Tombstone daily prospector., 1890-07-30
AN acr.
Approving with Amendments the Funding Act of
 Arizona.

XxXI-Fan,liug," be and Is hereby amended so as to read as follows, and that as amended the same is hereby approved and eoniirwod subject tU fature Territorial legislation. s'Tiile XXXi-Funding and loan. Chapter one, Territorial, county. municipal and school district indebtedness.
 Per. 2039, Sec, 1 For the purpose of liquidasing aud providing fer the payment of the outstanding and ex isting indebtedness of the Territory of Arizona and such future indebtedness as may be, or is now authorized by law. the Governor of said Territory. together with the Territorial auditor hand Territorial secretary, and their sueceasors in office. shall constitute 3 board of com missioners. to be styled inc loan commissioners of ihe Terri tory of Arizona, and shall have and Eexercise the power and perform the duties hereinafter provided.
 Par. 2040 See 2, It shall be and Is hereby declared ihe duty of the loan commissioners 10 provide for the pay ment If the existing Territorial indebt ness due, and to become due, oI that is now or may be hereafter, auth
 orized by law. and for the purpose of paying, redeeming and refuuding all or any part of tbe principal and iuter est. or either of the existing aud sub sisling Territorial legal indebtedness, and also that which at any time may ! become due, or is now, or may b. hereafter authorized by law. the said commissioners saall from time 10 time issue negotiable coupon bonds of this ! Territory when the sane can be done at a lower rate of interest and to the prafit and benefit of the Territory. Par. 204l Sec 3. Said bonds shall ba issued as near as practicable ia de nominations of one thousand dollars | but bonds of a lower denomination not less than two hundred and fifty dsliars may be issued when reeessarv Said bonds shall bear interest at rnie | to be fixed by the Joan commissioners, but in 10 case to exceed five per cent DOT annum, 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 or New York, state of New York or in the city of San Francisco. state of Cslifor
 mia as may be designated by said loan commissioners. at the option of the l purchaser of said bonds. the place of payment heing mentioned in said bonds | Tine principal of said bonds shall be
 made payable in lawful money of the United States fifty years after the date
 cf their issue. but may be redeemed after twenty gears
 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
 have the seal of the Territory affixed
 thereto, and countersigned by the Territorial treasurer and bear his of ficiai seal. and shall be registered by
 ihs Territorial auditor in a book 10 be
 kept by bim for the purpose, which
 shall state the amount seld for, or, jI
 exchanged for what, and the faith aui
 credit of the Territory is hereby pledg
 ed for the Payment of said bonds and : the interest accuring thereon as herein
 provided.
 Par. 2042, See 1. Coupons for ihe
 interest shall be attached to each bond
 so that they may be removed withou,
 injury or mutilation to the bond. They
 shall be eonseeutively numbered and
 bear the same number of the bond io
 which they are attached and shall be
 signed by ihe Territorial treasurer,
 "The sad cupous shall cover the in
 terest expressed in said bond from inc
 date of issue eniil paid; but in no case
 shall bonds bear interest. nor shall any
 interest be paid thereon for any time
 before tbeir delivery to the purchaser
 as hereinafter provided.
 "Par. 2043 Ssc. , Whenever the said
 loan commissioners may be authorized
 by law 10 issue bonds or shall have de cided to refund or redeem all or any part of tue existing indebtedness of
 this Territory they shall direct the 1 Territorial treasurer 10 advertise for the
 sale of the bonds to be issued for that purpose. by causing a notice of such
 sale 10 be published for the period of
 one month in some daily newspaper published at the capital of Inc Terri tory. and st least one insertion in some newspaper published in ghe City of New York and state of New York and in the city of San Francisco. state of California; such nofsce shall specify The amount of bonds Co be sold the place day and hour Of sale end that bids will be ieeeiv- ed by said treasurer for the purchase CT said souds wi:l in one month from the expiration i, Of said publication. a1d At the place and time named in said sci3ec the said treasurer and loan commissioners shall open ail bids =eeciyed by hiTa and shall award .hc TUT chase Of sand bonds, or any part thereof to the bidder or bidders thereof bidding the
 lowest rate Of interest: Provided that said
 loan commissioners have right to reject 1 any aud all bids. And provided further that
 tiIey may refuse tO make any award uBless
 sufficient security shall be furnished by the
 bidder os bidders for the compliance with theteTm of their bids.
 Par. sO44. See G. When the sale Of said
 bonds shall be awarded by inc loan com missioners they shalI provide and procure the necessary bsDds-ss in this act provided and aay expenses Incurred by them therefore for the publ ieafien Of said notices, costs of
 ysrntlffnV flsufe for the l.arfaef5f of inter,.ss