Tombstone daily prospector., 1890-07-26
A ACT.
Approving win Amendments tke Funding Aer of
 Arizona.

Be it enacted by the senate and house of representatives of the U. z. of America in Congress assembled that the nc. of the revised statutes Of ArI. zona Of 1887, known as the Title .XXXI-Funding," be and is hereby amend ed so as 10 read as follows, and that as amended the same is hereby approved and confirmed subject L. future Territorial legislation. Title and loan. Chapte' one, Territorial, county, municipal and school district indebtedness.
 Par. 2039, Sec. For the purpose of liquidating and providing fer the pay ment of the outstanding and cx isting indebtedness of the Territory oi 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 theif successors in office. shall constitute Q board of commissioners. to be styled he loan commissioners of he Terri tory of Arizona, and shall have aud exercise the power and perform the duties hereinafter provided.
 Par. 2040 Sec 2. It shall be and is hereby declared the duty of the loan commissioners to provide for ths 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 the purpose of paying, redeeming and refuHding all or any part of tbe principal and inter est. or either of the existing and sub sisiing Territorial legal indebtedness, and also that which at any time may become due. or is Eew, or may be hereafter authorized by law. the said commissioners shall from time 10 tImt issue negotiable coupon bonds of this Territory when the same can be done at lower rate of interest aud to Ihe profit and benefit of the Territory.
 Par, 2041 Sec. 8. Said bonds shall Ge issued as near as practicable in de nominations of ons thousand dollars but bonds of lower denomination not less than two hundred and fifty dsllars may be issued when necessary Said bonds shall bear interest at a rate to be fixed by the loan commissioners. but in no case to exceed i've per cent DOT annum. which interest shall be paid in gold coin or it's 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 city ol New York, state of New York or in the city of San Francisco. state of Cslif0r mia as may be designated by said loan commissioners. at the option of the | ..,b.,.. rf .ota l,0,da Fba y,iana al payment being mentioned in sa d bonds The principal of said bonds s4,all be | made payable in lawful money If the | United States fifty years after the date cf their issue. but may be redet med after twenty years.
 They shall bear the date of theI, issue, state when where and 10 whom payable, rate of interest, and when and where payable and shall be signed by said loan commissioners, and shai have the seal of the Territory affixed thereto, and eountersigned by tbs Territorial treasurer and bear hIs of ficiaI seal. and shall be registered bJ the Territorial auditor in book to b, kept by him for the purpose, waicl shalt state the amount sold for, or, i exchanged for what. and the faith and | credit of the Territory is hereby pledg ed for the Psyment Of said bonds and the interest accnring thereon as hereir provided.
 Par. 2042, Sec I. Coupons for tho interest shall be attached 10 each bond SO that they may be removed xithou injnry or mntilation to the bond. They shall be eonsecutiyely numbered and bear the same number of the bond t. which they are attached and shall b. signed by the Territorial treasurer.
 ''rhe sad cupons shall cover the in- lerest expressed in said bond from the date of issue Bniil paid but in no ess, shall bonds bear interest. nor shall anJ interest be paid thereon for any time
 before their delivery to the purchaser as hereinafter provided.
 Par. 2043 Ssc. 5 Whenever the said loan commissioners may be authorized by law 10 issue bonds nr shall have de Ieided 10 refund or redeem all or any part of the existing Indebtedness O shis -srritory. they shall direct the
 Territorial treasurer 10 advertise for th, sale of the bonds to be issued for tbai purpose, by csusing q notice of sueE sale 10 be published for the period oi one month in some daily newspaper published at the capital of tbe Terri tory. and at least one insertion in some newspaper published in the City of New York and state of New York and iu the city of San Fsaaelseo. state oi calfo-nia; such notice shall specify tbs
 amount Of bonds to be sold, the place, dsS and hour Of sale and that bids VII be eeeis ed by said treasurer for the purchase cf said ponds witf in one month from the expiration of said publication, and at the place and ltime named in said sotice the said treasnrel and loan commissioners shall open a,. bid. received by him and shall award .le fs5sr chase Of sad bonds. or any part thereof tC rhe bidder or bidders thereof bidding tbs lowest rate Of interest: Provided that said loan commissioners have right 10 rejeei sEy aud all bids. And provided further tha' they may refuse to naks any award uHless sufficient security shall be furnished by tbs bidder or bidders for the compliance witl the terms of fheir bids.