Tombstone daily prospector., 1890-08-04
AN ACT.
Approving Nith Amendments the Fanding Act of
 AFixonu.

of America in Congress assembled that the ac. of the revised statutes of ArI- zons of 1887. known as the Title XXXI-Fundiug," be and is hereby amended so as to read as follows, and that as amended the same is hereby approved and conermed subject to futnSe Territorial legislation. Title XXXI-Funding aud loan. Chapter one. Territorial, county. municipal and school district indebtedness"
 Par. 2039, Sec, For the purpose of liquidating aud providing for the payment of the outstanding and ex isting indebtedness of the Territory of Arizona and such future indebtedness IS may be, or is now authorized by law, the Governor of said Territory. 1 together with the Territorial auditor and Territorial secretary, and theif successors in office. shall constitute board of commissioners, to be styled | the loan commissioners of ihe Terri tory of Arizona, and shall have and exercise the power and perform the | duties hereinafter provided.
 Par 2040 Sec 2. 1t sball be and is hereby declared the duty of the loan commissioners to provide for the pay
 ment of the existing Territorial indebt-
 ness due, and to become due. or that is now or may be hereafter, auth orized by law. and for the purpose of paying, redeeming and refunding all ! or any part of tbe principal and inter est, or either of the existing and sub sisiing Territorial legal indebtedness, and also that which at any time may
 become due. or is now. or may be
 hereafter authorized by law. the said commissioners shall from time 10 time
 issne negotiable coupon bonds of this
 Territory when the same can be done I at a lower rate of interest and to the
 profit and benefit of the Territory.
 Par. 204l Sec. 8. Said bonds shall
 be issued as near as practicable in de.
 nominations of ons thousand dollars
 but bonds of lower denomination. not less than two hundred and fifty
 dellars may be issued when necessary. | Said bonds shall bear interest at rate
 to be fired by the loan commissioners.
 but in no case to exceed five per cent
 DOT snnum, which interest shall be paid in gold coin or its equivalent in
 lawful money of the United States on the fifteenth day of January of each
 year at the office of the Territorial
 treasury or at such bank in the city of
 New York, state of New York or in the
 city of San Francisco, state of Califor mia as may be designated by said loan commissioners, at the option of the purchaser of said bonds, the place of
 psymeDt being mentioned in said 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, but may be redeemed after twenty years.
 They shall bear the date of their issue, state when where and to whom payable, rate of interest, and when and where payable and shall be signed ! by said loan commissioners, and shall r have the seal of the Territory affixed [ thereto, and countersigned by the 2 Territorial treasurer and bear hIs of f ficiai seal. and shall be registered by the Territorial auditor in a book 10 be I kept by him for the purpose, which . shali state the amount sold for, or, il
 exchanged for what. and the faith and :. credit of the Territory IS hereby piedg
 ed for the Psyment of said bonds and
 the interest aceuring thereon as herein - provided.
 Par 2042, Sec. 4. Coupons for tho e interest shall be attached to each bond e so that they may be removed without injury or mntilation 10 the bond. They 1T shall be conseeutively numbered and l. bear the same number of the bond is (which they are attached and shall b.
 signed by the Territorial treasurer. . "fbe sad enpons shall cover the in- teiesi expressed in said bond from th'
 date of issne Hntil paid; bat in no casi
 shall bonds bear interest. nor shall an,
 interest be paid thereon for any tim'
 before their delivery to the purchase as hereinafter provided.
 ''Par. 2043 Ssc , Whenever the sais . loan commissioners may be authorizeS by law to issue bonds or shall have de T cided to refund or redeem all or Rn. part of the existing indebtedness o
 this Territory. they shali direct tbi
 Territorial treasurer 10 advertise for tn sale of the bonds to be issued for tha purpose, by causing a nosics of suel
 sale to be published for the period o
 one month in some daily neSspspe
 published ct the capital of tbe Terri
 tory. and at least one insertion in som
 newspaper published n the City O
 New York and state of New York ani sr iu the city of San Francisco. state 0 l. Calfornia. such nO,see shall specify tb ,d amount of bonds to Dc sold. the place, da. q and hour of sale and that bids will be Teeeis II,5 ed by said treasurer for the purchase of sai = bonds viii iu one month from the expiration ry Of said publication, and at the place sn
 time named iE said aotice the said treasure = and loan commissioners shall open all hic = received by him and shall award The nGI s chase of sand bonds, O. say part thereof [ E- the bidder Sr bidders thereof bidding th pr lowest Tate of interest. Provided that sal s- Iosa commissioners have a right to fejee u. spy and all bids And provd-d further Ina o,ss ttey may refuse to make any award ugles zo sufficient security shall De furnished by t6 e bidder or bidders for the compliance wit or the terms of their bids.
 to Par. 30f4. See G. When the sale Of sai v honds shall be awarded by the loan e0m ...s Fn ntssioners they shall provide aud p~ocur
 fle necessary bonds ss in this act provides
 z.sd any ex.,ensss incurred hy lliesn therefor
 E.r De pnlslieati0H of said notices. costs
 tssmifting funds for the payment Of iHieFes
 sr money on ssid bonds, and all otb-r nes
 ta1