The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1890-05-14
UTAH BONDS FOR SALE,
Three Hundred Thousand ($3O0,000) DoIlarr
of Five (5) Per Cent Utah Territory
Bonds for Sale.

THE UNDERSIGNED, IN PURSUANCE OF
4 the direction OF the loan commissioners OF
the territory Of Utah, hereby advertises that
bids will be received at his ONCE in the city Of
Salt Lake, said territory. between IL o'clock
noon. of June IL, $780, and u o'clock, noon,
of July .l2, 1890, for the purchase Of,
and at which time sale of the bonds herein
after described will be made, namely. Three
hundred bonds each of the denomination Of
$1,000, OF the engraved negotiable compound
bonds of aid territory, bearing five per centum
interest per annum, payable semiannuaily. on
on the first days of January and July of each
year. at the DeSere National bank in said city.
or at such bank in tn city OF New York, in the
state Of New York, as may be designated by
said loan commissioners, ut the option Of the
purchasers of said bonds.
The principal of said bonds shall be payable
in the lawful money OF the United States,
within twenty years after the date of their issue,
but redeemable at the pleasure OF the territory
after ten years from date. 1t is provided in the
law, that at the expiration of ten years after
the issuing of said bonds, there is set apart
and appropriated out of the general funds in
the hands of the territorial treasurer Of said
territory annually not less than $1,000 to be-
placed by the said treasurer in a fund 10 be
known as the redemption fund.- for the re-
demption OF said bonds. And 1t is also further
provided that whenever, after the expiration OF
zen years from the date OF the issuance OF said
bonds. there is available in said redemption
fund the sum of $4,000 or more it shall be the
duty of said treasurer TO advertise the amount
of money in the said redemption fund and the
their issue, commencing at the highest number
then outstanding, which such fund is set apart
to pay and discharge, and the date when they
will be paio, and Ii such bonds so numbered in
such advertisement shall not be presented for
payment and cancellation at the expiration Of
the date mentioned in such advertisement, then
such fund shall remain in the treasury of the
territory to discharge such bond whenever pre-
Sented for payment, but such bond shall draw
no interest after the expiration Of said adver-
tisement.
In no case will said bonds be sold for less
than their face or par value and the accrued in
terest at the time of payment therefor. The
bids will be opened and the sales made to the
highest bidders at IL O'Clock, noon, July
IA, 1890, at my office in Salt Lake city,
Utah, but before making any award,
| security will be required of the success
bid, and said loan commissioners reserve the
| right to reject any and all bids
The bonds offered are to be issued for the
building of educational and charitable lnStitu-
tons, for which appropriations have been made
by The governor and legislative assembly of said
an act of the governor and legislative assembly,
entitled AN act providing for negotiating q
| loan for certain public purposes" approved
March -, 1890. The territory has bonded debt
of one hundred and fifty thousand dollars, and
by an act OF Congress approved June 80 1885, il
restricted to creating any bonded Indebtedness
except for charitable and educational 1nStitu-
tions, and is limited in its power to create in
| debtednesS for any purpose exceeding 1 per
! cent. OF its taxable valuation as shown by the
last assessment of its taxable property for ter
ritorial and county purposes Any indebted
ness attempted to be created in excess thereof
is declared void These bonds are exempt by
law from taxation for any purpose within the
ritory. BOLIVAR ROBERTS,
| Territorial Treasurer.