Arizona republican., 1890-09-07
AN ACT
Approving, With Amendments. the Fund
 ing Act or Arizona.

Be 1t enacted by the senate and House of Re | presentatives of the United States of America in Congress assembled. that the act Of the revised | statutes of Arizona Of 1887, known as Title | 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. Ter | ritorial, county, municipal and school district indebtedness" ing and providing for the payment or the out standing and existing indebtedness or the Ter rtory of Arizona and such future indebtedness as may be or is now authorized by law the Gov | 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 l shall have and exercise the powers and perform the duties hereinafter provided.
 "PAR 20i0 (Sec. 2) lt shall be, and is hereby, declared the duty of the loan commissioners to provide for the payment of the existing Territo- rial indebtedness due and to become due ,or that is now, or may be hereafter, authorized by law, and for the purpose of paying, redeeming and refunding all or any part of the principal ana
 interest, or either of the existing and subslstlng Territorial legal indebtedness, and also that which may at any time become due,or IS now,or may be hereafter, authorized by law, the sald commissioners shall, from time to time, issue neQotiable coupon bonds of this Territory when inc same can be done at q lower rate of interest and to the profit and benefit of the Territory.
 PAR 20ll. (Sec 3.l Said bonds shall be issued
 
 thousand dollars. but bonds of lower denomina ton, not less than two hundred and hfty 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 eN- ceed five per ceLtum per annum, which interest shall be paid in gold coin or its equivalent m lawful money Of the United states on the oino ha teenth day of January in each year, at the once of the Territorial treasurer, or at such bank III the city of New York, in the state or New fOrk; or in the city of San Francisco, in the state oi | ~ ,Ig ignated by said loan commissioners, at the option of the purchaser of said bonds, the place of payment being mentlohed m Sald made payable in lawful money Of the United States fifty years after the date of their issue. Said Territory reserves the rlght to fedeein at par any of said bonds, in their numerical order, at any time after twenty years after the date thereof. when, where, and to whom payable, rate or Tn. | terest, and when and where payable, and shall | be signed by said loan commissioners, and shall 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 De Kept | by him for the purpose, when shall state amount sold for, or, if exchanged, for what, and | the faith and credit of the Territory is hereby | pledged for the payment of said bonds and the | interest accruing thereon, as herein provided; | interest shall be attached to each ! bond so that they may be removed without l injury or of mutilatiOn bond. They shall l be consecutiyely numbered and bear the same | number of the bond to which they are attached, and shall be signed by the Territorial treasurer
 'eThe said coupons shall cover the interest ex- 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 for any time before their delivery to the purchaser, as
 aPAR. 2oiS' tsec. 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 ritorial treasurer to advertise for sale of the | bonds to be issued for that purpose by causing ! a notice of such sale Co be published Tor the l period of one month in some daily newspaper published at the capital of the Territory, and l at least one insertion in newspaper ! published in the city of New York, in the State Of New York, and in the city Of San Francisco, in the State of California: such notice shall | specify the amount Of bonds 10 be sold, the
 place. day and hour of sale, and that bids will be received by said treasurer for the purchase of said bonds within one month from the eNplra- 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- ceiyed by him and shall award the purchase or said bonds, or any part thereof, to the bidder or bidders therefor bidding the lowest rate of in- terest; Provided, That said loan commission CTS shall have the right to reject 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 oi
 their bids.
 "PAR 2OlL 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 therefor, for the publication
 of said notices, cost of remitting funds for the
 payment of interest or money on said 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 a sum Of money sufficient 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, ana ana
 give to the Territory of Arizona an additional
 official bond, with two or more sureues, In
 a sum equal to the amount of bonds de
 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 of him under this act
 shall sell said bonds for cash, or exchange them
 for any of the indebtedness for the redemption
 (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 its 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 eyi- depcing the indebtedness received by him in
 exchange for said bonds, the time when and the
 amount for which exchanged.
 "PAR. 20i6, (Sec. S) Moneys received by said Treasurer shall be applied by him to the re-
 demption of the indebtedness, for the redemp.
 ton of which bonds were issued, and the Treas
 urer shall give notice, as is provided by law in
 case of payment and redemption of Territorial
 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 it's sur
 render and the name of the person surrender ing, and shall keep proper record thereof
 "PAR 2Oi7. (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- thorized taxes sufficient sum to pay the inter
 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 known as the Interest fund And fifty years
 after such bonds shall have been 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 net are paid and discharged nothing here.
 in contained shall be construed to prevent the Legislature of Arizona from creating sinking fund during the life of said bonds for their re- , demption at maturity
 "The Territorial Board of Equalization, or, on their failure the Territorial Auditor, shall de-
 termine the rate of tax to be levied in the diff provisions of this act, and shall 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. Every tax levied under the provisions ofauthor- 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 from 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