Arizona republican., 1890-08-11
AN ACT With Amendments, the Fund ing Act of Arizona.

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 in Congress assembled, that the act of the revised statutes of Arizona of 1887, known as "Title XXXl-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; "litle XXXI-Funding and loan. Chapter one, Ter ritoral, county, nfQnicipal and school district indebtedness"
 PAR 20S0 (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, 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 and
 interest, or either of the existing and subsisting Territorial legal indebtedness, and also that which may at any time become due,or is now,or
 may be hereafter, authorized by law, the said commissioners shall, from time to time, issue negotiable coupon bonds of this Territory when
 the same can be done at lower rate of interest
 and to the profit and benefit of the Territory. PAR. 20ll. Sec. 3) Said bonds shall be issued as near as practicable in denominations oi one
 thousand dollars but bonds of a 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 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 in | lo fp1 pf bp f. teenth day of January in each year. at the oiilce
 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 of California, or such place as may be des
 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 oi 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 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 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 countersigned 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 accruing thereon, as herein provided
 interest shall be attached to each | bond, so that they may be removed without | 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 | herinaiter provided.
 | 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 shall direct the Ter | ritorial treasurer to advertise for sale of 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 ut the capital of the Territory, and at least one insertion in n 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 oi | said bonds within one month from the eXplra. | ton of said publications and at the place and | time named in said notice the said treasurer | and loan commissioners shall open all bids re- | ceiyed by him and shall award the purchase of | said bonds or any part thereof, to the bidder or bidders therefor bidding the lowest rate or m 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 | security shall be furnished by the bidder or
 bidders for the compliance with the terms oi
 "PAR 2Oi4 (sec 6.) When the sale of said bonds
 shall pe. awarded by the loan commissioners
 they shall 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 ponds, | 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 sum of money sufficient
 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
 give to the Territory of Arizona an additional
 official bond, with two or more suretles, Tn | a 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 a 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
 "PAn, 2Oi5. (Sec. ~ The Territorial Treasurer | shall sell said bonds for cash, or exchange them | for any of the indebtedness for the redemption
 of which they were so issued Dut III no case snhIl
 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
 ness be redeemed at more than Its 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,eyl- | 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. | "Before any such indebtedness shall be paid l the Territorial Auditor shall indorse on 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. 2047. Sec. 9D 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 hfty 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 he construed to prevent the l Legislature of Arizona from creating 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- l auired to enter such rate on their assessment | rolls in the same manner and with the same