Arizona republican., 1890-07-14
AN ACT
Approving. With Amendments, the Fund.-
 ing Act of Arizona.

ANNl-f unulng ana lOhll. inupVr one, ieI- ritorial, county, municipal and school district indebtedness"
 PAR. 2O39 (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 Coy 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 hereibafter provided
 PAR 2Oi0 (Se& 2) It shall be, and Is hereby declared the duty of the loan commissioners to provide for the payment of the existing Ierrito, rial indebtedness due and to become due, or that is now, or may be hereafter, authorized by law, and for the purpose of paying, redeemihg ana refunding all or any part oi the prihcipal ana interest, or either of the existing and subsistng Territorial legal indebtedness, and also that which may at any time become dne,or IS noW,or may be hereafter, authorized by law, the sald commissioners shall, from time to time, issue negotiable coupon bonds of this Territory when the same can be done at a lower rate or interest and to the profit and benefit of the Territory.
 PAR 2O4l (Sec. 3.) Said bonds shall be issued as near as practicable in denominations Of one thousand dollars but bonds oi q lower denomlna' ton, not less than two hundred and hity dol 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 eX- ceed five per ceEtum per annum, which interest shall be paid in gold coin or It's equivalent m lawful money of the United States, on the iit- teenth day of January in each year, at the office of the Territorial treasury, or at such Dank III the city of New York, in the state Of New York. or in the city of San Francisco, in the state of California, as may be designated by said loan commissioners. at the option Of the purchaser of said bonds the Pace o of ssd bonds shall be made payable In laWiul money of the United States fifty years after the date oi their issue, but may he redeemed aiter twenty years.
 ''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 book to be Kept by him for the purpose, which shall state amount sold for, or, if exchanged, for what, and the faith and credit of the Territory, Is hereby pledged for the payment oi said bonds Sd ana ihe
 interest shall be attached to each bond, so that they may be removea g withoHt lhoii be consecutvely numbered and bear the same number of the bond to which they are attached, and shall be signed by the Territorial treasurer
 "rhe 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 Tor any time before their delivery To the purchaser' us heriuafter provided.
 PAR. 2of5. Sec 5) Whenever the said loan commissioners may be authorized by law to issue bonds, or shall have decided to refund or redeem all or any part of the existing indebted ness of this Territory, they shall direct the Ter ritoTial treasurer to advertise for d sale ot the bonds to be issued for that purpose, Dy 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 inserio4 l9 in hfNwsPsPep ,Ns s,pga of New York, and in the city of San Francisco, in the State of California; such notice shall specify the amount oi bonds to De so!u, thG place, day and hour Of sale, and that blds VII! be received by said treasurer for the purchase oi said bonds within one month from the eXplra, ton of said publication: and at the place and time named in said notice the said treasurer and loan commissioners shall open all bids re- Ceived by him and shall award the purchase or said bonds, or any part thereof, to the bidder or bidders therefor bidding the lowest rate ol III terest: Provided, That said loan commission CTS shall have the right to reject any and all bids: Aud provided further, That they may refuse to make any award unless sufhclenl security shall be furnished by the bidder or bidders for the compliance with the terms oi their bids. ..
 "PAR. 2OH Sec 6.) When the sale of said bonds shall De awarded by the loan commissioners they shall provide and procure the necessary bonds as in this act provided and any expense incurred by them therefore, for the publication of said notices cost of remitting funds for the payment of interest or money on sSld bonds, and all other necessary incidental expenses un- der the provisions of this act shall be paid out of the general fund of said Territory, upon the order of the Territorial auditor, countersigned by the Governor; and n sum of money suihcient to cover said costs and expenses Is hereby ap' prOpriated out of said fund.
 "fhey shall, from time to time, after signing said bonds, deliver them to the Territorial treasurer, taking his receipt therefor, and charge him herewith. The said treasurer shall give to the Territory of Arizona an additional official bond, with two or more sureties, in sum equal to the amount of bonds de livered to him by the said loan commissoners, which bond shall be approved by the Governor and deposited and filed with the Secretary of the Territory, and recorded by him in book to be kept for that purpose. And the said Treasurer shall stand charged upon his official bond for the faithful performance Of the duties required
 PAR 2Oi5 tsec 7.j The Territorial Treasurer shall sell said bonds for cash, or exchange them for any of the indebtedness for the redemption of which they were so issued but in no case shall said bonds be sold or exchanged for less than their face or par value and the accrued interest at the time of disposal, nor must any indebted ness be redeemed at more than it's face value and any interest that may be due thereon.
 "That said Treasurer shall indOrse, by writing or stamping in ink on the face of the paper,evi- dencing the indebtedness received by him in exchange for said bonds, the time when and the amount for which exchanged
 "PAR. 2OB. Sec. s) Moneys received by said Treasurer shall be applied by him to the re- demption of the indebtedness, for the redemp- tiOn of which bonds were issued, and the Treas urer shall give notice, is provided by law in
 
 warrants, of his readiness to redeem such in debtedness, and thereafter interest on all such indebtedness due and outstanding shall cease.
 "Before any such indebtedness shall be paid the Territorial Auditor shall indorse on each certificate the amount due thereon, and shall write across the face of each the date of its sur render and the name Of the person surrender ing, and shall keep proper record thereof.
 "PAR. 20i7. (Sec. 9) There shall be levied an nually, upon the taxable property in this Terri tory, and in addition to the levy for other au- tt. ,.I tytntA In m hn n est on all bonds issued and disposed of in pur suance of the provisions of this act, to be placed in the Territorial treasury, in the fund to be after such bonds shall havebeen issued such ad ditional amount shall be levied annually as will pay ten per cent of the total amount issued un- til all the bonds issued under the provisions of this act are paid and discharged; nothing here in contained shall be construed to prevent the Legislature of Arizona from creating a sinking fund during the life of said bonds for their re demption at maturity.
 "The Territorial Board of Equa iZation, or on their failure, the Territorial Auditor, shall de termine the rate of tax to be levied in the diff ferent counties in the Territory to carry out the provisions of this act, and sf all certify the same to the Board of Supervisors in each county and to the municipal or school authorities and the said board of supervi sors or authorities, are hereby directed and re quired to enter such rate on their assessment rolls in the same manner and with the same effect as is provided by law in relation to other Territorial, county municipal and school taxes. l Every tax levied under the provisions of author | ity of this act is hereby made lien against the |, property assessed, which lien shall attach on the first Monday in March in each year, and | shall not be satisfied or removed until such tax | has been paid.
 .All moneys derived ifrom taxes authorized by the provisions of this act shall be paid into | the Territorial treasury and shall be applied
 First. To the payment of the interest on the | bonds issued hereunder.
 'Second. To the payment of tEe principal of | such bonds: Provided, That all moneys re in the interest fund after the payment |