Tombstone daily prospector., 1890-08-12
AN aCT.
tke Eaadiag Ast or Arizona.


 XXXI-Fundipg, be and is hereby
 amended so as to read as follows, and that as amended the same is hereby
 approved and confirmed subject to
 future Territorial legislation. Title XXXI-Funding and loan. Chapter one. Territorial, county. municipal
 and school district indebtedness.
 Par 2039, Sec. For the purpose
 of liqnidating and providing for the
 payment of the outstanding and ex isiing indebtedness of the Territory of Arizona and such future indebtedness
 as may be, or is now authorized by
 ". the Governor of said Territory, together with the Territorial auditor
 and Territorial secretary, and tbeiE
 sueceasors in office. shall constitute
 board of comm issiopeTs, 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 to 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 refundng 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 become due, or is now, or may be hereafter authorized by jaw. the said commissioners shall from time 10 time issue negotiable coupon bonds of this Territory when the same can be done al lower rate of interest and to the profit and benef. of the Territory. Par. 2041 Sec. g. Said bonds shall be issued as near ss practicable in de nominations of ons thousand dollars but bonds of a lower denomination. not less than two hundred and fifty dellars may be issued when necessary. Said bonds shall bear interest at rate 1 to be fixed by the loan commissioners, but in DO case to exceed five per cent DOT aunum, which interest shall be paid in gold coin or it's equivalent in | lawful money of the United S;atss on the fifteenth day of January of each year ai the office of the Territorial treasury or at such bank in the city of New York, state of New York or in the | city of San Francisco, state of Califor mia as may be designated by said loan | commissioners, at the option of the 1 purchaser of said bonds, the place of | pay ment being mentioned in said bonds l The principal of said bonds shall be | made payable in lawful 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 shall be signed by said loan com missiOners, and shall
 have the seal of the Territory alfred | thereto, and countersigned by ibe | Territorial treasurer and bear hIs of- fcial seal and shall be registered by \ the Territorial auditor in book to be kept by him for the purpose, which | shall state the amount sold for, or, if exchanged for what, and the faith and \ credit of the Territory is hereby piedg- ed for the Payment of said bonds and the interest aecuring thereon as herein | provided.
 Par. 2042, Sec. f. Coupons for the i interest shall be attached to each bond so that they may be removed without | injury or mutilation 10 the bond. They | shall be consecutively numbered and bear the same number of the bond to [ which they are attached ena sheil se
 signed by the Territorial treasurer. "The sad cGpous shall cover the in
 terest expressed ip 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. 20l3 Ssc. 5 Whenever the said loan commissioners may be suthorizsd | by law to issue bonds or shall have de- cided to refund or redeem all or any | part of the existing indebtedness of 1 this Territory. they shall direct the | Territorial treasurer 10 advertise for the sale of the bonds to be issued for tbat I purpose. by causing a notice of such | sale 10 be published for the period of | oue month in some daily newspaper | published al the capital of the Terri | tory. aud st least one insertion ia some | newspaper published in :he City Of | New York and state of New York and | tn tfit Ol etatS Dl | California; su-h notice shall specify the | amount of bonds to be sold. the place, day | and hour Of sale aud that bids will be Ieeeiy- | ed by said treasurer for the purchase Of said | bonds witf in one month from the expiration | of said publication, and st the place and ! time named h. said aOtiee the said treasurer | and loan commissioners 9halI open all bids | received by him and shall award The puT | chase Of sad bonds, or any part thereof 10 | ihe bidder ar bidders thereof bidding the | lowest rate Of interest: Provided that said | loan commissioners have a right to rcjec. | any and all bids. And provided further that | they may refuse tO make any award unless | sufficient security shall be furnished by the | bidder or bidders for the compliance with | the terms of their bids.
 Par 2O4f, Sec 6. When the sale of said | bonds shall be awarded by the loan com l missioners they shail provide and procure 1 the necessary b0Dcs ss in this act provided. l sBd aa5 ex penses incaFred hv ikem therefore tfstf f,f of