Tombstone daily prospector., 1890-08-11
A> Acr.
Approving With Amendments fhe Funding Act of
 ArfzOna-

of America in Congress assembled that the act of he revised statutes of Arr | zona of 1887, known as the Title XXXI-Funiing," be and is hereby | amended so as to read as follows, and that as amended the same is hereby approved and confirmed subject to fuiure Territorial Legislation. Title XXXI-Funding and loan. Chapter l one. Territorial. county. municipal and school district indebtedness. Par. 2039, Sec. For the purpose of liqaidatiog and providing for the pay ment of the outstanding and ex- istiag 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 and Territorial secretary, and theif successors in office. shsll constitute a board of commissioners. to be styled the loan commissioners of the Terri tory of Arizona, and shall have and exercise the power and perform the
 duties hereinafter provided.
 Par. 2040 Sec 2. IL shall be and is
 hereby declared the duty of the loan
 manufacturers to provide for the pay
 ment of the existing Territorial iDdebt
 ness due, and tc become due, or
 that is now or may be hereafter, auth
 orized by law, and for the purpose of
 paying, redeemipg and refnnding all
 or any part of ;be principal and inter
 est. or either of the existing and sub
 sistiDg Territorial legal indebtedness, aud also that which at any time may
 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 lower rate of interest and to the profit and benefit of the Territofy.
 Par. 204l Sec. 3. Said bonds shall
 be issued ss near as practicable in de nominations of ons thousand dollars but bonds of lower denomination. not less than two hundred and fifty dollars may be issued when necessary. Said bonds shall bear interest at a rate to be fiGed by the loan commissioners. but in no Case to exceed five per cent DOT snnum, which interest shall be psid 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 of New York, state of New York or in the city of San Francisco. state of Califor nis ss may be designated by said loan commissioners, at the option of the purchaser of said bonds. the place of payment being mentioned in said boHds The principal of said bonds sbali be made payable in lawful money of tine United States fifty years after the date of their issue, but may be redeemed after twenty years.
 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 ficial seal and shall be registered by the Territorial auditor in book 10 be kept by him for the purpose, which shali state the amount sold for, or, if exchanged for what, and the faith and credit of the Territory is hereby pledg ssi for the Fsyuen. of said bonds asa t1S ihtCicnt aCShAtDS hhSiSoh aS ASfciN provided.
 Par. 2042. Sec 4. Coupons for the interest shall be attached to each bond SO that they may be removed without injury or mntilation 10 the bond. They shall be consecutiyely numbered and bear the same number of tine bond to
 -!:s>!.. !. :s... .i.ey .-e attached cad shall he signe: by the Territorial treasurer,
 ssTbe sad cupons shall cover the in terest expressed in said bond from the date of issue sntil paid; but in no 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 Sse. 5 Whenever tue said loan commissioners may be authorized by law to issue bonds or shall have de- cided to refund or redeem all or any part of the existing indebtedness of this Territory. they shall direct the Territorial treasurer 10 advertise for the sale of ihe bonds to be issued for that purpose, by causing a notieS of such sale to be published for the period of one month in some daily newspaper published at the capital of the Terri tory, and at least one insertion in some newspaper published in the City of New York and state of New York and in the city of San Francisco. state of CaIfornis: such notice shall specify the amount Of bonds to be sold. the place, day and hour of sale and that bids will be rereiv- ed by said treasurer for the purchase Of said bonds xitf In one month from the expsration of aid publication, and at the place and time named iF ssid soiiee the said treasurer and loan commissioners shall open all bids received by him and shah award .he pur- chase Of sand bonds. or sny part thereof Co fhe bidder bidders thereof bidding the lowest rate of interest: Provided that said loan commissioners have a right to reject any and all bids. And provided further that they msy rriuse tO make aay ward unless sufficient security shall be furnished by the bidder or bidders for the compliance with the terms of their bids
 Par eO4f. See C. When the sale Of said bonds shall be awarded bY ths loys com missioisers they ,Aail provide and procure sse necessary 5oEds ns in this aef provided. spd any expenses incsfSed by ikem therefore 4ssfa rf