Arizona republican., 1890-07-21
A N ACT
Approving, With Amendments, the Fund.-
 ing Act of Arizona.

subject to future Territorial legislation; "ritle XXXI-Funding and loan. Chapter one: Ter ritorial, county, municipal and school district
 PAR. 2O89. Sec l) For the purpose of liquidat ing and providing for the payment or the out standing and existing indebtedness or the Ter ritory of rizoua 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, ana 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 tns and "PAR 20i0 (Sec, p It shall De, ana IS hereDy, declared the duty of the loan commissioners to provide for the payment Of the existing lerrito, | rial indebtedness due, and to become dueor that | is now, or may be hereafter, authorized by law, and for the purpose Of paying, redeeming ana refunding all or any part Of the principal ana interest or either of the existing and subslstlng 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 lower rate or interest | and 10 the profit and benefit of the Territory | PAR 2oil Sec 3) Said bonds shall be issued as near as practicable in denominations oi one | thousand dollars. but bonds Of lower denomina | tion, not less than two hundred ana hity H0l, l lars may be issued when necessary: Said honds shall bear interest at a rate to be fixed by said loan commissioners, but in no case to ex- | ceed five per ceLtum per annum, which interest | shall be paid in gold coin or its equivalent m 1 lawful money of the United States, on the hf- | teenth day of January in each year, at the othce of the Territorial treasurer, or at such bank Tn | the city of New York, in the state of New York, or in the city of san fanclsco, m sne m ssae daS o | ignated by said loan commissioners, al the option of the purchaser Of said bonds, the place of payment being mentioned Tn said | bonds The principal of said bonds shall be made payable in lawful money of the Umteo States, fifty years after the date oi their issue Said Territory reserves the right to reueem a' | par any of said bonds, in their numerical order
 at any time after twenty years after the date
 "They shall bear the date of their issue, state | when, where, and to whom payable, rate Oi III terest, and when and where payable, and shai
 be signed by said loan commissioners, and shal l 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 n book to pe kep | by him for tie purpose, when shall slatt
 amount sold for, or, il eXehanged, TOT Wha., h, a,,
 pledged for the payment Of said ponds ana ih'
 interest accruing thereon, as herein provided;
 spAs ia sSs (seSS 1 S,tashe9 SG%Gon' to ,0F esei @
 bond, so that they may be removed wltho9
 injury or of mutilation bond. They shal
 be consecutively numbered and bear the saln'
 number of the bond to which they are attaeheu
 and shall be signed by the Territorial treasurer
 "The said coupons shall cover the interest ex
 pressed in said bond from the date oi issue uhtl | uail. but III no case snail DDnls Dtdi ihNSieoN
 nor shall any interest be paid thereon for an!
 time before their delivery to the purchaser a
 herinafter provided.
