Tombstone epitaph., 1890-03-01

by said loan commissioners, and shall have the seal of the Territory affixed thereto, and countersigned by the Ter ritorial Treasurer, and bear his official seal, and shall be registered by the Territorial Auditor, in a book to be kept by him for the purpose, which shall state amount sold for, or, fl ex- changed, 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. 2042, (Sec. A Coupons for the interest shall be attached to each bond, so that they may be removed without injury or mutilatiOn to the bond. They shall be consecutiyely 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 expressed in said bond from the date of issue until paid; but in nc case shall bonds bear interest, nor shall any interest be paid thereon for any time before their delivery to the purchaser as hereinafter provided.
 "PAR. 2043, (Sec. 5) Whenever the said loan commissioners may be auth orized by law to issue bonds, or shall have decided to refund or redeem all or any part of the existing indebted ness of this Territory, they shall direct the Territorial Treasurer to adIe for sale of the bonds to be issued for that purpose, by causing 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 inser- ton in newspaper published in the city of New York, in the State of New York, and in the city of San Francis co, in the State of California; such notice shall specify the amount of bonds to be sold, the place, day. and hour of sale, and that bids will be re- ceived by said treasurer for the pur- chase of said bonds within one month from the expiration of said publica- tion; and at the place and time named in said notice, the said treasurer and loan commissioners shall open all bids received by him and shall award the purchase of said bonds, or any part thereof, to the bidder or bidders there for bidding the lowest rate of interest {: Provided, That said loan .commis- sioners shall have the right to reject any and all bids: And provided further, That they may refuse to make any award unless sufficient sec urity shall be furnished by the bidder or bidders tor the compliance with the terms of their bids.
 "PAR. 2044, (Scc. 6.) When the sale of said bonds shall be awarded by the loan commissioners, they shall pro- vide and procure the necessary bonds, as in this act provided, and any ex- pense incurred by them therefor, for the publication of said notices, costs of remitting funds for the payment of interest or money on said bonds, and all other necessary incidental expenses under the provisions ot this act, shall be paid for out of the general fund oi said Territory, upon the order of the Territorial Auditor [countersigned by the governor; and sum of money sufficient to cover said costs and eX- penses is hereby appropriated out of said fund.
 "They shall, from time to time, after signing said bonds, deliver them to the Territorial Treasurer, taking his receipt therefor, and charge him there with. The said treasurer shall give 10 the Territory of Arizona an additional official bond, with two or more sureties, in a sum equal to the amount of bonds delivered to him by the said loan com missioners, which bond shall be ap- proved by the governor and deposited and filed with the secretary of the Territory, and recorded by him in a 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 of him under this act
 "PAR. 2045, (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 case shall said bonds be sold or ex- changed for less than their face or par value and the accrued interest at the time of their disposal, nor must any indebtedness be redeemed at more than it's face value and any interest that may be due thereon.
 "That said treasurer shall endorse, by writing or stamping in ink on the paper, evidencing the indebtedness re- ceived by him in exchange for said bonds, the time when and the amount for which exchanged.
 "PAR. 2046, (Sec. s. Moneys re- ceived by said treasurer shall be ap- piled by him to the redemption of the indebtedness for the redemption of which bonds were issued, and the treasurer shall give notice, as is pro vided 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 out standing shall cease.
 ["Before any such indebtedness shall be paid the Territorial Auditor shall endorse 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 surrendering, and shall keep the pro