Tombstone daily prospector., 1890-07-31
AN Acr.
Approving With Amendments she Funding AcI of
 Arizona.

De it enacted by the senate and house of representatives of the U. S. of America in Congress assembled that the act of the revised statutes of Ari- zona of 1887, known as the Title &AXf-Fuading, be and is hereby amended so as to read as follows, and that as amended the same is hereby approved and confirmed subject [, future Territorial legislation. Title | IXXXI-Fuudipg and loan. Cbapief one, Territorial, county. municipal and school district indebtedness.
 Par. 20S9, Sec, For the purpose of liquidatiOg and 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 their successors in office. shall constitute Q board of commissioners. to be styled the loan commissioners of the Terri tory of Arizona, and shall have and exercise tho 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. and for the purpose Of paying, redeemipg and refunding all or any part of tbe principal and inter est, or either of the existing and sub sisting Territorial legal indebtedness atd also that which at any lime may become due. or is now, .. =@v be hereafter authorized by law. the said ! commissioners shall from time 70 time ' issue negotiable coupon bonds of this Territory when the sane can be done at lower rate of interest and to the profit and benefit of the Territory.
 | Par. 204i Sec. g. Said bonls shall be issued as near as practicable in de nominations of ons thousand dollars but bonds of lower denomination not less than two hundred and fiji! dellars may be issued when necessary Said bonds shall bear interest at raie to be fixed by ibe loan commissioner. but in DO case 10 exceed five per cent DOT annum. which interest shall he pad in gold coin or it's equivalent in lawful money of the United StatSs Of the fifteenth day of Januarr~of eacl year at the office ei-the Territorial treasury or at>s6ch bank in the clty oI New York, state of New York or in the |. city of San Francisco. state of Califor
 nia as may be designated by said loan com mmissioners, at the option of fht l purchaser of said bonds, the place ot , payment being mentioned in said bond'
 The principal of said bonds shall bc made payable in nlswful money of ih' : United States fifty years after the dai,
 after twenty years
 They shall bear the date of thei ? issue, state when where and to whom ' payable, rate of interest, and vheI
 and where payable and shall be signei by said loan commissioners. and sbal have the seal of the Territory affixe, < thereto, and couptersigned by tb, r Territorial treasurer and bear hIs of , ficial seal. and shall be registered b, the Territorial auditor in book 10 b
 kept by him for the purpose. whie' 2 shall state the amount sold for, or, i
 exchanged for what, and the faith an,
 credit of the Territory is hereby pledg
 ed for the PaymeDt of said bonds cn,
 the interest accuring thereon as herei provided.
 Par. 2042, Sec. 4. Couponl for ih interest shall be attached to each bon
 so that they may be removed withou ipiury or mutilation 10 the bond. The
 shall be consecutively numbered an,
 bear the same number of the bond t
 which they are attached and shall b
 signed by the Territorial treasurer.
 "Tbe sad cupous shall cover the in
 terest expressed in said bond from ib
 date of issue Eniil paid; bat in no eas
 shali bonds bear interest. nor shall an,
 interest be paid thereon for any tim
 before their delivery to the purchase
 as hereinafter provided.
 '.Par 2nl2 Sse ! Whene%e= .i:ee th:ee ss:=.;;i ss=.;;
 loan commissioners may be authorizs'
 by law 10 issue bonds nr shall have de
 cided to refund OF redeem all or an
 part of the existing indebtedness c
 this Territory. they shall direct th
 Territorial treasurer to advertise for ib sale of the bonds to be issued for tha : purpose, by causing q notice of sael ! sale to be published for the period 0 one month in some daily newspape published at the capital of the Terri tory, and at least one insertion ID som l newspaper published in the City o : New York and state of New York an 1 in the city of San Francisco. state q I California; sueh natiee shall specify 1b } amount of bonds to be sold. the place, ds
 and hour Of sale and that bids will be eceiS ed by said treasurer for the purchase of sli bonds wftr iS ons month from the expiration Of said publication, and at the place an
 time named ir said aotiee the said 'ereasure
 and loan commissioners shail open sil bid
 received by him and shall award .he nul . ehase of sand bonds, or Gng part thereof [ \ the bidder or bidders thereof bidding th ! lowest rate of interest. Prorieed thai sai ! Ioeu comrnissioaers have q right to TejeS
 any aud all bids. And prOvided further Una . they may refuse to make any award uDles ' sufficient security shall be furnished by th { bidder or bidders for the compliance wit 2 the terms of their bids.
 .sPar. s044. Sec G. When the sale of sal