Arizona silver belt., 1890-07-19
AN ACT wiIh Asesdrncnts, ths rsna. tAs Act ef Arizona


 Bs it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, that the act of the Revised Statutes of Arizo- na of 1887, known ss "Title XXXl-- Funding" be and is hereby amended so as to read as follows, and that as amend ed tho same is hereby approved and con- iirmsd, subject to future Territorial leg islation: "Title XXXI- Funding and Loan. Chapter one Territorial, coun- ty, municipal and school district indebt- edness
 PAR. 20S9 (Sec. l. For the purpose sf liquidatlng and providing for the pay msnt of the outstanding and existing in. debtedness of tho Territory of Arizona and such future indebtedness as may be or is now authorized by law, the Cover nor of tho said Territory, together with the Territorial Auditor and Territorial Secretary, and their successors in office, shall constitute board of cantnssioners, to bs stylsd the loan commissioners of the Territory of Arizona, and shall have and exercise the powers and perform the duties hereinafter provided.
 PAR. 204O. (Sec 2 It shall be, and is hereby declared the duty of the loan commissioners to provide for the pay ment of the existing Territorial indebt- edness due, and to become due, CT that is now, or may be hereafter, authorized by law, and for tho purpose of paying, redeeming and refunding all CT any part of the principal aud interest, or either of the existing and subssting Territorial legal indebtedness, and also that which may at auy time become due, or is uow, or may be hereafter authorized by law, the said commissioners shall, from time so lime, issue negotiable coupon bonds of this Territory when the same can De done at a lower rate of interest and to the profit and benefit of the Territory.
 PAR. 204l. (Sec, 8. Said bonds shall be issued as near as practicable in denom- nations of ono thousand dollars, but bonds of lower dsnnmHstion, net less than two hundred and fiity do.lars, may be issued when necessary. Said bonds shall bear interest at a rate to be fixed hy said loan commissioners but in no ease to exceed five Ter centum per an num, which interest shall bs paid in gold com CT it's equivalent in lawful money Gf ths United States, on the tifteenth day of January in each year, al the oliice of the Territorial Treasury, or d such bank in the city ot New York, in the State of New York, or ill the city of San Fran cisco, in the State of California, as m " be designated by said loan commis- s!oners, at the option of the purchass CT of said bonds, the place of payment being mentioned in said bonds. The principal of said bends shall be made payable in lawful money of the United States, fifty years after the date of their issue, but may be redeemed after twenty years.
 i. .'They shall bear the date of their Ia, u1ta ufasn .xha tttl o,I narapi,s, rate ol interest, and when and where payable, ai sbal be signed by said loan commissioners, and shssn have the seal of the Territory affixed thereto, and eo;intsr.ighed by tho Territorial Treasurer and bear his official seal, and shall be registered by tho Territorial Auditor in j book to be kept by him for the purpose, which shall state amount sold for, or, if exchanged, for what, and the faith and credit oi tho Territory ia hereby piedeed for the payment of said bonds and ths interest accruing thereon as herein provided.
 PAR 2042. (Sec. 4. Coupons for the interest shall be attached to each bond, 50 that they may be removed without injury or mutilation to the bond. They shall be consecutively numbered ana bear the same number of the bond tt which they are attached, and shall bt oigned by the Territorial Treasurer
 "'rhe said coupons shall cover the in tsrest expressed in said bond from til, date of issue until paid; but in no cast shall bonds bear interest, nor shall all! interest paid thereon for any time be fore their delivery to the purchaser, a hereinafter provided
 "PAR- 2o43. (Sec. b. Whenever tn said loan commissioners may be author ized by law to issue bonds, or shall hav
 decided to refund or redeem all or an, part of the existing indebtedness of thi Territory, they. shall direct the Territo rial Treasurer to advertise for sale q the bonds to ho issued for that purpose by causing notice of such sale to b r published for the period of one month i some daily newspaper published at tn capital of the Territory, and at least on
 insertion in newspaper published in tn
 city of New York, in the State of Ne
 York, and in the city of San Francisco in the State of California; such notic ] shall specify tho amount of bonds to | l sold. the place, day and hour of sale, an 6 that bids will be received by said treasl g Ter for the purchase of said bonds Withi s one month from the expiration of sa