Tombstone daily prospector., 1890-08-08
AN Acr.
the Funding Act of Arlxona.


 of America in Congress assemble that the ac. of the revised statutes of Ari- zona of 1887. known as the ''Ptle XXXI-FundiDg," be and is hereby amended so as to read as follows, and tha: as amended the same is hereby approved and confirmed subject to future Territorial legislation. Title XXNI-Fnnding and loan. Chapies one. Territorial, county. municipal and school district indebtedness.
 Par. 2039, Sec. For the purpose of liqnilating 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 and Territorial secretary, and their successors in office. shall constitute n board of comm issioneTs. to be styled the loan commissioners of the Terri tory of Arizona. and shall have and exercise the power and perform the duties hereinafter provided.
 Par. 2040 See 2. It shall be and is hereby declared the duty of the loan commissioners 10 provide for the pay ment of the existing Territorial iDdebt ness due, and to become due. or that is now or may be hereafter, auth orized by law, and for the purpose of paying, redeeming and refuudiug all or any part of tbe principal and inter est. or either of the existing and sub sisting Territorial legal indebtedness, and also that which At any time may Ew,A laa 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 of interest and to the profit and benefit of the Territory.
 Par. 204l Sec. g.. Said bonds shall be issued as pear as practicable iu de nominations of ons thousand dollars but bonds of a 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 to exceed i've per cent DOT annum. which interest shall be pad in gold coin or its equivalent in lawful mouey of the United States oD the fifteenth day of January of each year at the office of the Territorial treasury or at such bank in the crty Of New Yosk, state of New York or in the city of San Francisco. state of Califor mia as may be designated by said lean commissioners. at the option of the purchaser of said bonds. the place of payment being mentioned in said bonds The principal of said bonds shall be s.. 1.fe sF.ta fraf f,f United States fifty years after the date of their issue, buI 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 commissioners, aud shall have the seal of the Territory affixed thereto, and countersigned by tie Territorial treasurer and bear hIs of ficiaI seal and shall be registered by the Territorial auditor in a book to be kept by him for the purpose, winch shall state the amount sold for. or, if exchanged for what, and the faith and credit of the Territory is hegeby pIedg ed for the Paymept of said bonds apd the interest accuring thereon as herein
 
 provided.
 Par. 2042, Sec. f. Coupons for the interest shall be attached to each bond so that they may be removed without injury or mGtilstion to the bond. Tbey shall be consecutiyely numbered and bear tine same nuHSer si iine bond to which they are attached and shall be signed by the Territorial treasurer,
 aThe sad cupous shall cover the in- terest expressed in said bond from fhe date of issue Hn,il paid; bat in DO case shall bonds bear interest. nor shall any interest be paid thereon for any time beforo their delivery to fhe purchaser as hereinafter provided.
 Par. 20i3 Ssc. Whenever the said loan commissioners may be authOrizad 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 ihe sale of the bonds to be issued for tbat 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 Terri Aut at tr4Ss c3tD fA7ShNt1I Ah newspaper published in the City of New York aud state of New York and in the city of San Francisco. state of California. su.h ho,Iee shall specify the amount of bonds to be sold, the place. dsy and hour Of sale snd that bids viii .c 'eeeiv- ed by said treasurer for the purchase CT said bonds wi.f iu one month from The eXpiration O. said pubiicatsaa, and al the place and time named iS said Hotiee the said treasurer and loan eOmHlssioBefs shall open all b.ds received by hiTa and shall asard he pllr. chase Of sad bonds. Or LEy part thereof Co sbe bidder or bidders thereof bidding fie lowest szir or interest: Provided that said loan commissioners have a right 10 reject sny aud all bids And provided further that they may rrfuse to make any awsFd unless sufficient security shall be furnished by the bidder or bidders for the compliance with ihe terms of their bids.
 Par. e0a4. Sec G. When tbe sale og said bonds shall be awarded by Ise loan com ln nisss0ners they shsil provide nud procure che necessary isspds d iu This act provided. slsd auy CT penses ifcs.rrcd fsy tbem therefore fAr the publication of said notices. costs of ts ssfsrer fi4nf4s for flte raFu4crt 0f fufer.ss1