Tombstone daily prospector., 1890-08-06
AN ACT.
Approving Nith amendments she Fanding Act of
 Arizona.

2@1 AN s1N ~NH4s% eAAs house of representatives of the U. <. of America ID Congress assembled tbat the ae; of the revised statutes of Arr
 zona of 1887. known as the Title XXXI-Fnnding," be and is hereby
 amended so as to read as follows, and that as amended the same IS hereby approved and confirmed subject To
 futu,e Territorial legislatien. Title XXXI-Fuuding and loan. Chapter
 one. Territorial. county, municipal and school district indebtedness. Par. 2O39. See. For the purpose
 of liquidatiog and providing for tlse payment of the outstanding and cS 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 their successors in office. shall constitute a
 board of commissioners. to he styled | the loan commissioners of the TerIi tory of ArizouE, and shall have and exercise the power and perform the duties hereinafter provided.
 Par. 2040 Sec ?. If sbsll be and is
 hereby declared the duty of the loan commissioners to provide for the pay l ment of the existing Territorial indebt ness due, and 10 become due, or
 that is now or may be hereafter, auth | orized by law, and for the purpose of ! paying, redeemiDg and refunding all or any part of tbe principal and inter | est. or either of the existing aad sub sis,ing Territorial legal indebtedness,
 and also that which at any time may | become due. or is now, or may be
 hereafter authorized by law. the said | commissioners shall from time to time issue negotiable coupon bonds of ihis Territory when the same can be done at lower rate of interest and 10 the
 profit and benefit of the Territory.
 Par, 204l Sec. 8. Said bonds shall | be issued as near as 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
 to be fixed by the lean commissioners. l but in Lo case to exceed five per cent
 DOT anDum. which interest shall be paid in gold coin or its equivalent iD lawful money of the United States on
 the fifteenth day of January of each year at 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 payment being mentioned in said 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, but may be redeemed
 after twenty years.
 They shall bear ihe date of ihair issue, state when where and 10 whom payable, rate of interest, and when
 and where payable and shall be signed
 by said loan commissioners, and shail
 have the seal of the Territory affixed
 thereto, and conntersigned by tie
 Territorial treasurer and bear hIs of fciai 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 pledg
 ed for the Payment of said bonds aud
 the interest accuring thereon as herein provided.
 Par. 2O42, Sec. 4. Coupons for the
 interest shall be attached to each bond
 so that they may be removed without l injury or mutIlation to the bond They
 shall be consecutiveiy numbered and bear the same number of tLe bond to
 which they are attached and shall be
 signed by the Territorial treasurer.
 .sThe sad eupous shall cover ihe in- terest expressed in said bond from he
 date of issue Hntil paid but in DO ease
 shall bonds bear interest. nor shall any
 interest be paid thereon for any time
 before their delivery to the purchaser
 as hereinafter provided.
 Par. 20i3 Sse. , Whenever tbe said
 loan com mmissioners may be authorized
 by law 10 issue bonds ar shall have de- cided to refund or redeem all or any part of the existing indebtedness of l this Territory. they shall direct the | Territorial treasurer to advertise for the
 sale of the bonds to be issued for that purpose, by causing a notice of such
 safe to be published for the period of one month in some daily newspaper | published at the capital of the Terri |
 newspaper published in the City of New York and state of New York and
 in the city of San FrsneIseo, state of | California: such Bosce shall specify the ! amount Of bonds To be sold. the plsee day and hour Of ssle snd that sids ID be feeeiy. | ed by said treasurer for the purchase Gf said
 bonds wiil iB one month from the expiration l Of said publication, and st the place and | time named iB said notice the said treasurer | and loan coEnmIssioners shall open all bids | received by him aud shall award The pur- chase Of sand bonds or any part thereof 10 ! ;be bidder bidders thereof bidding the | lowest rate of interest: Provided that said | loan commissioners have right t0 reject | sny aud all bids. And provided further that | they msy refuse fo make any award uBiess | sufiieieD .securiiy shall be furnished by the | bidder or bidders for the compliance with | the terms of their bids
 Par e0f4. See c. When the sale Of said bonds shall be awarded by the loan com | mIssioners they shall provide and procure | the necessary bonds a fn this act provided, and sDyexpeHses incurred by fheR therefore ian afT