Arizona republican., 1890-09-02
A N ACT
Approving, With Amendments, the Fund
 ing Act of Arizona.

'
 subject to future Territorial legislation: 'Title | INNNl-Funding and loan. Chapter one. Ter
 rltorial, county, municipal and school district indebtedness"
 PAR. 20S9 (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 l board of commissioners, t0 be styled the loan
 commissioners of the Territory of Arizona, and | shall have and exercise the powers and perform | the duties hereinafter provided
 | PAR. 2Oi0, (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 and
 interest, or either of the existing and subsisting | Territorial legal indebtedness, and also that
 which may at any time become due,o 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 q lower rate of interest and to the profit and benefit of the Territory | PAR. 20ll Sec. 3.l Said bonds shall be issued
 as near as practicable in denominations Of one | thousand dollars. but bonds of lower denomina- | ton, not less than two hundred and fifty dol lars, may be issued when necessary. Said
 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 it's equivalent in lawful money of the United States, on the If,
 teenth day of January in each year, at the office Of the Territorial treasurer, or at such bank in | the city of New York, in the state of New YOrK 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 place of payment being mentioned in said bonds. The principal of 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
 "They shall bear the date of their issue. state when, where, and to whom payable, rate of in terest, 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 official seal, and shall be registered
 by the Territorial auditor in q book to Ue Kept
 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, 4l Coupons for the
 bond, so that they may be removed without
 injury or of mutilation bond. They shall l
 be consecutively numbered and bear the same |
 number of the bond to which they are attached, | and shall be signed by the Territorial treasurer l
 "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 2Oi3 (Sec. 5) Whenever the said loan commissioners may be authorized by law to issue bonds, or shah have decided to refund or | redeem all or any part of the existing indebted | ness of this Territory, they shall direct the Ter ritOrial treasurer to advertise for sale of the | bonds to be issued for that purpose, by causing | notice of such sale Co be published for the | period of one month in some daily newspaper published at the capital of the Territory, and at least one insertion in newspaper published in the city of New York, in the State 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 of said bonds within one month from the expirH- ton of said publication; and at the place and time named in said notice the said treasurer and loan commissioners shall open all bids re- ceived by him and shall award the purchase of said bonds, or any part thereof, Co the bidder or bidders therefor bidding the lowest rate of in- terest. Provided, That said loan commission 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 of their bids,
 "PAR. 2Oll. (sec. 6.) When the sale of said bonds shall De awarded by the loan commissioners 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 un. der the provisions of this act shall be paid out of tffe general fund of said Territory, upon the order Of the Territorial auditor countersigned | by the Governor; and a sum of money sufficient 10 cover said costs and expenses is hereby ap- prOpriated out of said fund
 "They shall, from time to time, after signing 'aid bOnds deliver them te 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 sureties in I sum equal to the amount of bonds de- tvered to him by the said loan commissioners . which bond shall be approved by the Governor a md deposited and filed with the Secretary of he Territory, and recorded by him in book to a ,e kept for that purpose. And the said Treasurer hall stand charged upon his official bond for V he faithful performance of the duties required 'f him under this act n hall sell said bonds for cash, or exchange them or any of the indebtedness for the redemption s f which they were so issued, but in no case shall aid bonds be sold or exchanged for less than s heir face or par value and the accrued interest t the time Of disposal, nor must any indebted II less he redeemed at more than its face value nd any interest that may be due thereon.
 That said Treasurer shall indorse, by writing T stamping in ink on the face of the paper,eyi- ., eneing the indebtedness received by him in VI xchange for said bonds, the time when and the mount for which exchanged. p TAR 2Ol6, (see. S) Moneys received by said reasurer shall be applied by him to the re- fl emptiOn of the indebtedness, for the redemp- lon of which bonds were issued and the Treas. n, Ter shall give notice, as is provided by law i'm v ase Of payment and redemption Of Territorial ,t 'arrants, Of his readiness to redeem such in- VI ebtedness, and thereafter interest on all such ldebtedness due and outstanding shall cease SO Before any such indebtedness shall be paid ne Territorial Auditor shall indorse on each CT ertihcate the amount due thereon, and shall rite across the face of each the date of it's sur 'nder and the name of the person surrender lgi and shall keep proper record thereof
 "PAR. 20i7. (Sec % There shall be levied an hl ually, upon the taxable property in this Terri ny, and in addition to the levy for other au- to lorized taxes, sufficient sum to pay the inter- 't on all bonds issued and disposed of in pur- lance of the provisions of this act, to be placed
 the Territorial treasury, in the fund to be 1Own as the Interest fund And fifty years Ju ter such bonds shall have been issued such ad- tional amount shall be levied annually as will " ten per cent; of the total amount issued un- all the bonds issued under the provisions of is act are paid and discharged nothing here
 contained shall be construed to prevent the 'gislature of Arizona from creating sinking ma during the life of said bonds for their re- mption at maturity.
 'rhe Territorial Board of Equalization, or. on cir failure, the Territorial Auditor, shall de- rmine the rate of tax to be levied in the diff - rent counties in the Territory to carry out the ovlsions of this act, and shall certify the me to the Board of superyisors' in ch county and to the municipal or hool authorites;and the said board of superyi rs, or authorities, are hereby directed and re- I fred to enter such rate on their assessment MI Us, in the same manner and with the same LII ect as is provided by law in relation to other county, municipal and school taxes cry tax levied under the provisions of author
 ot this act Is hereby made lien against the )perty assessed which lien shall attach on 3 first Monday in March in each year. and all not be satisfied or removed until such tax 5 been paid Nlv All moneys derived from taxes authorized MI the provisions of this act shall be paid into M } Territorial treasury and shall be applied bI first. TO the payment of the interest on the 1ds issued hereunder.
 Second. To the payment of the principal of 'h bonds: Provided, That all moneys re. ihlng m the interest fund after the payment