Tombstone daily prospector., 1890-08-13
sN Acr.
Approving xith Amendments the Funding Aei of
 Arizona.

house of representatives ot the U. =. of America in Congress assembled that the act of the revised statutes of ArI- zone of 1887. known as the Title XXXI-Fnn,ling, be and Is hereby amended so as to read as follows, and that ss amended the same is hereby approved and confirmed subject to fnIute Territorial Legislation. Title XXXI-Funding aud loan. Chapier one, Territorial, conaty, muDicipal and school district indebtedness. Par. 2039, Sec. For the purpose of liquidatinR 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 tboiF successors in office. shall constitute board of commissioners. to be styled the loan commissioners of the Terri tory of Arizona. and shall have and exercise the power and perform the duties hereiuafter provided.
 Par. 2040 Sec 2. IL shall be ana is hereby declared the duty Of the loan commissioners to provide for the pay ment of the existing Territorial indeht ness due, and to become due, or that Is now or may be hereafter, auth orized by law, and for the purpose of paying, redeemipg and refunding all or any part of tbe principal and inter est. or either Of the existing aad sub sistiug Territorial legal indebtedness, aud also that which at any time may become dne. or is now. CT may bs hereafter authorized by law. the said eammissi 1Ders 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 tue Territory. Par. 204l Sec. 3 Said bonds shall be issued as near as practicable in de nominations of ons thousand dollars but bonds of lower denomination. | not lees than two hundred and fifty dollars may be issued when necessary. Said bonds shall bear interest at Faie to be fixed by the loan commissioners. l but in bo case to exceed five per cent | DOT aonum. which interest shall be paid in gold coin or it's equivalent in | lawful money of the United States on | tDt uliCCuth Ot Ni SaNA year at the office of ibe Territorial | treasury or at such bank iH The city of i New York, state of New Yotk or in the I city 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 payment being mentioned in said bonds | The principal of said bonds shall be made payable nlavful money of the United States fifty years after the date of 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 stall be signed by said loan commissioners. and shall have the seal of the Territory Effi ized thereto, and countersigned by tbe Territorial treasurer and bear hIs of- ficial sesl. and shall be registered by the Territorial auditor in a book 10 be kept by him for the purpose. which shall state the amount sold for, or, fl exchanged for what, and the faith and credit of the Territory is hereby plcdg
 ell for the Payment of said bonds and the interest aeeuring thereon as herein provided.
 Par 2042, Sec i. Coupons for the interest sbali be attached to each bond so that they may be removed without injury or mntIlaliOn to the bond. They shall be eonseeutiveiy numbered and bear the same number of the bond io
 which they are attached aad shall be signed by the Territorial treasurer.
 "rbe sad cupons shall cover the in-
 terest expressed in said bond from the
 date of issue Hntil paid; but in DO case
 shall bonds bear interest. nor shall any
 interest be paid thereon for any time
 before their delivery to the purchaser
 as hereinafter provided.
 Par. 2043 Ssc. Whenever the said
 loan commissioners may be authorized
 by law to issue bonds nr shall have de
 cided to refund or redeem all or any
 part of tbe existing indebtedness oi
 this Territory. thsI shall direct the Territorial treasurer to advertise for tbs sale of the bonds to be issued for that
 purpose. by cansing Detics of suel
 sale 10 be published for the period ol one month in some daily newspaper publisbed at the capital of the Terri 4 tpfN. aD1 At IEdS4 DIE t9--tl-Su ib oDiBt newspaper published in the City al New York and state of New York end in the city of San FraDeIsco, state oi ! California. suca Eo'Iee shall specify the amount of bonds to be sold. Inc place. day l snd hour Of sale and tha. bids will be ieceiv- 1 cd by said treasurer for tbe purchase Of said isonds wl.i iB one month from the expiration of sssd publication, and at the place and tifne nsmei iT. said Eo;iee the said treasurer and lean eommIssioners shall open all bids received by him and shall award .kc rgr
 chase of sad bonds. or any part thereof fo The bidder or bidders thereof bidding the lowest rate of interest. Provided that ssid i ioan commissioners have . right 70 reject any and all bids. And provided further ihs. ti.ey may rsfuSe To make any awa5d unless sufficient serurity shall be furnished by the 5idder or bsddefs for tke compliance with ghe tersus of their bids-
 Par. eOft, See C. When tbc sale Of said bonds. sbali ie awarded by the loaE com
 m.ssi6ners they shsil provide and procure the Hreessary ir'n6s rs ia 5his aet provided