Arizona republican., 1890-07-24
AN ACT With Amendments, the Fund ing Act of Arizona.

hE hct
 Be 1t enacted by the Senate and House of Re presentatives of the United States of America m Congress assembled, that the act of the revised statutes of Arizona of lSS7, known os "Iitle XXNi-Funding,, be and IS hereby, amended amended the same is hereby approved and confirmed, subject to future Territorial legislation: Title XXXI-Funding and loan. Chapter one. Ter ritorial, county, municipal and school district indebtedness"
 PAR 2o30 (sec, l.) For the purpose of liquidat- ing and providing for the payment of the out standing and existing indebtedness or 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 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. 2) It shall be, ana IS hereDy, declared the duty of the loan commissioners to provide for the payment of 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 oi the principal ana Territorial legal indebtedness, and also that which may at any time 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 this Territory when the same can be done at lower rate or interest and to the profit and benefit of the Territory
 PAR 2oil lSec, 3,l Said bonds shall be issued as near as practicable in denominations ot one thousand dollars. but bonds of . lower denomina- tion not less than two hundred and hfty dol, lars, may be issued when necessary. Said bonds shall bear interest at a rate to be 1Ned 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 ff- teenth day of January in each year, at the office of the Territorial treasurer, or at such bank lh 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, ignated by said loan commissioners, at the option of the purchaser of said bonds, the place of payment being mentioned Tn sald 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. 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
 They shall bear the date of their issue, state when, where, and to whom payable, rate or Tn, terest, and when and where payable, ana sDall 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 snail be reglsterea by the Territorial auditor in book to De Kept by him for the purpose, which snail state amount sold for, or, if exchanged, for 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
 PAR. 2Oi2. Sec. i) Coupons for the interest shall be attached to each 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
 s'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' us hpriuaftpr provided.
 'PAR. 20i3. Sec. 5.) Whenever the said loan commissioners may be authorized by law 10 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 ritorial treasurer to advertise for sale or 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 Tn newsPaper 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 VIII be received by said treasurer for the purchase of said bonds within one month from the explra. tion of said publication; and at the place and time named in said notice the said treasurer and loan commissioners shall open all bids re- ceiyed by him and shall award the purchase oi said bonds or any part thereof, to the bidder or bidders therefor bidding the lowest rate oi 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 sufnclent security shall be furnished by the bidder or bidders for the compliance with the terms Of their bids.
 "PAR. 2On Sec 6.) When the sale of said bonds shall De 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 Tor 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 a sum of money sufficient to cover said costs and expenses Is hereby ap- propriated out of said fund.
 "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 m additional official bond, with two or more sureties, m 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 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
 "PAR 2Oij (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 us lace 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- dencng 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- ipp of Nph bpnlS issupl. 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.
 "PAR. 2Oi7. (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, 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- 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 same to the Board of Supervisors in each county and to the municipal or school authorities and the said board of supervi 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