Arizona republican., 1890-08-17
AN ACT Approving, With Amendments, the Fund.- ing Act of Arizona.

statutes of Arizona of 1887, known as 'Title XXXI-Funding," be and is hereby, amended as to read as follows, and that as amended the same is hereby approved and confirmed, subject to future Territorial legislation: Title XXXI-Funding and loan Chapter one Ter ritorial, county, municipal and school district indebtedness"
 PAR 2039 Sec l.) For the purpose of liquidat- ing and providing for the payment of the out standing and existing indebtedness of the Ter ritory of Arizona and such future indebtedness as may be or is now authorized by law, the Gov ernor of the said Territory, together with the Territorial auditor and Territorial secretary, and their successors in office, shall constitute board of commissioners, to be styled the loan commissioners of the Territory of Arizona, and shall have and exercise the powers and perform the duties hereinafter provided.
 "PAR 20i0 (Sec. 2) It shall be- and is hereby, declared the duty of the loan commissioners to provide for the payment of the existing Territo- rial indebtedness due, and to become due, or that is now, or may be hereafter, authorized by law, and for the purpose of paying, redeeming and refunding all or any part Of the principal ana interest, or either of the existing and subsisting Territorial legal indebtedness, and also that which may at any time become due 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 a lower rate Of interest and to the profit and benefit of the Territory.
 PAR. 20il. (Sec 3.) Said bonds shall be issued as near as practicable in denominations oi one thousand dollars. but bonds of a lower denomina- tiOn, not less than two hundred and hity dol,
 
 bonds shall bear interest at rate to be fixed by said loan commissioners, but in no case to ex- ceed five per ceEtum per annum, which interest shall be paid in gold coin or its equivalent in lawful money of the United States, on the fif teenth day of January in each year, at the once of the Territorial treasurer, or at such bank in the city of New York, in the state of New fork; or in the city of San Francisco, in the state of California, or such place as may be des- ignated by said loan commissioners, at the option of the purchaser Of said bonds, the lf,la nt nnN hni bonds. The principal oi said bonds shall be made payable in lawful money of the United States, fifty years after the date Of their issue Said Territory reserves the right to redeem at par any of said bonds, in their numerical order, at any time after twenty years after the date thereof.
 when, where, and to whom payable, rate of in, terest, and when and where payable, and shall be signed by said loan commissioner, and shall have the seal of the Territory affixed thereto, and countersigned by the Territorial treasurer and bear his official seal, and shall be registered by the Territorial auditor in book to De kept l by him for the purpose, which shall state amount sold for, or, if exchanged, 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. 2Oi2 (Sec. 4) Coupons for the | interest shall be attached to each bond, so that they may be removed without injury or of mutilation bond. They snail | be consecutively 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 eX, pressed in said bond from the date Of issue until | 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 | herinafter provided.
 PAR 2Oi}. Sec 5.) Whenever the said loan | commissioners may be authorized 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 Ter | ritOral treasurer to advertise for d sale of the | bonds to be issued for that purpose, by causing | n notice of such sale to be published Tor the | period of one month in some daily newspaper | published at the capital Of the Territory, and at least one insertion Tn newspaper published in the city Of New York, Tn the state l of New York, and in the city of San Francisco, | 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 received by said treasurer for the purchase or | said bonds within one month from the eNpira l ton of said publications and ut the place and time named in said notice the said treasurer and loan commissioners shall open all bids re- l ceived by him and shall award the purchase or said bonds, or any part thereof, to the bidder or bidders therefor bidding the lowest rate of in | teTest: Provided, That said loan comHilsslOn- | CTS shall have the right to reject any and all bids: And provided further, That they may refuse to make any award unless sufficient | security shall be furnished by the bidder or | bidders for the compliance with the terms or | their bids.
 "PAR. 2Oi4. (sec. 6.) When the sale of said bonds |
 they shall provide and procure the necessary bonds as in this act provided and any expense incurred by them therefor for the publication of said notices, cost of remitting funds for the payment of interest or money on said bonds, and all other necessary incidental expenses ul- der the provisions Of this act shall be paid out
 of the general fund of said Territory, upon the order of the Territorial auditor, cOunterslgned by the Governor; and a sum Of money sufficient to cover said costs and expenses is hereby ap- propriated out of said fund.
 tA tFna N1
 said bonds, deliver them to the Territorial
 treasurer, taking his receipt therefor, and
 charge him herewith. The said treasurer shall give to the Territory of Arizona an additional official bond, with two or more suretes, in q sum equal to the amount of bonds de livered to him by the said loan commissioners, and deposited and filed with the Secretary Of
 the Territory, and recorded by him in book to be kept for that purpose. And the said Treasurer
 shall stand charged upon his official bond for the faithful performance oi the duties required of him under this act.
 "PAR. 2Oi5. (See. 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 issued but in no case shall ! said bonds be sold or exchanged for less than
 their face or par value and the accrued interest at the time Of disposal, nor must any Indebted ness be redeemed at more than its face value
 and any interest that may be due thereon. I That said Treasurer shall indorse, by writing
 or stamping in ink on the face of the paper, ,eyi-
 dencing the indebtedness received by him in
 exchange for said bonds, the time when and the
 amount for which exchanged.
 "PAR. 20i6 (Sec. S.) Moneys received by said
 Treasurer shall be applied by him to the re- demption of the indebtedness, for the redemp- ton of which bonds were issued, and the Treas
 urer shall give notice, as is provided 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 outstanding shall cease.
 "Before any such indebtedness shall be paid the Territorial Auditor shall indorse 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 surrender ing, and shall keep proper record thereof.
 "PAR 20i7. Sec. 9) There shall be levied an
 nually, upon the taxable property in this Terri
 tory and in addition to the levy for other au- thorized taxes sufficient sum to pay the inter
 est on all bonds issued and disposed of in pur-
 suance of the provisions of this act, to be placed
 in the Territorial treasury, in the fund to be after such bonds shall have been issued such ad- ditional amount shall be levied annually as will pay ten per cent of the total amount issued un- til all the bonds issued under the provisions of | this act are paid and discharged; nothing here | in contained shall be construed to prevent the Legislature of Arizona from creating sinking | fund during the life of said bonds for their re- | demption at maturity
 "The Territorial Board of Equalization, or, on | their failure, the Territorial Auditor, shall de- | termine the rate of tax to be levied in the diff
 ferent counties in the Territory to carry out the | provisions of this act, and shall certify the same to the Board of Supervisors in | each county and to the municipal or school authorities and the said board of supervi sors, or authorities, are hereby directed and re- quired to enter such rate on their assessment rolls, in the same manner and with the same effect as is provided by law in relation to other Territorial, county, municipal and school taxes Every tax levied under the provisions of author | ity of this act is hereby made lien against the | property assessed, which lien shall attach on l the first Monday in March in each year, and shall not be satisfied or removed until such tax has been paid.