Arizona weekly citizen., 1890-02-22
SENATE BILL NO. 1312

Approving, with amendments, the
funding act of Arizona:
Be it enacted by the Senate and
House Of Representatives of the United
Sta es Of America in Congress assem-
bled. That the act of the revised statutes
OF Arizona OF eighteen hundred and
eigbty-seyen, known as little XXI
Funding" be, and is hereby approved
and confirmed, with the following
amendments, subject to future Terri
torial legislation. The act as amended
will read rs follows:
TITLE XXXI-FUNDING AND LOAN
CHAPTER ONE.
TERRITORIAL ICOUNTY, MUNICIPAL, AND
SCHOOL DISTRICT INDEBTEDNESS.
'PAR. 2039, Sec. l. For the purpose OF
liquidating and providing for the pay
ment or the outstanding and existing
indebtedness Of the territory Of Arizona
and such future indebtedness dis may
be OF Is now authorized by law, the gov
ernor of said territory, together with
the Territorial auditor and Territorial
secretary, and their successors in office,
shall constitute board of commission
ers OF the Territory Of Arizona, and shall
have and exercise the powers and per-
form the duties hereinafter provided.
PAN. 2040. (Sec. > 1t shall be, and is
hereby, declared the duty of the loan
commissioners TO provide for the pay
ment Of the existing Territorial indebt-
odness due, and TO become due, Tor 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 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.
'PAR. 2041. (Soec. B. Said bonds shall
be issued as near as practicable in de-
nominations Of one thousand dollars,
but bonds of lower denomination not
less than two hundred and fifty dollars,
may be issued when necessary. Said
bonds shall bear interest at the rate to
be fixed by said loan commissioners, but
IN no case to exceed (fve) per centum
pei W HUI sllill Dt pau
in gold coin, or its equivalent in lawful
money Of the United States, on the
fifteenth day OF January in each year,
at the Office Of the Territorial treasury,
or at such bank in the city of New
York, IL the State of New York, or in
the city OF San Francisco, in the State
Of California, as may be designated by
said loan commissioners, as 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.
They shall bear the date of their
issue, 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 consigned by the Territorial treas
urer, and bear his official seal. and shall
be registered by the Territorial auditor,
in a book to be kept by him for the pur-
pose, which shall state amount sold for,
or, if exchanged, for what, and the
faith and credit of the Territory is here
by pledged for the payment Of said
bonds and the interest accruing thereon,
as herein provided.
'.PAR. 20l2. (Sec. A. Coupons for the
interest shall be attached to each bond,
so that they may be removed without
injury or mutiiatiOn to the bond. They
shall be consecutively numbered and
bear tbs same number of the bond to
which they are attached, and shall be
signed by the Territorial treasurer.
Tho said coupons shall cover the in
terest expressed in said bond from the
date Of issue until paid; bat N no case
shall bonds bear interest. nor shall any
interest DO paid thereon for any time be-
fore their delivery to the purchaser, as
hereinafter provided.
"PAR. 2043. (Sec. 81 Whenever the
said loan commissioners Imay be author
lied by law to issue bonds, or shall
have decided to refund or redeem all or
any part of the existing Indebtedness of
this Territory, they shall direct the Ter
ritcrial treasurer to advertise for d sale
OF the bonds to be issued for that pur
pose, by causing a notice of such sale
TO be published for the period Of one
month in some daily newspaper pub
lished at the capital of the Territory,
anu db ISdSO OLO iliSSI IIOIl III al nov spa
per published in the city of New York,
in the State Ct 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 expiration Of said pub
lication; and at the place and time
named in said notice, the said treasurer
and loan commissioners shall open all
bids received by him and shall award