Tombstone daily prospector., 1890-08-05
AN ACr.
Approving With Amendments she Funding Act of
 Arizona.

the act of the revised statutes of Ari- zopa of 1887. known as the Title AXAI-Funiing," be and is hereby amended so as to read as follows, aud that as amended the same is hereby approved and confirmed subject io future Territorial legislation. Title XNXt-Fnnding and loan. Chapter one. Territorial, coanty, municipal and school district indebtedness
 Par 2039, Sec. For tue purpose of liquidating and providing for the payment of the outstanding and cx 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 aud Territorial secretary, and their successors in office. shall constitute board of commissioners. tc be styled the loan commissioners of the TeiTi tory of Arizona, and shall have aud exercise the power and perform the duties hereinafter provided.
 Par. 2040 Sec 2. It shall be and IS hereby declared the duty of the loan commissioners to provide fer the pay. meDt of the existing Territorial indebt' ness due, and 10 become due. or that is now or may be hereafter, auth oriZed by law. and for the purpose of paying, redeeming 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 tha, 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. 204l Sec. 3. Said bonds shall be issued as near as practicable Tn de- nominations of ons thousand dollars but bonds of O lower denomination. not less than two hundred and fifty dsllars may be issued when necessary. Said bonds shall bear interest at a raie to be fixed by the loan commissioners. but in DO case to exceed five per cent DOT 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 Al DALA lL AIN O4 New York, state of New York or in the city of San Francisco. state of Califor nis as may be designated by said loan commissioners. at the option of the 1 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, but may be redeemed | after twenty years
 They shall bear She date of their issue, state when where and to whom | payable. rate of interest, and when and where payable and shall be sigDei | by said loan commissioners, and skall have the seal of the Territory affixed | thereto, and eouutersigned by tEe | Territorial treasurer and bear his of l fieiaI seal and shall be registered by | the Territorial auditor in book 10 be kept by him for the purpose. which | shall state the amount sold for, or, if | exchanged for what, and the faith and i credit of the Territory is hereby piedg
 ed for the Payment of said bonds and | the interest aceuring thereon as herein provided.
 Par. 2042, Sec. f. Coupons for the interest shall be attached 10 each bond so that they may be removed withoat | injury or mutilation 10 the bond. They shall be consecutiyely numbered and bear the same number of the bond to which they are attached and shall be signed by the Territorial treasurer.
 ''rhe sad cupons shall cover the in terest expressed in said bond from tbe date of issue antil paid; but in no case 1 shall bonds bear interest. nor shall any interest be paid thereon for any time
 before their delivery to the purchaser as hereinafter provided.
 1 Par. 2083 Sse. 5 Whenever the said joan commissioners nlay be authc-ss-u by law to issue bonds or shall have de- cided to refund or redeem all or any
 part of the existing indebtedness of
 this Territory. they shall direct the
 Territorial treasurer 10 advertise for tba
 sale of the bonds to be issued for that
 purpose. by causing a notice of such
 sale to be published for inc period Of
 one month in some daily newspaper
 published at the capital of the Terri
 tory. and at least ore insertion m some
 newspaper published in the City of | scH 1OIh anu StAAc VI -fEN AotA anu
 io the city of San FrancIsco. state of
 California: susb notice shsll specify the
 amount of bonds to he sold. the piBee, day
 and hour of sale and thai bids yili ie ieeeiy-
 ed by said treasurer for the purchase q said
 bonds wi.l in cne month from the expiration | Of said publication, and st ihe place and
 time named iE said notice the said treasurer
 and loan commissioners stali open all lids
 received by hiR and shall award The pur-
 chase of sand bonds, or any part thereof 10
 the bidder or bidders thereof bidding iae l lOsest rate Of interest: Provided that said
 loan commissioners have a right to reject | sny aud all bids. And provided further thal
 they may refuse to make any award unless l sufficient security shall be furnished by the
 bidder or bidders fer the compliance with
 the terms of their bids.
 ssPar. sof4. See C. When the sale Of said
 bonds shall I,e awarded by fhe loan com missiOners they shall provide aad procure | fhe necessary bonds ss in this act provided
 sbd any expenses incnrred hS slem therefore
 Tor ihe pu5lieafion of said notices, costs ol 1 remiiting faofs for the payment sf interes.
 or ua0ary on said bcDds, aud all other nee essary Infidgntal expenAes under tls pro. | risiOHs of tkis act stail be paid ont nf ths 1 oanaraI fund af aaid Trrriforr unon inc o,t