Arizona republican., 1890-07-29
AN ACT Approving, With Amendments, the Fund ing Act of Arizona.

1 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 | XXXI-Funding" be and is hereby, amended | so us to read as follows, and that as amended
 inc same is hereby approved and confirmed,
 subject to future Territorial legislation: "iltle
 XXXI-Funding and loan. Chapter one Ter,
 ritoral county, municipal and schoo' dlstrict
 indebtedness" ,,,-,,
 PAR. 2O89 (sec 1.) For the purpose of liquidat-
 ing and providing for the payment oi the out out
 standing and existing indebtedness of the Ter | ritory of Arizona and such future indebtedness 1 as may be or is now authorized by law, the Coy
 ernor of the said Territory, together With tle
 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. 2Oi0. (Sec. 2.) It shall be, and IS hereby
 declared the duty of the loan commissioners to ! provide for the payment of the existing Ierrlto-
 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 ana
 refunding all or any part of the principal and
 interest or either of the existing and subsisting
 Territorial legal indeotedness & ana m aasO o,S aa ar
 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 lower rate of interest
 and to the profit and benefit of the Territory
 PAR 2Oil. Sec 3.l Said bonds shall be issued | as near as practicable in denominations oi one |
 thousand dollars. but bonds of lower denomlna-
 tion, not less than two hundred and hity dol,
 lars, may be issued wnen rat to S 4 ,ed bv
 said joan commissioners, but in no case to ex-
 ceed five per ceEtum per annum, which interest shall be paid in gold coin or Its equivaient m lawful money of the United States, on the ff-
 teenth day of January in each year, at the office of the Territorial treasurer, or at sueh pank III
 the city of New York, in the state of New fork: l or in the city of San Francisco, Tn the state or California, or such place as may be des.
 ignated by said loan eommsiiSneTS m mss SG ,he as
 place of payment being mentioned III said bonds. The principal of said bonds shall be
 made payable Tn iawial mEney % 3' har tag o. issne Said Territory reserves the right to redeem at par any of said bonds, in their numerical order, !, Ut any time after twenty years aiter the da'e l "They shall bear the date of their issue, state
 when, where, and to whom payable, rate or III, terest, and when and where payable ana snail nal
 be signed by said loan commissioners, and shall have the seal of the Territory atii xed thereto,
 and countersigned by the Territorial treasurer
 and bear his official seal and shall be registered
 by the Territorial auditor in book 10 De kept
 by him for the purpose, which shall state
 amount sold for, or, if exchanged, Tor what, ana
 the faith and credit of the Territory, is hereby
 pledged for the payment Of said bonds and the ' interest accruing thereon, as herein provided i interest shall be attached to each bond, so that they may be removed without
 injury or of mutilation bond. They shall
 
 number of the bond to which they are httached'
 and shall be signed by the Territorial treasurer
 1.-The said coupons shall cover the interest eN.
 pressed in said bond from the date Of issue until | maid. but in no case shall bonds bear interest, O nor shall any interest be paid thereon for any |, time before their delivery to the purchaser, as
 | herinafter provided.
