Arizona republican., 1890-09-04
AN ACT
Approving, With Amendments, the Fund.-
 ing Act of Arizona.

| INNAl-Funding," be 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 l XXXl-Funding and loan Chapter one. Ter ritorial, county, municipal and school district | indebtedness"
 PAR. 2OS9 (sec, l.) For the purpose of liquidat | ing and providing for the payment of the out standing and existing indebtedness of 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 q 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. 2OiO. (See. 2) It shall be, and is hereby, | 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 of the principal and
 interest, or either Of the existing and subsisting 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 q lower rate of interest and to the profit and benefit of the Territory. | PAR 2Oil Sec 3) Said bonds shall be issued | as near as practicable in denominations of one thousand dollars, but bonds of a lower denomina | ton, not less than two hundred and fifty dol | lars may be issued when necessary. Said bonds shall bear interest at a rate to be fixed by said loan commissioners, but in no case to ex | Ceed five per centum per annum, which interest shall be paid in gold coin or it's equivalent in | lawful money of the United States, on the If
 teenth day of January in each year, at the office | of the Territorial treasurer, or at such bank in 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 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 Said Territory reserves the right to redeem at par any of said bonds, in their numerical order, Ut any time after twenty years after the date thereof -
 when, where, and to whom payable rate Of in | terest, and when and where payable, and shall
 be signed by said loan commissioners and shall | have the seal of the Territory affixed thereto, and counterslgned by the Territorial treasurer and bear his official seal, and shall be registered
 by the Territorial auditor in book to De kept 1 by him for the purpose, which shall state | amount sold for, or, if exchanged, for what, and 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. 2Ol2. (sec. 4) Coupons for the interest shall be attached to each
 bond, so that they may be removed without 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
 ''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 Co the purchaser, as herinaiter provided.
 commissioners may be authorized by law to
 issue bonds, or shah 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 a sale of the bonds to be issued for that purpose, by causing 1 a 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 m newspaper published in the city of New York in the State of New York, and in the city Of san Francisco, in the State of California: such notice shall specify the amount of bonds 10 be sold, the place, day and hour of sale, and that bids will
 be received by said treasurer Tor the purchase or said bonds within one month from the eXpira- ton 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 or
 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 sufficient security shall be furnished by the bidder or
 bidders for the compliance with the terms Of
 "PAR. 2Oti (sec 6.) When the sale of said bonds shall be awarded by the loan commissioners they sha Il provide and procure the necessary bonds as in this act provided, and any expense
 incurred by them therefor, for the publication
 or said notices, cost or rennlttlnR lunus TOT tne
 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, conntersigned | by the Governor; and q sum of money sufficient to cover said costs and expenses Is hereby hp- prOpriated out of said fund.
 "fhey shall from time to time, after signing l 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 an additional | official bond, with two or more sureues, in
 a 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, 2Oi5. 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 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 it's face 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,evl- dencing 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- demptioD of the indebtedness, for the redemp- ton of which bonds were issued, and the 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 it's 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 su- thorized taxes, a 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.
 | HThe 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 slperyi- | sors, 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 ity of this act is hereby made a lien against the | property assessed, which lien shall attach on 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 of such bonds: Provided, That all moneys re- maining in the interest fund after the payment | of the interest," and all moneys remaining in 1 the redemption fund after all said bonds shall have paid and discharged shall be transferred