Tombstone daily prospector., 1890-07-25
AN ACr.
With Amen d,aeass she Funding Aet of
 ArizOma.


 Be it enacted by the senate and house of representatives of tue U. '. of America in Congress assembled that the act of the revised statutes of ArI- zona of 1887. known as the Title XANI-FundiDg," be and Is hereby amended so as to read as follows, and that AS amended the same IS hereby approved and confirmed subject to fuIu,e Territorial legislation. ''Title XXXI-Funding aud loan. Chapter one. Territorial, county, municipal and school district indebtedness.
 Par 2039, Sec, For tbe purpose of liquidAtiag and providing for the payment of the outstanding and ex IstiBg indebtedness of tine 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 their sueceasoTs in office. shall constitute q boa q of commissioners. to be styled tue loan commissioners of the Terri tory. cf Arizona, and shall have and exer ise the power and perform the dutles hereinafter provided.
 Tar. 20i0 Sec ?, IL shall be and is hereby declared the duty of the loan commissioners to provide for the pay. ment If the existing Territorial indeb, ness due, and 10 become due. or that is now or may be hereafter, auth oTizei by law. and for the p1rpose of paying. redeemiPg and Teiunding all or any part of tbs principal and inter est. Cr either of the existing and sub sisfibg Territorial legal indebtedness, cad also that which at any time may ] become dne. or is now. or may be hereafter authorized by law. the said i commissioners sball from time 10 time l issns negotiable coupon bonds of ihis | Territory when the same can be done at lower rate of interest aud to ihe | ,.rotit and benefit of the Territory. Par. 2O4l Sec. 2 Said bonds shall ! b1 issued as near as practicable ih de nominations of ons thousand dollars bu; bonds Of a lower denomination. not less than two hundred aud fifty | idSl!grs may be issued when necessary. Sail bonds shall bear interest at rate to be fixed by the loan commissioners. but in DO case 10 exceed five per cent DOT anuuu. which interest shall be | pald in gold coin or it's equivalent in i lawful money of the United Statss on the fifteenth day of January of each | year at the office of the Territorial
 treasury or at such bank in the city oi New York, state of New York or in the city of San Francisco. state of Califor
 min as may be. designated by said loan com raissioRers, at tine option of the purchaser of said bonds. the place ol payment being mentioned in said bond:
 The principal of said bonds shall be
 made payable unlawful money of the
 United States fifty years after the date of their issue, but may be redeemed
 after twenty years.
 They shall bear the date of iheil
 issue, state when where and to whom payable, rate of interest. and when |. ard where payable and shall be signed by said loan commissioners, and shall have the seal of the Territory affixed
 thereto, and countersigued by tkt Territorial treasurer and bear his of fciaI seal. and shall be registered by
 the Territorial auditor in a book 10 b' kept by him for the purpose. whici
 shall state the amount sold for, or, i
 exchanged for what, and the faith ant ere lit of the Territory is hereby pledg
 ei for the Paymest of said bonds an(
 the interest accuring thereon ss herein
 provided.
 Far. 2042, Sec 1. Coupons for th, lioterest shall be attached 10 each bono
 so that they may be removed withou injury or mafila;ion 10 the bond. They
 slall be eoDsecntively numbered anS
 bear the same number of the bond tt
 which they are attached and shall b'
 sigbed by the Territorial treasurer. he sad cupous shall cover the in. terest expressed in said bond from th'
 date of issue Entil paid; but in no casi shall bonds bear interest. nor shall an! interest be paid thereon for any tim,
 before their delivery 10 the purchase as hereinafter provided
 Par. 20i3 Ssc. Whenever the sail loan commissioners may be authorizeC
 by law to issue bonds or shall have de cided to refund or redeem all or an! part of tbe existing indebtedness c this Territory. they shall direct ih Territorial treasurer 10 advertise for tn l. sale of the bonds to be issued for tba purpose. by causing notice of sucl
 sale to be published for the period o . one month in some daily newspape , published a, the capital of the Terri tory. and at least one insertion ID som
 newspaper published in the City O New York and state of New York am in the city of San Franeisco. state o Caifornia: sueh notice shah specify th smonst Of bonds to be sold, tbe place, do, saa hour Of sale and thai bids will be Ieeeis , | ed by said treasurer for the purchase Of sal , bonds vi in one month from the exQjratio' 1 Of i'd Dabgleztiea and at the place anl ] tiase Bsmed iI said sotice the said treasure 1 and loan commissioners sbail open all bid
 received by him and shall award .he puF chase of sad bonds, or any part thereof t | the bidder or bidders thereof bidding ti5 l lowest rate Of interest; Provided that sai loan commissioners have a right to rejee
 any aud all bids. And provided further ths
 tisey may refuse 10 make any award aries
 sufficient security shall be furnished by th
 bidder or bidders for the compliance wit = The terms of their bids
 Par. e03i. Sec 6. When tbe sale Of sAi bonds stall ie awarded by fhe loan com ! u.f-ssoster- they slail provide and D~Ocau