Arizona silver belt., 1890-07-19

sufficient security shall be furnished by the bidder or bidders for the compliance with the tsrms of their bids
 "PAR. 2044. (Ssc. 6 When the sale of said bonds shall be awarded by the loan commissioners they shall provide and procure ths necessary bonds as in this act provided, and any expense in cured by them therefore, for the pnbli- cation of said notices, cost of reaiit.ing funds for the payment of interest or money on said bonds, and all other nec- sssary incidental expenses under the provisions of this act shall be pad out of the general fund of said Territory, upon the order of the Territorial auditor, cocn- | tersigned by the Governor, and sum of money sufficient to cover said costs and expenses is hereby appropriated out of said fund.
 They shall, from time to time, after signing said bonds, deliver them to the Territorial Treasurer, taking his receipt therefor, and charge him therewith. The said treasurer shall give to the Territory of Arizona an additional oficia1 bond, with two or more sureties, iE a sum equal to the amount of bonds delivered to him 1 hy the said loan commissioners, which bond shall Do approved by the Governor and deposited and flied with the Secre. tary of the Territory, and recorded by him in book to be kept for that pur- pose. And the said Treasurer shall stand charged upon Bis of'cal bond for tho faithful performance of the duties required of him under this act.
 "P.E- 2045. (Ssc. 7.) The Territorial Treasurer shall sell said bonds for cash, or exchange ther; for any of 'hs iAdsbt- edness for ths redemption of which they were so issued, but in no case shall said bonds be sold or exchanged for less than their face or par value and tbe accrued interest at the time of disposal. nor must any indebtedness be redeemed at more than it's face value and any interest that may be due thereon.
 That said Treasurer shall mdorse, by writing or stamping In ink on the face of the paper, eyideneiug the inaeb!edness received by him in exchange for said bonds, tie time when and the amount for which exchanged
 .Ep !, pniH {Q.o < \ NJ Ty,,,,. ;,,,t by said Treasurer shall be applied by him to the redemption cf tho indebtedness, for the redemption of which bends were issued, and the Treasurer shall give no- tice, as is provided by law in case of pay taent and redemption of Territorial war rants, of his readiness 10 redeem such Indebtedness, aud thereafter interest ou all such indebtedness due and outstand- ing shall cease.
 Before any such indebtedness shall be paid the Territorial Auditor sirFll la dorse on each certificate the amount due thereon, and shall write across the face of each the date of it. surrender and the name oi the person sdrrendering, aid shall keep proper record thereof.
 ,'PAR- 2o47. (sec. g. There shall be levied annually, upon the taxable prop erty in this Territory, and in addition to the levy for other authorized taxes, a slicient sIm to pay the interest on all bonds issued and disposed of m pur- suance of the provisions of this act, t0 be placed in the Territorial treasury, in the fund to be known ss the Interest fund. 1 And fifty years after such bonds shall { hays been issued such additional amount shall be levied annually as will pay ten | per cent. of the total amount issued un- i til all tho bonds issued under the preyis- ! ions |. this act are paid and discharged; nothing herein contained shall be con strusd to prevent the Legislature of Ari- zona from creating a sinking lusd during the life of said bonds for their redeme tion at maturity.
 "The Territorial Board of Equaliza- tion, or, on their failure, the Territorial Auditor, shall determine the rate of tax to be levied in the different counties in the Territory to carry out the provisions tf this act, and shall certify the same to the 'BJard of Supervisors in each ceua-
 ty and to the municipal or school author ities; and the said board of supervisors,
 or authorities, are hereby directed and
 required to enter such rate on their ss-
 sessment rolls, in the same manner and
 with the same effect as is provided by
 law in relation to other Territorial, coun-
 ty, municipal and school taxes. Every
 tex levied under tho provisions of author.
 ity of this act IS hereby made a lien | kt.. neasssa1 t.l,f,it ltap
 shall attach on the first Monday in March in each year, and shall not be satisfied } or removed until such tax has been paid "All moneys derived from taxes au-
 thoriged by tho provisions of thls act
 shall be paid into the Territorial treasury and shall be applied
 "First To the payment of the inter , sst on the bonds issued hereunder
 "Second. To the payment of the prin
 cipal of such bonds: Provided, That al moneys remaining in the interest fund after the payment of the interest, anC ! all moheys remaining in the sfeaenfptiol
 fund after all said bonds shall have paiS i. and discharged shall be transferred b. the Territorial Treasurer to the Territo i, rial general fund.
 9 PAa. sGss. (Sec, l0) Whenever, afte the expiration of the fifty years from th'
 date of issuance of any bonds under thi ' act, there remains after the payment 0 e the interest as provided in the precedin c section, a surplus of ten thousand dollar or more, 1t shall be the duty of the Ter
 ritorial Treasurer te advertise. az in tn !, manner of advertising by the loan com c missioners for bids for sale of bonds c which advertisement shall state tn d amount of money in tho said redemptio fund, and the number of bonds, number ing them in the order of their issuance n commencing at the lowest number the d outstanding. which such fund is set apal
 L.. ..,,I ll;nchnr nr.re and if snnh han,