Tombstone daily prospector., 1890-07-21
AN ACT.
Approving With Amendmenss sbe Funding Act Of
 Arizona.

sA 1AAAetAea A1 NbdSESSn ac6tinDleQ }Dal the act of the revised statutes of An zooa of 1887. known as the Title AXXI-FandiBg," be and is hereby amended so as to read as follows, and that as amended the came is hereby approved and confirmed subject to fatuse Territorial legislation. Title .AANI-FundinR and loan. Chapter one. Territorial, county. municipal and school district indebtedness.
 Par. 2039. Sec. For the purpose of liquida.iag aud providing for the payment of the outstanding and cx ls,ing indebtedness of tine Territory of Arizona snd such future indebtedness as may be, or is now authorized by law. the Governor of said Territory. together with the Territorial auditor and Territorial secretary, and theii successors in office. shall constitute a board of commissioner. to be styled the loan commissioners of he Terri tory of Arizons, and shall have aud exercise the power and perform the duties hereinafter provided.
 Par. 20i0 Sec ?. IL shall be aud is hereby declared the duty of the loan com missiopers to provide for the pay ment of the existing Territorial indebt ness due, and to become due, or that is now or may be hereafter, auth orized by law, and for tho purpose of paying, redeenling and refundiog all or any part of tbe principal and inter est. or either of the existing and sub sis,iug Territorial legal indebtedness, a.d also that which at any time may become due. or is BOW. or may b. hereafter authorized by law. the said commissioners shall fsea. time to time issns negotiatle coupon bonds of this Ter ritory when the same can be done at lower rate of interest and to the profit and benefit 0. the Territory.
 Par. 204l Sec 8 Said bonds shall be issnsd as near as practicable in de nominations of ons thousand dollars but bonds of a lower denomination not less than two hundred and fifty dollars may be issue' when necessary. Said bonds shall bear interest at a rate to be fixed by the loan commissioners, DOT annum. which interest shall be paId in gold coin or its equivalent in awful money of the United States on the fifteenth day of January of each year at the office of the Territorial treasury or at such bank in the cIiy of New York, state of New York or in the city of San Francisco. state of Cslifog nia as may be designated by said loan commissioners. at 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 cf thei, is.ne. but may be redeemed after twenty years
 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 countersigned by the Territorial treasurer and bear hIs of fciai seal. and shall be registered by the Territorial auditor in book 10 be kept by him for the purpose. which shall state the amount sold for. or, if exchanged for what, and the faith and credit of the Territory is hereby pIedg ed for the Payment of said bonds and the interest Geeuripg thereon as herein provided
 Par 2042, Sec f. Coupons for .be interest sbail be attached to each bond so that they may be removed without injury or mutilation to the bond. They shall be consecutively numbered and bear the same number of the bond 10 which they are attached and shall be signed by the Territorial treasurer,
 "The sad cupous shall cover the in terest expressed iu said bond from the date Of issue Hntil 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 hereinafter provided.
 Par. 2043 Ssc Whenever the said loan commissioners may be authorized by law 10 issue bonds or shall have de cided to refund or redeem all or any part of the existing indebtedness of this Territory. they shall direct the Territorial treasurer 10 advertise for the sale of the bonds to be issued for tha. purpose. by causing a notice of such sale 10 be published for the period of one month in some daily newspaper published at the capital of the Terri tory. and at least one insertion in some newspaper published in the City of New York and state of New. York and in the city of San Francisco. state of California: su>h Botsce sbsil specify the amount Of bonds to be sold. the place. day and hour Of sale and .ss=t bids will be ieceig- cd by said treasurer for the purchase Gf said bonds vii in ons month from the expiration sbf said pabiiestiaa. and at the place aud time named in said notiec the said treasurer and iOaa commissioners shall open all bids received by him aud shall award The pur chase of sad bonds. or any part thereof to The bidder or bidders thereof bidding the lowest rate Of interest: Provided that said loan commissioners have q right tO reject any and all bids. And provided further that they may refuse t9 make any aEard nniess sufficient security shall Dc furnished by the bidder or bidders for the compliance with the terms of the IT bids
 Par. s0ff. See G. When the sale of said bonds shall be awarded 5y the loan com soissione=s they shall provide aad r-ocose sbe necessary bonds -s in this act provided .td any ex penses l1caTTed hy them therefore Gar the qualifications Of said notiees, costs of remitffrx q funds for the Qayfnent o5 iaferrs: