Arizona republican., 1890-09-06
A N ACT
Approving, With Amendments, the Fund
 ing Act of Arizona.

XXNI-F Funding" he 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 XXNI-F Funding and loan, Chapter one, Ter ritorial, county municipal and school distrlct indebtedness"
 PAR 2O8g (Sec 1.) For the purpose of liquidat- ing and providing for the payment of the out standing and existing indebtedness oi the Ter ritory of Arizona and such future indebtedness as may be or is now authorized by law, the Gov ernor Oi the said Territory, together with the Territorial auditor and Territorial secretary, and their successors in office, shall constitute board of commission ITS, 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, and IS hereby, declared the duty of the loan commissioners to provide for the payment Of the existing lerrito- rial indebtedness due, and to become due,ortha is now, or may be hereafter authorized by law, and for the purpose of paying, redeeming ana refunding all or any part ot the princlpal ana interest, or either of the existing and subsistlng Territorial legal indebtedness, and also that which may at any time become due, ,or is now,or may be hereafter authorized by law, the sald commissioners shall, from time to time, issue negotiable coupon bonds of this Territory when the same can be done at 6 lower rate or interest and Go the profit and benefit of the Territory PAR. 20ii. Sec. Sl Said bonds shall be issued as near us practicable in denominations Of one thousand dollars but bonds Of lower denomlna- ton, not less than two hundred and hity dol, larS may be issued when necessary. Sald bonds shall bear interest nt rate to be hNed by said loan cOmmis ssioners, but m no case to eA- ceed five per ceEtum per annum, when interest shall be paid in gold coin or us equlVa@ent @ ai in teenth day of January in each year, at the once of the Territorial treasurer, or at such bank Tn the city of New York, in the state oi New aorH; 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 in said | bonds The principal oi said bonds snail 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.
 when, where, and to whom payable, rate Of Tn. | terest, and when and where payable, ana shaii | be signed by said loan commissioners, ana snail | 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 snail state amount sold for, or, if exchanged, for what, and l the faith and credit of the Territory is hereby pledged for the payment Of said bonds and the | "PAR 2Oi2 (Sec. 4) Coupons for the l interest shall be attached to each | bond so that they may be removed without | injury or of muulatiOn bond. They shall | he cousecutiyely numbered and bear the same 1 number Of the bond to which they are attached, and shall be signed by the Territorial treasurer. l ssIhe said pOupOns snail cover lnt Interest tA- 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, as
 "PAR, 9o8, (Sec. B. Whenever the said loan | commissioners may be authorized Dy law 70 1 issue bonds, or shall have decided 10 reiund or | redeem all or any part Of the existing lndeDted- ness of this Territory, they shall direct the Ter | ritorial treasurer to advertise Tor sale or the | bonds to be issued for that purpose by causing ! sg.. 4tpf,g la tA ha IH | period of one month in some daily newspaper 1 published at the capital of the Territory and at least one insertion ln Y-, newspaper ,N s,PSd l of New York, and in the city or San Francisco, in the State of California; such notice shall specify the amount Of bonds to be sold, ths l place, day and hour of sale, and that bids will be received by said treasurer for the purchase oi | said bonds within one month from the eXpira, l ton of said publication; and at the place ana | time named in said notice the said treasurer l and loan commissioners shall open all bids re- | ceiyed by him and shall award the purchase or said bonds, or any part thereof, to the bidder or | bidders therefor bidding the lowest rate Of ln- terest: Provided That said loan commission, l CTS shall have the right to reject any and all bids: And provided further, That they may 1 refuse 10 make any award unless sufficient security shall be furnished by the bidder or bidders for the compliance with the terms or their bids
 "PAR. 2Ot4. (Sec O. When the sale of said bonds shall be awarded by the loan commissioners they shal 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 l 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 ui the Territorial auditor counterslgned by the Governor: and q 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 s receipt therefor sSa Sa9 give to the Territory of Arizona an additional official bond, with two or more sureties, in d sum equal to the amount Of bonds de- Iiyered 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 he 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.
 shall sell said bonds for cash, or exchange them
 for any of the indebtedness for the redemption Ofwhich they were SO issued but Tn no case shall
 said bonds be sold or exchanged Tor 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 its face value and any interest that may be due thereon.
 l.That said Treasurer shall indorse, by writing
 or stamping in ink on the face of the paper,evl- dencing the indebtedness received by him in
 exchange for said bonds, the time when and the amount for which exchanged.
 "PAR 2O46, (Sec. S.) Moneys received by said
 Treasurer shall be applied by him to the re- demption of the indebtedness for the redemp-
 tion of which bonds were issued, and the Treas
 urer shall give notice, as is provided by law m
 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 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 fin
 each county and to the municipal or
 SCHOOL hubnOIltles hhu tiO sniu DOaiu VI suPetNA
 sOrs, or authorities, are hereby directed and re
 uuired 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 ofauthor
 ity of this act is hereby made lien against the
 property assessed which lien shall attach or
 the first Monday in March in each year, and
 shall not be satisfied or removed until such tax } has been paid.
 "All moneys derived from taxes authorized
 by the provisions of this act shall be paid into
 the Territorial treasury and shall be applied
 "First. To the payment of the interest on the
 bonds issued hereunder
 "Second. To the payment of the principal o
 such bonds Provided, That all moneys re
 maining in the interest fund after the payment . of the interest, and all moneys remaining iT
 the redemption fund after all said bonds shal have paid and discharged shall be transferred