Arizona republican., 1890-09-05
AN ACT
With Amendments, the Fund
 Ing Act of Arizona.

N N so as to read as follows, and that as amended the same is hereby approved and confirmed, subject to future Territorial legislation. Title NNNI-Funding and loan. Chapter one. Ter ritorial, county, municipal and school dlstrlct indebtedness"
 PAR. 2O89. (Sec l.) For the purpose of liquidat- 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 board ol 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. 2Oi0. Sec 2.) It shall be, and IS hereby, declared the duty of the loan eommlssloners to provide for the payment of the existing Terrlto- rial indebtedness due, and to become due,or 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 and interest or either of the existing and subsistlng 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 Of interest and to the profit and benefit Of the Territory.
 PAR 20ll Sec, 3.l Said bonds shall be issued as near as practicable in denominations oi one thousand dollars. but bonds Of lower denomina- ton, not less than two hundred and fifty dol lars, may be issued when necessary. Said bonds shall bear interest at rate to be hxed by said loan commissioners, but in no case 10 ex. ceed five per ceItum per annum, which interest shall be paid in gold coin or it's equivalent in lawful money of the United States, on the tf- teenth day of January in each year, st the once of the Territorial treasurer, or at such bank Tn the city of New York, in the state of New fork; or in the city of San Francisco, in the state of California, or such place as may Joe des- ignated by said loan commissioners, at the option of the purchaser of said bonds, the place of payment being mentioned Tn sald bonds. The principal oi said bonds shall De 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
 "They shall bear the date of their issue state when, where, and to whom payable, rate Qi in, terest, and when and where payable, ana snail 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 official seal, and shall be registered | by the Territorial auditor in book to De Kept | by him for the purpose, which shall state amount sold for, or, If exchanged, for what, and | the faith and credit Of the Territory Is hereby | pledged for the payment or said bonds ana the | interest accrulng thereon, us herein provided.
 "PAR. 2Ol2 (Sec. 4) Coupons for the | interest shall be attached to each ! bond, so that they may be removed without | injury or of mutilation bond. They shall ! be consecutively numbered and bear the same number of the bond to which they are attached, and shall be signed by the Territorial treasurer ] saThe said coupons shall cover the interest eX-
 pressed in said bond from the date of issue until 1 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,l Whenever the said loan l commissioners may be authorized by law 10 | 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 i ritorial treasurer to advertise for sale Oi the | bonds to be issued for that purpose, by causing | a notice of such sale Co be published Tor the l period of one month in some daily newspaper | published At the capital Of the Territory, and 1 at least one insertion in newspaper ] published in the city of New York, in the State l of New York, and in the city Of San Francisco, | in the State of California: such notice shall ! specify the amount Of bonds 10 be sold, the ! pIaca. day and hour of sale, and that bids will
 be received by said treasurer for the purchase oi | said bonds within one month from the eNpira- l 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- ceiyed by him and shall award the purchase Of
 said bonds, or any part thereof lo me oldder or l terest: Provided, That said loan commission, l CTS shall have the right to reject any and all
 bids; And provided further That they may refuse to make any award unless sufficient
 security shall be furnished by the bidder or
 bidders for the compliance with the terms 0i
 SPAR. 20il. isec. 6) When the sale of said bonds
 shall be awarded by the loan commissioners
 they sha n 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 a sum oi money suihcienl
 to cover said costs and expenses IS hereby hp-
 prOpriated out of said fund.
 "fhey shall, from time to time, after signing
 said bonds, deliver them to the Territorial lad .4WaN NNaVa flor Ha
 charge him herewith. The said treasurer shall
 give to the Territory of Arizona an additional
 official bond, with two or more sureties, in
 a sum equal to the amount Of bonds de
 uyered 10 him by the said loan commissioners
 which bond shall be approved by the Governor
 and deposited and filed with the Secretary of
 inc Territory, and recorded by him in book to
 be kept for that purpose. And the said Treasurer
 shall stand charged upon his official bond fol
 the faithful performance of the duties required
 of him under this act
 shall sell said bonds for cash or exchange them
 for any of the indebtedness for the redemption
 Ofwhich they were so issued but Tn no case shall
 said bonds be sold or exchanged for less than
 their face or par value and the accrued interest
 at the time of disposal, nor must any indebted
 ness he redeemed at more than It's 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,eyi
 dencing the indebtedness received by him iI
 exchange for said bonds, the time when and the
 amount for which exchanged.
 "PAR. 2Oi6, (Sec. s. Moneys received by said Treasurer shall be applied by him to the re , demptiOn of the indebtedness, for the redemp
 ton of which bonds were issued, and the Treas urer shall give notice, as is provided by law iT case of payment and redemption of Territorial , l warrants, of his readiness to redeem such in debtedness. and thereafter interest on all such indebtedness due and outstanding shall cease. "Before any such indebtedness shall be paid the Territorial Auditor shall indorse on each
 certificate the amount due thereon, and shal
 write across the face of each the date of its sur render and the name of the person surrender
 ing and shall keep proper record cord thereof i ,
 nually, upon the taxable property in this Terri tory and in addition to the levy for other au thorized taxes, sufficient sum to pay the inter suance of the provisions of this act, to be placed in the Territorial treasury, in the fund to bt known as the Interest fund And fifty year , after such bonds shall have been issued such ad
 ditonal amount shall be levied annually as vii pay ten per cent. of the total amount issued un
 til all the bonds issued under the provisions O
 this act are paid and discharged; nothing here in contained shall be construed to prevent thu Legislature of Arizona from creating sinking , fund during the life of said bonds for their re
 demption at maturity.
 "The Territorial Board of Equalization, or or their failure, the Territorial Auditor, shall de
 termine the rate of tax to be levied in the diff
 ferent counties in the Territory to carry out tn, , provisions of this act, and shall certify tho same to the Board of Supervisors il , each county and to the municipal o
 school authOrltleS,d the bhlO DOhfu O1 superNl sors or authorities, are hereby directed and re ' auired to enter such rate on their assessmen
 rolls, in the same manner and with the sam' effect as is provided by law in relation to othe Territorial, county, municipal and school taxes Every tax levied under the provisions of author ity of this act is hereby made lien against thu property assessed, which lien shall attach or } the first Monday in March in each year, anC
 shall not be satisfied or removed until such tal , has been paid.
 ! "Ali moneys derived from taxes authorized by the provisions of this act shall be paid into the Territorial treasury and shall be applied First To the payment of the interest on tht bonds issued hereunder.
 l "Second To the payment of the principal O I such bonds: Provided, That all moneys re , maining in the interest fund after the paymen of the interest," and all moneys remaining il ! the redemption fund after all said bonds shal