Tombstone daily prospector., 1890-08-07
A ACr.
Approving Wfsh Amendments the Funding Aet of
 Arizona.

XXXI-F -FaR,ling," be and is herebs amended so as to read as follows, and that as amended the same IS hereby approved and confirmed snblPct io futuse Territorial legislStien. Title XXXI-Fnnding and loan. Cbap'es one. Territorial, county, municipal and school district indebtedness.
 Par. 2039, Sec. For the purpose of liquidating and providing for the payment of the outstanding and ex istiag indebtedness of the Territory of Arizona and such future indebtedness as may be, or is now authorized hy law. the Governor of said Territory. together with the Territorial auditor and Territorial secretary. and tbeif' successors in office. shall constitute hoard of commissioners, 10 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. 20IO See ?. It shall be and IS hereby declared the duty of the loan com mm missioners to provide for the pay ment of the existing Territorial indebt ness due, and to become due. or that is now or may be hereafter, auth orized by law. and for the purpose ot paying, redeeming and refundiug all or any part of tbe principal and inter est, or either of the existing and sub sisting Territorial legal indebtedness, and 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 10 time issue negotiable coupon bonds of this Territory when the same can be done at a lower rate of interest and 10 the profit and benefit of the Territory.
 Par. 2O4l Sec. 3. Said bonds shall be issued as near as practicable n de nominations of one thousand dollars but bonds of Q lower denomin nation, not less than two hundred and fifty dsllars may be issued when necessary. Said bonds shall bear interest at a rate | to be fixed by the loan commissioners. but in DO case 10 exceed five per cent DOT anpum. which interest shall be i paid in gold coin or its equivaleat iD lawful money of the United States OF ! inc fifteenth day of January of each year at the office Of the Territorial 1 treasury or at such bank in the city of ' New York, state of New York or ;n the | city of San Francisco, state of Caiifor nia as may be designated by said loan | commissioners, st the option Of ihe | purchaser of said bonds, the place ot payment being mentioned in said bonds ' Tbe principal of said bonds shall be made payable in lawful money of the | United States fifty years after the date
 of their issue, bus 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 couatersigned by tLe
 Territorial treasurer and bear bIs of
 ficial seal. and shall be registered by
 ihe Territorial auditor in book 10 be
 kept by him for the purpose, which
 shall state the amount sold for, or, if
 exchanged for what, and the faiib and
 credit of the Territory is hereby piedg
 ed for the Payment of said bonds aud
 the interest aceuring thereon as herein
 provided.
 Par. 2042, Sec 4. Coupons for ;lse interest shall be attached 10 each bond so that they may be removed withoat ipjnry or muiila,ion 10 the bond. They
 shall be eonsecuiiFely numbered and bear the same number of the bond to
 which they are attached and shall be
 signed by ihe Territorial treasurer. . "The sad cupons shall cover the in
 terest expressed in said bond from ibe
 date of issue until paid; but in no easa
 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 Ssc- , Whenever the -aii
 loan commissioners may be authorized by law to issue bonds or shall have de cided to refund or redeem sil or any
 part of the existing indebtedness 0i
 this Territory. they shall direct ihe Territorial treasurer to advertise fssf ....
 sale of the bonds to be issned for that
 purpcse, by causing a notice of sneh
 sale to be published for the period of
 one month in some daily newspaper
 published at the capital et the Terri
 tory. and ai feast one insertion ID some newspaper published in the City Of New York and state of New York and in the city of San Franeisco. state of i California: such n0sIce shall specify the !
 ss.. hs,:.- Q! sale end that bids wiil be leeeiT.
 ed by said treasurer Ger the purchase Sf said
 bonds wi;l in one month from the expir4ii0u
 of said publication. and at the place and
 time named iE said Roticc the said treasurer and loan eosnmssSiancrs shall opeB oil bds received bv him and shall award he pur.
 chase of sad bonds, or any part therecf Co
 fbe isidder ar bidders thereof bidding the 1. loxest rate of interest: Provided thai said ] losa commissioners have a right To reject } sar aBd all ties ABd provided further that they may refuse to make any svard unless . sufiicien security shall he furnished by tho 1 l bidder or biddcrs for the compliance with , l the terms of their bids
 : ssPar. s0fa. Sec C. When the sale 0f said ibonds shall l- awarded by the loan com , ! rzissioners they shall provide and procure , inc Becesssry Loads xs iu this act provided , ] nnd any expenses lncssrcd isT iEem therefors ! far he publication sfsaid notices, costs o : ] reTaisting fnBds fof he l'aymrnt of Interest ! i or sssoaey 1p said bonds, and all other nee ] 1 es<Ars is<sfsBfai expenses under the pro . l visions ef this act shah be paid ont ef th. ! general fund Of said TerFitary, upoa tbe or der of fi,c TesritcfiaI'auditar. coanfcrsiznet