Arizona silver belt., 1890-08-02

sufficient security shall be furnished by Che bidder or bidders for tbe compliance with the terms of their bids.
 'Pit. c044. (ssc 6 When the sale of said bonds ehsll be awarded by the lean commissioners they shall provide and procure ths necessary bonds ss in this act provided, and any expense in- cured by them therefore, for the publi cation of said notics,, cost of remitting funds for the payment of interest or money on said bonds, and all other nee s,sary incidental expenses under the provisions of this act shall be pad out of the general fund of aaid Territory, upsn the order of the Territorial auditor, coun- tsr.igped by the Governor, and a sum of money sufficient to cover said costs and expenses is hereby appropriated out Of snidtuna
 "Ihey shall, from tims to time, after signing said bends, deliver them to the Territorial Treasurer, tsking hi: rscsipt therefor, and charge him herewith. The said trss.uror shall give to the Territory of Arizona an additional official bond, with two CT more sars,iss, iE a suin equal to the amount of bonds delivered to him hy the said loan commissioners, which bend shsll ba approved ty the Governor and deposited and fisd with the Score tary of tho Territory, and recorded by him ill a book to be kept for that pur- pose. And the said Treasurer shall stand charged upon his official bond for ths fAithful performance of the duties required of him unasr this act
 "PAk 2045 (Ssc. 7.) The Territorial Trsssurss shall sell said bonds for cash, or exchange them for any of th. indsbt- ednsss for ths redemption of which they wers SC issued, but ill no case shall said bonds bs sold or exchanged for less than their face or par value and ,hs accrued interest at the tire of Gihposa. nsr must any indebEsdnsss be redeemed at more than it's face valus and any lnterost that may be due thereon.
 That said Treasurer shall ihdorse, by writing or stamping in ink on the face of the paper, evidencing the indebtedness received by him in exchange for said bonds, the timo when and the amount fer which exchanged.
 'spAs 2046. {Sss. 8. Moneys received by said Treasurer shall Do applied by him to the redemption of the indebtedness, for the redemption of which honda were issued, and the Treasurer shall give nu- tIce, as is provided by law in case of pay mept aud redemption of Territorial war rants, of his readiness 10 redeem such indebtedness, and thereafter interest on all such indebtedness due and out.tsnd- ing shall cease.
 ''Betore any such indebtedness shall be paid the Territorial Auditor shall in- dol.e on each certificate the amount due thereon. and ahall write across the face of each the date of its Eprrendes ard the name oi the person strrendering, and shall keep proper record thereof
 PAR 2047. (See. 9. There shall be levied annually. upon the taxable prop crty in thi, Territory, and in addition to the levy for other authorized tafss, a sthcisnt sum to pay the interest on all bonds issued and disposed of Ill pur- suAnce of the prosisions of this act, to be | placed in the Territorial treasury, in the fund to be known as the Interest fund. ' | And tifty years after such bonds shall have been issued such additional amount shall be levied annually as will pay een Der cent of the total amount issued un- til all the bonds issued under the prsvis. ions of this act are paid and discharged nsthing herein contained shall be con stru.d to prevent the Legislature of Ari- zona from creating sinking fund during l tho life of said bonds for their redemp- | tiou at nsttrits. % t,
 "The Territorial Board ot Eauali2a. tion, or, on their failure, the Territorial Auditor, shall determine ths rate of tax to bo levied in the different counties in the Territory to carry sut the provisions | of tflis act, and shall certify the same to tho Board of Supervisors Tn sacn vo1m ty and to the municipal or school suthor- 1 tics; and the said board of supervisors, or authorities, ars hereby directed and required to enter such rate on their ss- sessment rolls, in the same manner and with the same effect as is provided by law in relation to other Territorial, coyn- ty, municipal and school taxes. Every tax levied under the provisions of author ity of this act is hereby made lien as.sis.st the property assessed, which lien shall attach on the first Monday in March iii each year, and shall net be satisfied or removed uptl sncls !aF los been paid
 "kll nsdnsys derived frem taxes au- thsrired by ths provisions Of thIs act shall be paid into the Territorial treasury and shall be applied
 ''First. To the payment of the inter.
 est on the bends issued hereunder.
 Second. To the payment of the prin'
 oipal of such bonds: Provided, That all
 moneys remaining in the interest fund
 after tho paynen, of the interest, and
 all moneys remaining in the 'redemptisr
 fund after all said bond: shall have paid and discharged shall be transferred by
 the Territorial Treasurer to the Torrito
 rial general fund,
 PAR, 2043. {Ssc. 10.) Whenever, after the expiration of the fifty years from the
 date of issuance of any bonds under this act, shore remains alter the payment O the in.crest as provided in the preceding , section, surplus of ten thousand dollar or more, 1t shall be the duty of the Ter
 ritorial Treasurer to Advertise, as ia th, , manner of advertising by the loan com missionsrs for bids for sale of bonds 3 which advertisemsnt shall state tn, l amount Of money in tho said redemption
 fund, end the number of bonds, number
 ing them in the order of their issuance I commencing at the lowest ntmber thel ] outstanding, which such fund is ss..npar