Arizona silver belt., 1890-07-26
AS ACT Approving WIlh Ansnsssents, the Fwnds ine Act sr Arizona

of America III Congress assembled, that the act of the Revised Statutes of Arizo- na of 1887, known as "Title XXXl- Funding" bs and is hereby amended 80 as to read as follows, and that as amend- d the same is hereby approved and con. tirmsd, subject to feturs Territorial leg. islation: '.T'itls xXXI-Fundins and Loan., Chapter one. Territorial, coun- ty, municipal and school distriet indebt- edness.
 PAR. 2O39 (ssc. 1. For the purpose of liquidatlng and providing for tho pay nsnt of the outstanding and existing in debtedness of tho Territory of Arizona and such future indebtedness as may Dc or is now authorized by law, the Cover, nor sf the said Territory, together with the Territorial Auditor and Yersttsrial Secretary, and their succsssors in office, shall constitute board of commissioners to be styled the loan commissioners of the Territory of Arizona, aud ahan have and exercise the powers ard perform the duties hereinafter provided.
 PAR, 2040, {See, 2 It shall be, and is hereby declared the duty of the loan commissioners to provide for the pay ment of the existing Territorial indebt- edness due, and to become due, or that is now, or may be hersafier, authorized by law, sad for the purpose of paying, -edtsming and refundin. all CT any part If the principal and interest, CT either Of the existing and subsisting Territorial legal indebtedness, and also that which may at any time become due, CT ls now, or may bs hereafter authorized by law, the .aid commissioners shall, from time to time, issue negotiable coupon bonds of this Territory whsn the same can be done at lower rate oI interost and to the profit and benefit of the Territory.
 PAR. 20il. (Sec. ! Said bonds sh,ll be issued as near as practicable :n denom nations of oue thousand dollars, but bonds of lower dissemination, not less than two hundred aud fifty dollars. may be issued when necessary Sad bonds shall bear interest at a rate to be fixed by said loan commissioners, but in no ease g exceed five Ter eentum per an mum, which interest shall ba paid in gold @oin 0. it's equivalent in lawful money of he United States, on the fifteenth day of January in each year, at the offies of the Territorial Treasury, or st such bank in the city of New York, in the State of New York, or in the city of San Fran. cisco, in.the State of California, as may be designated by said lean com,nis sioners, at the option of the punches. CT Of said bonds, the place of payment being mentioned in said bonds. The principal of said bond, sIla.i be m.se payable in lawful money of the United States, sfy years after the date of tbsir issue, bat naay be redeemed after twenty years.
 'They shall bear the date sf their is sue, state when, where, and to whasssI payable, rate of interest, and when and where payable, and shall be signed by said loan commissioners, and shall have the seal of the Territory affixed thereto, and coantersigped by the Territorial Treasurer ard bear his official seal, and shall be registered by the Territorial Auditor in book to be kept by him fol the purpose, which shall state amount sold for, or, if exchanged, for what, and the faith apd credit oi tho Territory i, hereby pledged for the payment of said bonds and the interest accruing thereon, as herein provided. !
 PAR 2042. (Ssc. 1. Coupons Tor th: interest shall be attached to each bond so that they iia5 be removed without injury or mutilation to the bond. They shall be consecutisely numbered and bear the same number of the bond tc which they are attached, and shall b, sigiisd by the Territorial Treasurer.
 "Ths sad coupons shall coedf tiis in. tsrest expressed in said bond from tn. date of issue until pail; but in no cass shall bonds bear interest, nor shall an, insere,t 6 paid thereon For any time be fore their delivery to the purchaser, as hereinafter provided.
 "pAR, 2oA3. (Sec, 5.) Whesi.rer tn. said loan commissioners may be author izei by law to issue bonds, or shall hay. decided to refund pr redee,D all or any part of the existing indebtedness of thil Territory, they shall direct the Territo rial Treasurer to advertise for a sale O the bonds to be issued for that purpose by causing notice of such ealo to b, published for the period sf one molith il some daily newspaper published D tn, capital of the Territory, and at l,an on, insertion in newspaper published in tn city of New York, iu tho State of Nev
 York, and in the city of San Francisco in tho State of California, such notic, shall specify tha amount of bolds to b sold, the place, day and hour 0! sale, an. that bids will be received by said treasu -sr for the purchase of said bonds within o1s month from the expiration of sai,