Arizona republican., 1890-08-26
AN ACT
With Amendments, the Fund
 ing Act of Arizona.

Congress assembled that the act of the revised | statutes of Arizona of 1887, known as "lltle XXXI-Funding," be and is hereby, amended so as to read as follows, and that as amendeu the same is hereby approved and confirmed, subject to future Territorial legislation: "intle XXXI-Funding and loan. Chapter one: Ter. ritorial, county municipal and school district indebtedness" -
 PAR. 2O30. (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 commissloners to provide for the payment of the existing Ierrlto- 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 ana refunding all or any part of the principal and interest or either of the existing and subslstlng 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 oi interest and to the profit and benefit Of the Territory.
 PAR 2Oil Sec 3.l Said bonds shall be issued as near practicable in denomlnauons ol one thousand dollars. but bonds of q lower denomina- III, 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 eN- ceed five per ceEtum per annum, Whlch interest shall be paid in gold coin or it's equivalent in lawful money of the United States, on the hi- teenth day of January in each year, at the once of the Territorial treasurer, or at sueh DanH in the city of New York, in the state Of New York: or in the city of San Francisco, in the state or California, or such place as may be des- ignated by said loan commlssl3nefs, , ,i at af fhn nhag nt x. place of payment being mentioned III sald bonds The principal of said bonds shall be made payable in lawful money or the Uhltea States fifty years after the date Of their issue. Said Territory reserves the right 10 redeem at par any of said bonds, in their numerical order at any time after twenty years after the date | thereof. -
 "They shall bear the date of their issue, state | when, where, and to whom payable, rate oi Tn, | terest, and when and where payable, ana shaii | be signed by said loan commissioners, and snail | 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 d book to be kept | by him for the purpose, which shall state amount sold for, or, II exchanged, Tor what, ana | the faith and credit of the Territory Is hereby | pledged for the payment ot sald Donds and the | interest accruing thereon, as herein provided: | "PAR. 2Oi2. (Sec. i) Coupons Tor the | interest shall be attached to each bond, so that they may be removed without injury or of mutilation 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 | "The said coupons shall cover the interest eN- 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
 "PAR. 20i3 Sec 5) Whenever the said loan commissioners may be authorized Dy law to
 issue bonds, or shall have decided to ret9hd 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 or 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 at the capital of the Territory, and
 at least one insertion i1 ., a neEwsPapel tE pei | of New York, and in the city ot 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 eNpira
 ton of said publication; and at the place ano
 time named in said notice the said treasurer
 and loan commissioners shall open all bids re.
 ceived by him and shall award the purchase o
 said bonds or any part thereof, to the bidder ol
 bidders therefor bidding the lowest rate Of in
 terest: Provided, That said loan commission
 CTS shall have the right to reject any and al
 bids And provided further, That they ma!
 refuse to make any award uhless %sIlIcien %
 bidders for the compliance with the terms o
 their bids.
 HPAR. 2Dli. (Sec. b.) W nell the shle or shlu
 shall DC, awarded by the loan commissioner
 they shall provide and procure the necessar! bonds as in this act provided and any expense
 incurred by them therefor for the publication
 of said notices, cost of remittlng funds for th' payment of interest or money on said bonds
 and all other necessary incidental expenses un
 der the provisions of this act shall be paid ou | of the general fund of said Territory, upon thu order Uf the Territorial auditor, countersigneC . by the Governor; and sum of money suiiiclen to cover said costs and expenses is hereby ap | propriated out of said fund.
 "1hey shall, from time to time, after slgninj
 said bonds, deliver them to the Territora
 treasurer, taking his receipt therefor, entt
 charge him herewith. The said treasurer shal
 give to the Territory of Arizona an additiona official bond, with two or more sureties, il , sum equal to the amount of bonds de
 livered to him by the said loan commissioners
 which bond shall be approved by the Goyeno
 and deposited and filed with the Secretary O
 the Territory, and recorded by him in book t
 be kept for that purpose. And the said Treasure e shall stand charged upon his official bond 10 - the faithful performance of the duties require' of him under this act.
 "PAR 2OI5 (Sec. 7) The Territorial Treasure shall sell said bonds for cash, or exchange then
 for any of the indebtedness for the redemption of which they were issued, but in no case shal
 said bonds be sold or exchanged for less thai
 their face or par value and the accrued interes % at the time Of disposal, nor must any indebted ness be redeemed at more than It's lace valu
 and any interest that may be due thereon. That said Treasurer shall indorse, by writin ) or stamping in ink on the face of the paper evI , dencing the indebtedness received by him Il exchange for said bonds, the time when and tn
 amount for which exchanged.
 PAR 2OiG, (Sec S.) Moneys received by sai'
 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, is provided by law il - case of payment and redemption of Terri toria warrants, of his readiness to redeem such in ' debtedness, and thereafter interest on all sucl indebtedness due and outstanding shall cease.
 pafnr indebtedness shall bp 70 the Territorial Auditor shall indorse on eacl |: certificate the amount due thereon, and shal
 write across the face of each the date oi its sur |. render and the name of the person surrender
 ing, and shall keep proper record thereof "PAR 20i7. Sec. % There shall be levied an n nually, upon the taxable property in this Terri tory, and in addition to the levy for other au Y thoriZed taxes, a sufficient sum to pay the inter
 est on all bonds issued and disposed of in pun
 suance of the provisions of this act, to be place. . in the Territorial treasury, in the fund to b
 known as the Interest fund And fifty year after such bonds shall have been issued such ad
 ditional amount shall be levied annuallyas vii s pay ten per cent. of the total amount issued un V til all the bonds issued under the provisions 0 7 this act are paid and discharged nothing here in contained shall be construed to prevent tn
 Legislature of Arizona from creating sinkin $ fund during the life of said bonds for their re h demption at maturity
 "The Territorial Board of Equalization, or, o
 their failure, the Territorial Auditor, shall de - termine the rate of tax to be levied in the dii . ferent counties in the Territory to carry out tn f provisions of this net. and shall certify tn , same to the Board of Supervisors il
 each county and to the municipal O % school authorities and the said board of supervi . sors, or authorities are hereby directed and re n quired to enter such rate on their assessmen l. rolls, in the same manner and with the sam
 effect as is provided by law in relation to othe . Territorial county municipal and school taxe. b Every tax levied under the provisions ofauthoi u ity of this act is hereby made lien against tn ' property assessed, which lien shall attach O.
 the first Monday in March in each year, an . shall not be satisfied or removed until such ta 1 l...u,,