Tombstone daily prospector., 1890-07-24
AN ACT.
Wish Amendnaeas~ the Funding Act of
 Arszoaa.

the act of the revised statutes or Akl- zops of 1887. known as the Title XXXI-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 XXXI-Fnsding and loan. Chapter one, Territorial. county. municipal and school district indebtedness.
 Par. 2039, Sec. For tue purpose of iiquidatiag aud providing fer the payment of the outstanding and ex | isting indebtedness of the Territory of Arizona and such 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 tbeir [ succaasaTs 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. 2040 Sec 2. IL shall be aud is | hereby declared the duty of the loan commissioners to provide for the pay
 ment of the existing Territorial indebt
 ness due, and to become due, or that is now or may be hereafter, auth orized by law. aud for the purpose of
 paying, redeeming and refunding all
 or any part of tbs-pTineipal and inter
 est, or either of the existing and sub
 sisting Territorial legal indebtedness, lx.S also that which al any time may
 oecesne due, or Is now, or may b. 1 hereafter authorized by law. the said commissioners shall from time 10 tims issue negotiable cSupoD bonds of this Territory when the same can be done
 at a lower rate of interest and to the profit and benefit of tue Territory.
 Par. 2O4l Sec g. Said bonds shall
 be issued as near as practicable in de
 nominations of ons thousand dollars but bonds of lower denomination.
 not less than two hundred aud fifty dellars may be issued when necessary.
 Said bonds shall bear interest at a rate
 to be fixed by the loan commissioners.
 but in DO case 10 exceed five per cent per 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 the 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 mia as msy be designated by said loan commissioners, at the option of the purchaser of said bonds. the place ot
 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 l | payable. rate of interest, and when and where payable and shall be signed by said loan commissioners, and shall have the zeal of the Territory affixed 4 thereto, and eountersigned by the Territorial treasurer and bear hIs of ficial seal. and shall be registered by the Territorial auditor in a book to b,
 kept by him for the purpose, whiet shall state the amount sold for, or, i
 exchanged for what, and the faith and credit of the Territory is hereby pIedg
 ed for the psyment of said bonds and
 the interest accnring thereon as herein provided.
 Par 20f2, Sec. 4. Coupons for ih, - interest shall be attached to each bona a 90 that they may be removed withon | isjury or mutilation to the bond. 1hel oo shall be consecntively numbered anC q bear the same number of the bond ts ? which they are attached and shall b, $ signed by the Territorial treasurer. , .The sad cupous shall cover the in. s terest expressed in said bond from tht 2 date of issue Rntil paid; but in DO cas' shall bonds bear interest. nor shall anI | interest be paid thereon for any tim | before their delivery to the purchase ] as hereinafter provided.
 F Par. 2043 Ssc. , Whenever the sais q loan commissioners may be authorizes ( by law 10 issue hoads ar s6si have de g cided to refund or redeem all or ah, ! part of the existing indebtedness o
 this Territory. they shall direct tn
 Territorial treasurer to advertise for th'
 sale of the bonds to be issued for the . purpose, by causing a notice of sucl !. sale to be published for the period 0 ? one month in some daily newspape q published at the capital of the Terri : tory. and ss least one insertion in som newspaper published in the City o z New York and state of New York ans
 iu the city of San Francisco. state o C California; such notice sbsli specify tb
 Iamount of bonds To be sold, tho place, ds, 7 and hour Of sale and that bids will be Teceiy
 ed by said treasurer for the purchase Of stii z l bonds wsti In one month from the expiration of said publication. aoo at the place ao' gz time named ip said rotice the said treasure
 and Joan commissioners shsii open all bid q received by him ard shall award .he nur
 chase Of sad bonds or any part thereof q
 the bidder or bidders thereof bidding fh -I lowest rzle Og interest: Provided that sai'
 | han crsnrrissfoners have a right 10 rciec
 any aud ell bids. And provided further tha
 they may refuse tO make any award unles
 sufficient security slail be furnished by ia
 bidder or bidders for tEe compliance wit
 U the terms of their bids
 Par 2044, Sec G. When the sale Of sai
 bonds shall be awarded by the loan com missfoners they shall provide and p.ocBr n the necessary bonds as in this aet providee and any expenses Incurred by them therefor E Tor the publication of said notices. costs C