at any time after twenty years after the date | thereof.
 | "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 i be signed by said loan commissioners, and shall | have the seal of the Territory affixed thereto and cOuntersigned by the Territorial 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 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 nccruing thereon, us herein provided.
 "PAR. 20i2. Sec. i.) Coupons for the
 interest shall be attached to each
  | injury or of mutilatiOn bond. They shall | be consecutively 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 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, 2Oi3 (Sec. 5.) Whenever the said loan commissioners may he authorized by law to | ss l.. ball h.aNsa .l.l fsa
 redeem all or any part of the existing indebted
 ness of this Territory, they shall direct the Ter rtOrial treasurer to advertise for q sale oi the bonds to be issued for that purpose, by causing a 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 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 will be received by said treasurer for the purchase of said bonds within one month from the expira- ton of said publication; and at the place and time named in said nOuce the said treasurer and loan Commi ssioners 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 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 sufficient SerhrltN small De IuTIlsntu DN lHc DluutT UT bidders for the compliance with the terms Of their bids
 "PAR. 2Oli Sec 6) When the sale of said bonds shall De, awarded by the loan commissioners they shll 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 remitting funds for the payment of interest or money on said bonds, and all other necessary incidental expenses m der the provisions of this act shall be paid out of the general fund Of said Territory, upon the order uf the Territorial auditor, countersigned by the Governor; and sum Of money sufficient to cover said costs and expenses Is hereby ap- proprated 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 give to the Territory of Arizona an additional official bond, with two or more sureties, 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 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 ofwhich they were so issued,but in no case shall said bonds be sold exchanged for less than their face or par value and the accrued interest at the time of disposal, nor must any indebted ness be redeemed at more than it's 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 ,evI- 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 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 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.
 "Beiore any such indebtedness shall be paid the Territorial Auditor shall indorse 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 20f (Sec. 9.) There shall be levied an nually, upon the taxable property in this Terri tory and in addition to the levy for other au- thoriZed taxes, 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 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 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 a sinking fund during the life of said bonds for their re- 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 ferent counties in the Territory to carry out the provisions of this act. and shall certify 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 as is provided by law in relation to other Territorial, county, municipal and school taxes l Every tax levied under the provisions of author ity of this act is hereby made lien against the l ub hon