Arizona republican., 1890-08-09
IN ACT
With Amendments, the Fund
 ing Act of Arizona.

| Be it enacted by the Senate and House of Re presentatives of the United States of America iT Congress assembled that the act of the revised
 statutes of Arizona of 1887, known as Title
 XXXI-Funding," 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-Fundng and loan. Chapter one. Ter
 ritorial, county, municipal and school district 1 indebtedness"
 PAR. 2039. (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 q
 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 p lt shall be, and is hereby,
 declared the duty of the loan commissioners to provide for the payment oi 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 and
 interest, or either of the existing and subsisting
 Territorial legal indebtedness, and also that
 which may at any time become due,o 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 a lower rate of interest
 and to the profit and benefit of the Territory. | PAR. 20il. Sec 3.l Said bonds shall be issued
 as near practicable in denominations oi one thousand dollars. but bonds of a lower denomina- | tion, 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 ceEtum per annum, which interest shall be paid in gold coin or its equivalent in | 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 of New York. or in the city of San Francisco, in the state of
 California, or such place as may be des, | the option of the purchaser of said bonds, the place of payment being mentioned in said bonds The principal oi 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 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 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 book to De 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
 interest shall be attached to each
 bond, so that they may be removed without
 injury or of mutilation bond. They shall
 be consecutiyey 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 shall bonds bear interest, nor shall any interest be paid thereon for any time before their delivery to the purchaser, as
 PAR 2Oi;I. (Sec. 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 ritoral treasurer to advertise for sale Of the bonds to be issued for that purpose, by causing u 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 in newspaper published in the city of New York, in the State Of New York, and m the city or 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 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- ceived 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 2Oil. (sec. 6) When the sale of said bonds shall D. 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 Territoria auditor, couniersigned by the Governor; and q sum of money sufficient to cover said costs and expenses is hereby ap propriated out of said fund
 They 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 sureties, in a sum equal to the amount Of bonds de- liyered 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 q 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.j 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 it's 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,evI- 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 ton of which bonds were issued, and the Treas
  case of payment and redemption of Territorial warrants of his readiness to redeem such in | 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 ! 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. 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, d 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 act are paid and discharged; nothing here 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- lemption at maturity.
 "The Territorial Board of Equalization, or, on their failure the Territorial Auditor, shall de- ermine the rate of tax to be levied in the diff ierent 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 school authorities and the said board of supervi- 'Ors, or authorities, are hereby directed and re- luired to enter such rate on their assessment 'ols, in the same manner and with the same effect as is provided by law in relation to other