Arizona republican., 1890-09-05

date of it's surrender and and the name of the person surrendering The Territorial Auditor shall keep record Of all bonds issued and dis posed of by the Terri torial Treasurer, showing their number, rate Of interest, date and amount of sale, when, where and to whom payable, and if exchanged for what and when presented for redemption, the date, amount due thereon and person surrenderng.
 "The Boards of Supervisors of the counties,the municipal and school authorities are hereby authorized and directed to report to the loan commissioners of the Territory their bonded and outstanding indebtedness and said loan com missioners may, on written demand, require an official report from the board of supervisors Of counties, the municipal or school authorities, nf their bonded and outstanding indebtedness, and said loan commissioners shall provide for the redeeming or refunding of the county, mum icipal and school district indebtedness, upon the official demand of said authorities, in the same manner as other Territorial indebtedness, and they shall issue bonds for any indebtedness now allowed or that may be hereafter allowed,by law to said county, municipality, or school district, upon official demand by said authorities; the county municipality, or school district to pay into the Territorial treasury, in addition to all other taxes authorized by law, such amounts as may be directed by the Territorial board Of equalization, or on their failure by the Terri. torial auditor, Co be levied for the payment Of the principal of the bonds issued in redemption, refunding, or other bonds issued to such county, municipality, or school district when the same shall become due, and iI addition rate of in- terest paid by the Territory on such bonds.
 "PAR. 20Iq. (Sec. 1l,) When the treasurer pays of redeems any indebtedness he shall indorse: by writing or stamping in ink on the face of the paper evidencing such indebtedness so paid or redeemed the words redeemed and can celed,' with the date of cancellation. He shall keep full and particular account and record or all his proceedings under the act, and Of the bonds redeemed and surrendered, and he shall transmit to the Governor an abstract of all his proceedings under this act with his annual re- port to be, by the Governor, laid before the leg isature at it's meeting All books and papers pertaining to the matter provided in this act shall at all times be open to the inspection of the party interested, or the Governor or com mittee of either branch of the legislature, or q joint committee of both.
 "PAR. 2O50 Sec. 12) It shall be the duty of the Territorial treasurer to pay the interest on said bonds when the same falls due out of said interest fund, If sufficient; and if said fund be not sufficient, then to pay the deficiency out Of the general fund: Provided, That the Territorial auditor shall first draw his warrant on the Ter ritorial treasurer, payable to the order of said treasurer, for the amount of such deficiency out of the general fund.
 "PAR. 205l, Sec. l3) It shall be the duty of said loan commissioners to make a full report of all their proceedings had under the | provisions of this act to the Governor on or
 before the first day of January of each year, and said reports shall be transmitted by the Govern | to the Territorial legislative assembly.
 PAR. 2Oj2. Sec ID No bond issued under the
 provisions of this act shall be taxed within this | SEC. l5. That nothing in this act shall be con
 strued to authorize any future increase
 of any indebtedness in excess of the limit | prescribed by the Harrison act" Provided, ! however, That the present existing and outstanding indebtedness, together with
 such warrants as may be issued for the necessary and current expenses of car 1 rying on Territorial county, municipal, and
 school government for the year ending Decem-
 Der 3l, 1890, may also be funded and bonds is'
 sued for the redemption thereof; and thereafter
 no warrants, certificates, or other evidences oi l indebtedness shall be allowed to issue or be | legal where the same is in excess Of the limit
 prescribed by the "Harrisop act"
 l That all acts or parts of acts in conflict with this act are hereby repealed.
 APPROVED, June 20, 1890