Tombstone daily prospector., 1890-07-22
AN ACT.
Approving With Amendments she Fandfng Aef of
 Arizona.


 Be it enacted by the senate and house of representatives of the U. \. of America in Congress assembled tha, tine act of tue revised statutes cf An zona of 1887, known as the 'tTisle be and is hereby amended so as So read as follows, and that as amended the same is hereby approved and confirmed subject to future Territorial legislation. Title XXXI-Fnnding and loan. Chapter one. Territorial, county. municipal and school district indebtedness.
 Par. 2039, Sec, l For tbe purpose of liquidating and providing for tbe payment of the outstanding and ex isting indebtedness of tine Territory cf Arizona and 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 tbeit successors in office. shall constitute q board of commissioners. to be styled the loan commissioners of the Terri tery of Arizona, and shall have and exercise the power and perform the duties hereinafter provided.
 Par. 2040 Sec 2. IL shall be and IS hereby declared the duty of tue loan commissioners to provide for the pay meut of the existing Territorial indebt ness due, aud to become due. or that is now or may be hereafter. auth orized by law, and for the purpose of paying, redeenipg and refunding all or any part Of ibe principal and inter est, or either of the existing aud sub sisiiBk Territorial legal indebtedness. aad also that which at any time may become dne. or Is now. or may b. hereafter authorized by law, the said eommIssioners shall from time 10 time issue negotiable esupop bonds of this Territory when the same can be done ali lower rate of interest and tO tie profit and benefit of the Territory. Par. 204l Sec. B. Said bonds shali be issued as near as practicable in de nominations of ons thousand dollars but bonds of a lower denomination. not less than two hundred and fifty dsllars may be issued when necessary. ! Said bonds shall bear interest at rate to be fixed by the loan commissioners. ! but ip DO case to exceed five per cent | DOT annum, which interest shall be pad in gold coin or it's equivalent in tlawfui money of the United States on the fifteenth day of January of each year at the office of the Territorial i treasury or at such bank m the cIty of New York. state of New York or in the l city of San Francisco. state of Califor mia 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 unlawful money of the United States fifty years after the date cf their issue. 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 affizel; thereto, and couutetsigned by tie Territorial treasurer and bear hIs of
 ficiaI seal and shall be registered by the Territorial auditor in book to bt
 kept by him for the purpose, wbich shall state the amount sold for, or, Il exchanged for what. and the faith and
 credit of tue Territory is hereby pledg
 ed for the Payment of said bonds and
 the interest aceuring thereon as hereil provided.
 Par 2042, Sec 4. Coupons for ihs interest shall be attached to each bond so that they may be removed without Injury or muiiiaiion 10 the bond. They
 shall be consecutively numbered ana
 bear the same number of the bond it
 which they are attached and shall b,
 signed by the Territorial treasurer.
 "rhe sad cupons shall cover the in
 terest expressed in said bond from ih'
 date of issue sntil paid; but in no cas, shall bonds bear interest. nor shall any
 interest be paid thereon for any tim'
 before their delivery to the purchase
 as hereinafter provided.
 Par. 2043 Ssc. 5 Whenever the ssi,
 loan commissioners may be authorizeC . by law 10 issue bonds nr shall have de , cided to refund orredeem all or an. |. part of the existing indebtedness Q : this Territory. they shall direct tht . Territorial treasurer to advertise for tb' { sale of the bonds to be issued for tha 1. purpose. by causing noties of suel
 sale to be published for the period c one month in some daily neHspape . published at the capital of the Terri ? tory, and at least one insertion In som, $ newspaper published in the City o [ New York and state of New York an, |. in the city of San Francisco. state 0 California: su-b nOttee sbaiL specify tb
 amount of bonds to be sold, the place, ds'
 and hour of sale and that bids VII be feeeIy ed hy said treasurer for the purchase CT sail
 bonds wi.i in one month from the expiration ! of said publication. and at the place ani time naineI ih said notice the said treasure . and loan commissioners shall open all hid
 received by him and shall award The ruE
 chase Of sAsd bonds. or any part thereof C she bidder ar bidders thereof bidding tb lowest rate Of inte5est: Provided that sal .Ioan commissioners have a right tc rejec ~ aRy and ali bids And provided further tha they may refuse to make any award unles !. sufficient security shall be furnished by th . bidder or Bidders for tl.e compliance wit D the terms of their bids.
 . Par. 904f, sse G. When the sale of sal
 bonds shall be awarded by the loan com