 commissioners may be authorized by law t
 issue bonds, or shall have decided to refund Q
 redeem all or any part of the existing lndeDteu
 ness of this Territory, they shall direct lhe ier
 ritorial treasurer to advertise for sale or th
 bonds to be issued for that purpose, Dy causlnl | a notice of such sale to be puDllsheu TOT th period of one month in some daily newspape l .tg..l., tl, nl nt ut least one insertion in newspape published in the city of New York, in the stat
 of New York, and in the city Of San Francisco in the State of California; such notice sha 1 specify the amount of bonds to be sold, tn | place day and hour of sale, and that bius VII be received by said treasurer for the purchase 0 , 1 said bonds within one month from the eHplri ton of said publication; and at the place an time named in said notice the said treasure , and loan commissioners shall open all nlus re ceved by him and shall award the purehsse . said bonds, or any part thereof, to the bidder O
 bidders therefor bidding the lowest rate ol m terest: Provided, That said loan commission i CTS shall have the right to reject any ana al
 bids: And provided further, That they ma refuse to make any award unless suthcien security shall be furnished by the bidder O
 bidders for the compliance with the terms 0
 "PAR. 2Ou. Sec. 6) When the sale of said bond ' shall De awarded by the loan commissioner they shall provide and procure the necessar
 bonds as in this act provided, and any eNPehs } incurred by them therefor, for the publication
 of said notices, cost of remitting funds for tn
 payment of interest or money on sald Donu'
 and all other necessary incldentaL eSpenses m ui der the provisions of this act shall be paid ou
 of the general fund of said Territory, upon th 3 order of the Territorial auditor, counterslgne
 by the Governor; and sum Of money suiiclen to cover said costs and expenses IS hereDg hl propriated out of said fund. "
 "fhey shall, from time to time, after signin said bonds, deliver them to the Ierntorle : treasurer, taking his receipt therefor, an
 charge him herewith. The said treasurer sha . give to the Territory of Arizona an additions
 official bond, with two or more sureles, l
 A sum equal to the amount or bonds dt . liyered to him by the said loan commissioner
 which bond shall be approved by the Goyerno l and deposited and filed with the Secretary [ s the Territory, and recorded by him in book be kept for that purpose And the said Treasure 7 shall stand charged upon his ofhclal bona 10 , the faithful performance of the duties require of him under this act
 shall sell said bonds for cash, or exchange thef
 for any of the indebtedness for the redemptio 2 of which they were so issued but Tn no case sha
 said bonds be sold or exchanged for less Una l their face or par value and the accrued interes
 at the time of disposal, nor must any indebted
 ness be redeemed at more than us lace Valu and any interest that may be due thereon.
 "That said Treasurer shall indorse, by writin or stamping in ink on the face of the paper,ev s dencing the indebtedness received by him l
 exchange for said bonds, the time when ana th l amount for which exchanged.
 f "PAR. 20i6, (Sec. s.) Moneys received by sai Treasurer shall be applied by him to the rt !. demption of the indebtedness, for the redemI I ton of which bonds were issued, and the Treas ! urer shall give notice, as is provided by law case of payment and redemption of Territoria
 warrants, of his readiness to redeem such III
 debtedness and thereafter interest on all sue f indebtedness due and outstanding shall cease. Before any such indebtedness shall be pal } the Territorial Auditor shall indorse on eac
 certificate the amount due thereon, and sha
 write across the face of each the date of its SUI s render and the name of the person surrender
 ing, and shall keep proper record thereof.
 , "PAR. 2Oi7. tSec. % There shall be levied al . nually, upon the taxable property in this Terr
 tory, and in addition to the levy for other au thorzed taxes, n sufficient sum to pay the inter f est on all bonds issued and disposed of in pul suance of the provisions of this act, to be place
 in the Territorial treasury, in the fund to b
 known as the Interest fund And fifty year
 after such bonds shall have been issued such ac f ditional amount shall be levied annually as wi
 pay ten per cent of the total amount issued UT |. til all the bonds issued under the provisions ( this act are paid and discharged; nothing hert . in contained shall be construed to prevent tn f Legislature of Arizona from creating sinkin , fund during the life of said bonds for their r' . demption at maturity.
 s "The Territorial Board of Equalization, or, O their failure, the Territorial Auditor, shall d' l termine the rate of tax to be levied in the di
 ferent countiesin the Territory to carry out tn
 provisions of this act. and shall certify tn
 same to the Board of Supervisors, i
 each county and to the municipal (
 school authorities and the said board of superv sors, or authorities, are hereby directed and r' = auired to enter such rate on their assessmer 5 rolls, in the same manner and with the sam Q effect as is provided by law in relation to otht
 Territorial, county, municipal and school taxe [ Every tax levied under the provisions of autho : ity of this act is hereby made lien against tn
 property assessed, which lien shall attach O
 the first Monday in March in each year, an
 shall not be satisfied or removed until such ta
 has been paid.
 r "All moneys derived from taxes authorize
 by the provisions of this act shall be paid int n the Territorial treasury and shall be applied n First To the payment of the interest on tn | bonds issued hereunder.