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

Be it enacted by the Senate and House of Re presentatives of the United States of America in Congress assembled, that the act Of the revised statutes of Arizona of 1887, known as "Title XXXI-Fundng," be and is hereby, amended SD 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 iquidat 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 a 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 2Ol0. (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 e,or that is now, may be hereafter, authorized by law, and for the purpose of paying, redeeming and refunding all or any part oi the principal and interest or either of the existing and subsisting Territorial legal indebtedness, and also that which may at any time become due,or 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.
 R, III. o.l as near as practicable in denominations oi one thousand dollars but bonds of lower denomina- tion, not less than two hundred and nity 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 its equivalent in lawful money of the United States, on the fir 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: l... E..,, ,..tu t,. thsag at.n 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 me mentioned toned in if said hd 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
 "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 oi cal seal, and shall be registered by the Territorial auditor in u book to be kept by him for the purpose, which shall state amount sold for, or, II 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. 2op tsee. 4) Coupons for the | bond, so that they may be removed without injury or of mutilation bond. They shall be consecutiyely 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 shali 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 ! I. tlNrt znI hN taU In 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 ritorial treasurer to advertise for sale Of the bonds to be issued for that purpose, by causing u 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 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 eXpira. 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, to 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
 
 security shall be furnished by the bidder or bidders for the compliance with the terms oi their bids.
 "PAR. 2Oil. (sec. @ When the sale of said bonds shall pe 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 the general fund of said Territory, upon the | order of the Territorial auditor, countersigned | by the Governor; and sum of money sufficient | to cover said costs and expenses IS hereby ap- propriated out of said fund.
 "1hey shall, from time to time after signing | 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 sureties, in sum equal to the amount Of bonds de- | liyered to him by the said loan commissioners, | which bond shall be approved by the Governor | and deposited and filed with the Secretary of | the Territory and recorded by him in a book to | be kept for that purpose. And the said Treasurer | shall stand charged upon his official bond for 1 the faithful performance of the duties required | of him under this act.
 | "PAR. 20i5. (Sec. 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 so issued but in no case shall ! said bonds be sold or exchanged for less than 1 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 lace value
 and any interest that may be due thereon.
 "That said Treasurer shall indorse, by writing
 or stamping in ink on the face Of the paper, ,evl-
 dencing the indebtedness received by him in
 exchange for said bonds, the time when and the