 aPAR. 2o3S (sec. 5) Whenever the said loan
 commissioners may be authorized by law to o issue bonds, or shall have decided 10 refund or redeem all or any part of the existing Indebted ness of this Territory, they shall direct the Ter 0 rtorial treasurer Co advertise for sale oi the
 bonds to be issued for that purpose, by causing
 a notice of such sale to be published Tor the
 period of one month in some daily newspaper
 published at the capital of the Territory, and 4, at least one insertion in newspaper " published in the city of New York, in the state O of New York, and in the city Of San Francisco, Q 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 VIII
 be received by said treasurer for the purchase oi
 said bonds within one month from the eXpira, m tion of said publication; and at the place and " time named in said notice the said treasurer Il and loan commissioners shall open All bids re-
 ceiyed by him and shall award the purchase oi
 said bonds, or any part thereof, 10 the bidder or
 bidders therefor bidding the lowest rate or Tn
 terest Provided, That said loan commission, ., CTS shall have the right to reject any and all II bids: And provided further, That they may 70 refuse to make any award unless suihcient IS security shall be furnished 6y the bidder or or .o bidders for the compliance with the terms oi 20 "PAK 1OIt Sec 6.) When the sale of said bonds
  - they shall provide and procure the necessary v bonds as in this act provided, and any expense )l incurred by them therefor, Tor the publication l1 of said notices cost of remittng funds for the ', | payment of interest or money on said bonds, v and all other necessary incidental expenses un-
 der the provisions of this act snail be pald out out
 of the general fund of said Territory, upon the
 order of the Territorial auditor counterslgned
 by the Governor; and a sum of money sufficient ;o to cover said costs and expenses IS hereby hp' ,n propriated out oi sald iunu. SO '.fhey shall, from time to time, after signing I4 said bonds, deliver them to the Territorial 7a treasurer, taking his receipt therefor, ana 'f charge him herewith The said treasurer shall lS give tO the Territory of Arizona an additional )9 official bond, with two or more surenes m oo n sum equal to the amount Of bonds de ~. | nyered to him by the said loan commissioners ol which bond shall be approved by the Governol B and deposited and filed with the Secretary ol le the Territory, and recorded by him in book tc he kept for that purpose. And the said Treasurer l4 shall stand charged upon his official bond fol S6 the faithful performance of the duties required oi PAR gDiS' iSec n The Territorial Treasurer LII shall sell said bonds for cash, or exchange them ll for any of the indebtedness for the redemption iI of which they were so issued but in no case sha ,n said bonds be sold or exchanged for less thaI 70 their face par value and the accrued lnteres 59 at the time of disposal, nor must any indebted le ness be redeemed at more than Its face value -' and any interest that may be due thereon
 That said Treasurer shall indorse, by writiht
 or stamping in ink on the face of the paper,evl
 dencing the indebtedness received by him 1T
 exchange for said bonds, the time when and the
 amount for which eNcnAligeu
 ,o "PAR 2Oi6, (Sec. S.) Moneys received by saic Io Treasurer shall be applied by him to the re 50 demption of the indebtedness, for the redemp 66 tion of which bonds were issued and the Treas % urer shall give notice as is provided by law 1T oS case of payment and redemption of Ierritorla 43 warrants, of his readiness to redeem such in m debtedness and thereafter interest on all suct ,e indebtedness due and outstanding shall cease. fo fo "Before any such indebtedness shall be palo 62 the Territorial Auditor shall indorse on eacf 62 certificate the amount due thereon, and shal write across the face of each the date of its sur oo render and the name of the person surrender 1S ing, and shall keep proper record thereof.
 % nually upon the taxable property in this Terri oE tory and in addition to the levy for other au v thorized taxes a sufficient sum to pay the inter 55 est on all bonds issued and disposed of in pur suance of the provisions of this act, to be placed Mo M in the Territorial treasury, m the fund 10 DO 29 known as the Interest fund And fifty year Sl after such bonds shall have been issued such ad so ditional amount shall be levied annually as vii ~ pay ten per cent of the total amount issued un 5l til all the bonds issued under the provisions % this act are paid and discharged; nothing here 26 in contained shall be construed to prevent th' oo Legislature of Arizona from creating sinking 76 fund during the life of said bonds for their re (4 demption at maturity. .
 ssThe Territorial Board of Equalization, or, Ol l their failure, the Territorial Auditor shall de S7 termne the rate of tax to be levied in the dli 35 ferent counties in the Territory to carry out tn e7 provisions of this act. and shall certify tn oI same to the Board of Supervisors Il 55 each county and to the municipal O 33 school authorities and the said board Of superv oo sors or authorities, are hereby directed and re oo uuired to enter such rate on their assessmen IS rolls, in the same manner and with the sam 95 effect as is provided by law Tn relation 10 othe os Territorial county, municipal and school taxe' oo Every tax levied under the provisions of author