Arizona republican., 1890-07-19
\ N ACT
Approving, With Amendments, the Fund
 ing Act of Arizona.

presentatiyes of the United States of America in Congress assembled, that the act of the revised | statutes of Arizona of 1887, known as "Title XXXI-Funding," be and is hereby, amended I so to read us follows, and that as amended the same is hereby approved and confirmed, subject to future Territorial legislation: Title | XXNl-Fundng and loan Chapter one Ter ritorial, county, municipal and school district | indebtedness"
 PAR. 2O39 Sec l) For the purpose of liquidat- ing and providing for the payment of the out | standing and existing indebtedness of the Ter | ritory 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 n
 board of commissioners, to be styled the loan shall have and exercise the powers and perform the duties hereinafter provided,
 "PAR. 2OiO. (5ec 2.) It shall be, and is hereby, declared the duty of the loan commissioners to provide for the payment of the existing lerrlto-
 rial indebtedness due, and to become due,o that is now, or may be hereafter, authorized by law, and for the purpose of paying, redeemihg ana | refunding all or any part of the principal and
 interest, either of the existing and subsistlng 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 at q lower rate of interest and to the profit and benefit of the Territory
 PAR 2Oil. (Sec. 3l Said bonds shall be issued
 as near as practicable in denominations oi one
 
 tion not less than two hundred and fifty dol
 lars, may be issued when necessary. Said
 bonds shall bear interest at n rate to be fixed by said loan commissioners, but Tn no case to eX- | ceed five per ceEtum per annum, which interest
 shall be paid in gold coin or its equivalent in 1 lawful money of the United States, on the fir
 teenth day of January in each year, at the office
 of the Territorial treasurer, or at such bank in the city of New York, in the state oi New York.
 or in the city of San Francisco, Tn the state oi
 California, or such place as may De des, Nn.N I, Eatl nnl S n
 the option of the purchaser of said bonds, the
 place of payment being mentioned in said bonds. The principal of said bonds snail De
 made payable in lawful money oi the united
 States fifty years after the date of their issue. Said Territory reserves the right to redeem at
 par any of said bonds, in their numerical order
 at any time after twenty years after the date
 thereof
 "They shall bear the date of their issue, state when, where, and to whom payable, rate or m,
 terest, and when and where payable, and shall be signed by said loan commissioners, ana small 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 slale 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. 2O42. Sec 4) Coupons Tor the
 interest shall be attached to i eaen 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 herinafter provided.
 l PAR. 2Oi3. See 5) Whenever the said loan | commissioners may be authorized by law to issue bonds, or shah have decided to refund or redeem all or any part of the existing lnueDted- ness of this Territory, they shall direct the Ter
 ritorial treasurer to advertise for n sale Of the ! bonds to be issued for that purpose by causing n 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 | at least one insertion III 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 to be sold, the | place, day and hour of sale, and that bids will be received by said treasurer for the purchase oi said bonds within one month rom the eNplra | ton of said publications and at the place and | time named in said notice the said treasurer and loan commissioners shall open all bids re- l ceived by him and shall award the purchase Of l said bonds or any part thereof, to the bidder or | bidders therefor bidding the lowest rate Of in | terest: Provided, That said loan commission l 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 |
 l "PAR 2Oil Sec 6.) When the sale of said bonds l shall be awarded by the loan commissioners | they shall provide and procure the necessary l 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 q sum of money sufficient l la ai hereby b. prOpriated out of said fund.
 1 "fhey shall, from time to time, after signing said bonds, deliver them to the Territorial | treasurer, taking his receipt therefor, and charge him herewith. The said treasurer shall | give to the Territory of Arizona an additional official bond, with two or more suretles, in | livered to him by the said loan commissioners, 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.
 "PAR 2Oi5. (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 be redeemed at more than its face value and any interest that may be due thereon.
 That said Treasurer sha III 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 andthe 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 its sur render and the name of the person surrender ing, and shall keep proper record thereof
 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- 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 act 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 | ferent counties in the Territory to carry out the provisions of this act, and shall certify the l same to the Board of Supervisors in each county and to the municipal or school authorities and the said board of superv 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 lien against the | property assessed which lien shall attach on