Arizona republican., 1890-08-30
A N ACT
Approving, With Amendments, the Fund,
 ing Act of Arizona.

XXXI-Funding and loan Chapter one. Ter ritorial, county, municipal and school district indebtedness
 PAR. 20S9 (Sec. 1.) For the purpose of liquidat ing and providing for the payment of the out standing and existing indebtedness of 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
 shall have and exercise the powers and perform the duties hereinafter provided. "PAR. 20i0. (Sec 2) It shall be, and Is hereby,
 declared the duty of the loan commissioners to
 provide for the payment Of the existing Ierrito, is now, or may be hereafter, authorized by law, and for the purpose Of paying, redeeming ana refunding all or any part of the principal and
 interest, or either of the existing and subsisting Territorial legal indebtedness, and also that which may at any time become due, IS noW,or
 may be 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 Ut lower rate of interest and to the profit and benefit Of the Territory. PAR 20il. (Sec. 3l Said bonds shall be issued | as near us practicable in denominations ot one thousand dollars.b but bonds of q lower denomina- | ton, not less than two hundred and fifty 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 ex- | ceed five per certum per annum, which interest | shall be paid in gold coin or its equivalent Tn
 lawful money of the United States, on the fir
 teenth day of January in each year, at the oiilce of the Territorial treasurer, or at such bank Tn | the city of New York in the state of New York: or in the city of San Francisco, in the state oi
 California or such place mS ,ss9Srars may 1e des | the option of the purchaser of said bonds, the | place of payment being mentioned Tn sald | bonds The principal of said bonds shall be
 made payable in lawful money of the United States fifty years after the date of their issue. | Said Territory reserves the rght to redeem at | par any of said bonds, in their numerical order ! at | thereof.
 "They shall bear the date of their issue. state when, where, and to whom payable, rate Of in
 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 q book to be Kept | by him for the purpose, which 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
 PAR 20l2. Sec 1) Coupons for the | interest shall be attached to each
 bond, so that they may be removed without | injury or of mutilation bond They shall | be cOnsecutively numbered and bear the same | number of the bond to which they are attached,
 and shall be signed by the Territorial treasurer.
 "The 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
 FAR 20f} (sec. 5) Whenever the said loan | commissioners may be authorized by law 10 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 ritoria treasurer to advertise for sale of the | bonds to be issued for that 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 Territory, and
 pubiished int in the city 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 to be sold, the | place. day and hour of sale, and that bids will
 De received by said treasurer Tor the purchase Of
 said bonds within one month from the expira- | 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- ceved by him and shall award the purchase of
 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 of | their bids
 PAR 2Oii. Sec G.) When the sale of said bonds shall De awarded by the loan commissioners they sha n 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 Ot 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 q 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 Slis receipt therefor, and charge him herewith. The said treasurer shall give to the Territory Of Arizona an additional official bond, with two or more sureties, in q sum equal to the amount of bonds de-
 liyered to him by the said losn commissioners,
 which bond shall be approved by the Governor and deposited and filed with the Secretary of
 the Territory, and recorded by him in n 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.
 "PAR. 2Ol5. Sec 7.) The Territorial Treasurer shall sell said bonds for cash, or exchange them |
 for any of the indebtedness for the redemption of 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 he 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 | dencing 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 | tion 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. 20I7 (Sec. 90 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 shali 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 in contained shall be construed to prevent the Legislature of Arizona from creating a sinking fund during the life of said bonds for their re- dempuon 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 ferent counties in the Territory to carry out the provisions of this act, and shall certify the same to the Board of Supervisors in each county and to the municipal or 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 of author ity of this act is hereby made a 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
 by the provisions of this act shall be paid into the Territorial treasury and shall be applied