Tombstone daily prospector., 1890-08-14
AN Acr.
Appros ing Nish Amendme n ls she Eanaing Act of
 Arizoua.

house of representatives, of the U. Y. of America in Congress assembled that the ae. of the revised statutes of Arl- zona of 1887, known as the Title AXAI-FandiDg." be and is hereby amended so as to read as follows. and that as amended the same is hereby approved and confirmed subject to fniuie Territorial legislation. Title XXXI-F Funding aud loan. Chapter one, Territorial, county, muncipal and school district indebtedness. ''
 Par. 2039, Sec. For the purpose of liquidating and providing for the payment of the outstanding and ez isting 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 'sud Territorial secretary, and tbeir successors in oftjee. shall constitute board of commissioners, to be styled the loan commissioners of ihe Terri tory of Arizona, and shall have and exercise the power and perform the duties hereinafter provided.
 Par. 2040 Sec ?. It shall be ana is hereby declared the duty of the loan commissioners to provide for the pay ment of the existing Territorial indebt ness due, and to become due. or that is now or may bs hereafter, auth orized by law. and for the purpose of paying, redeeming and refunding all or any part of tbe principal and inter est. or either of the existing and lub sisting Territorial legal indebtedness, aYd 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 to time issue neSc.;=s!e cSGpoD bonds of this Territory when the same can be done at a lower rate of interest and to the profit aud benefit of tue Territory.
 Par. 204l See 3. Said bonds shali be issued as near as practicable ia de nominations of ons thousand dollars but bonds of a lower denomination. 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 LO case to exceed five per cent DOT apnum, which interest shall be paId in gold coin or it's equivalent in lawful money of the United States on the fifteenth day of January of each year at the office of the Territorial treasury or al snch hank in the cIJy of New York, state of New York or in the city of San Francisco, state of CalifOr mia as may be designated 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, but may be redeemed after twenty years.
 They shaH bear tbe date of their issues 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 couniersigned by tie Territorial treasurer and bear hIs oi ficial seal. and shal be registered by the Territorial auditor in a book to be kept by him for the purpose, which shall state the amount sold for, or, if exchanged for what, and the faith and credit of the Territory is hereby pledg ed for the PaymeBt of said bonds md the interest aceuring thereon as herein provided.
 Par 2042, Sec. f. Coupons for the interest shall be attached to each bond SO that they may be removed without injury or mutIlasiou 10 the bond. They shall be couseeutively numbered and bear the same number of the bond to which they are attached and shall be oa4 G@ -a. s-f4 .
 ''The sad cupous shall cover the in terest expressed iu said bond from the date of issue Hntil 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 hereinafter provided
 Par. 20i3 Ssc. 5 Whenever the taid loan commissioners may be authorized by law 10 issue bonds or shall have de cided to refund or redeem all or any part of ihe existing indebtedness of this Territory. they shall direct the Territorial treasurer 10 advertise for the sale of the bonds to be issued for that purpose. by causing notics of such sale io be published for the period of one month in some daily newspaper published ct the capital Of the Terri tory. and at least one insertion in some newspaper published in the City or New York and state of New Yo-L :.s,. =ia m ibe city of San Francisco. state of California; such notice shall specify the amount Of bends to be sold. tbe pIsee, day and hour of sale and that bids will be ereiv- ed by said treasurer for the purchase CT said bonds gifi Ia one month from the expiration sf sad nusjscat isa and at inc fsfars and time nsmei ir said aotiec the said treasurer and loan commissioners 1hall open all hids received by bim and shall award The pnr chase of sad bonds, hny part thereof fo tbe bidder or Bidders thereof bidding the lowest rate Of interest: Provided that said laen commissioners have q right to reject aEy and all bids And provided further thai they may refuse Co make any award uB'ess security shall be furnished by She bidder or bidders fer the compliance with .he terms of their bids.
 .-Par. 2e44. See G. When the sale Of sald