Tombstone daily prospector., 1890-07-29
AN ACT.
Approving Wish Amendments lbe Fandiag Acf of
 Arizona.

Be it enacted by the senate and house of representatives of the U. z. of America iu Congress assembled that the ac. of the revised statutes of Ari- zona 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 faiure Territorial legislation. Title XXXI-Fundieg and loan. Chapter one. Territorial. county. municipal and school district indebtedness"
 Par. 2039, Sec. For the purpose of kquidati0g and providing for the payment of the outstanding and ex istiag 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 aud Territorial secretary. and their successors in office. shall constitute a board of commissioners. to be styled the loan commissioners of ihe Terri tory of Arizona, and shall have and exercise the power and perform the duties herei natter provided.
 Par 2040 Sec 2. If shall be and IS hereby declared the duty of the loan commissioners to provide for the pay ment of the existing Territorial iBdebt ness due, and to become due, or that is now or may be hereafter, auth orized by law. and for the purpose of pHying, redeem ming and refunding all or any part of tbe principal and inter est. or either of the existing and sub sisting Territorial legal indebtedness, aud also that which at any time may become due. or Is now, or may be hereafter authorized by law. the said commissioners shall from time 10 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. 2041 Sec. 8. Said bonds shsll be issued Rs near as practicable in de nominations of ons thousand dollars | but bonds of lower denomination not less than two hundred and fifty dsllars 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 anpum. which interest shall be pad in gold coin or its equivalent in ! lawful money of the United States on the fifteenth day of January of each year st the office of the Territorial | treasury or st such bank iu the cIty Of New York, state of New York or in the feity of San Francisco, state of Califor
 mia as may be designated by said loan commissioners, at the option of the | purchaser of said bonds, the place of ! . ls The principal of said bonds shall be made payable in lawful money of the Uuited 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 to whom payable, rate of interest, and when and where payable and shall be signed
 by said loan com mmissioners. and shall have the seal of the Territory affi ized thereto, and countersigned by the Territorial treasurer and bear bis of
 ficiaI seal and shall be registered by the Territorial auditor in a book 10 bs
 kept by him for the purpose, which Il shall state the amount sold for. or, il Iexchanged for what, and the faith and lcra3it of tue Territory IS hereby pledg ed for the Payment of said bonds and
 the interest accuriGg thereon as herein
 provided.
 Par. 2042, See {. Coupons for ths
 interest shall be attached to each bond
 SO that they may be removed without iniury or mutilation to the bond. Thel
 shall be consecutively numbered and
 bear the same number of the bond to
 which they are attached and shall bs signed by the Territorial treasurer,
 "The sad cupous shall cover the in-
 terest expressed in said bond from tbs
 date of issue zntil paid; but in no cass
 shall bonds bear interest. nor shall any
 interest be paid thereon for any time
 before their delivery to the purchaser
 as hereinafter provided.
 'sPar. 2043 Sse. 5 Whenever the said
 loan commissioners may be authorized
 by law to issue bonds or shall have de cided to refund or redeem all or any 1 part of the existing indebtedness ot ] this Territory. they shall direct the
 Territorial treasurer 10 advertise for tb. sale of the bonds to be issued for tbsi
 purpose, by causing a notice of suel sale to be published for the period oi ] one month in some daily newspaper published at the capital of the Terri tory, and at least one insertion in soms newspaper published in the City ei New York and state of New York and in the city of San Francisco, state ot ] California; such notice shali specify ths amount of bonds to be sold, the place, dsJ . and baur of ssIe and that bids will be reeeiT , ed by said treasurer for the purchase Of sait bonds vii iB one month from the expiration ] Of said pubfscatina, and at the place and
 time named ib said notice the said treasurer
 and loan commissioners 1hall open all bid: i received by him and shall award he unr l chase of sand bonds, or any part thereof ts .he bidder or bidders thereof bidding fhS lowest rate of interest: Provided that said loan commissioners have right 10 Tejee any aud all bids. And provided further tha ! trey may refuse to make any award uniess sufficient security shall De fuTnis he'd sy th, . bidder or bidders for tue compliance wifl Inc terms of their bids
 ssPar. 2034. See G. When the sale of sait