Arizona republican., 1890-08-04

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 Territorial Treasurer, showing their number, rate oi 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 surrendering.
 "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 missioncrs may, on written demand, require an official report from the board Of supervisors of counties, the municipal or school authorities, of their bonded and outstanding indebtedness, and said loan commissioners shall provide for the redeeming or refunding of the county, num- icipa, 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 equalization, or on their failure by the Terri torial auditor, to be levied for the payment of the principal of the bonds issued in redemption, refunding, or other bonds issued to such county, shall become due and In addition a rate of in terest paid by the Territory on such bonds.
 "PAR. 20i9. (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 of 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 islature at its 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 a com mittee of either branch of the legislature, or n joint committee of both.
 "PAR. 2050. lSec. l2.) It shall be the duty or the Territorial treasurer to pay the interest on said bonds when the same falls due out oi saif interest fund, if sufficient; and If said fund be not sufficient, then to pay the dehciency out or auditor shall first draw his warrant on the Ter ritoral treasurer payable to the order of said treasurer, for the amount of such deficiency out of the general fund.
 "PAR. 2o5i, Sec. l3.) It shall be the duty of said loan commissioners to make q 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. 2052. Sec ll) No bond issued under the provisions of this act shall be taxed within this Territory"
 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 ryng on Territorial, county, municipal and school government for the year ending Decem Der 3l, 1S90, may also be funded and bonds is sued for the redemption thereof; and thereafter no warrants, certificates, or other evidences Of indebtedness shall be allowed to issue or be legal where the same is in excess of the limit prescribed by the "Harrison act"
 That all acts or parts of acts in conflict with this act are hereby repealed
 APPROVED, June 9, 1890.