Arizona weekly enterprise., 1890-07-26
AN ACT.
Approving with Amendments the Fund
 Ing Act Of Arizona.

of Representatives of the Jmted states or America in Congress assembled, that the act of the revised statutes of Arizona or 1887. known as Title XXNI- Funding be and is hereby, amended so as to read as follows. and that as amended the same is hereby approved and confirmed, subject to future Territorial legislation: Title XXXI Funding and loan. Chapter one. Territorial, county, municipal and school district indebtedness.
 PAR-2039. Sec, l.) For the purpose of liquidating and providing for the pay ment of the outstanding and existing m- debtedness of the Territory of Arizona and such future indebtedness as may be or is now authorized by law, the Govern or of the said Territory, together with the Territorial auditor and Territorial sec retary. and their successors ln office, shall constitute board of loan commissioners ot the Territory of Arizona, and shall have and exercise the powers and perform the duties hereinafter provided.
 PAR. 2040.(Sec. 2,) It shall be, and Is hereby declared the duty of the loan com missioners to provide for the payment of the existing Territorial indebtedness due. and to become due, or that Is now, or may be hereafter, authorized by law, and TOT llS Dtll lt7t Ot Rsif AiAF7s t'iN. refundiug all or any part of the principal and interest of either of the existing and subsisting Territorial legal indebtedness, and also that which may at any time be- come 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 a lower rate of in terest and to the profit and benefit of the | Territory.
 PAR. 204l. (Sec. B. Said bonds shail be issued as near as practicable III de nominations of one thousand dollars, but bonds of a lower denomination, not less than two hundred and fifty dollars, may be issued when necessary. Said bonds shall bear interest at rate to be fixed by said loan commissioners, but in no case to exceed five per centum per annum, which interest shall be paid in gold coin or its equivalent in lawful money of the United States, on the fifteenth day of January in each year. at the office of the Territorial treasury, or at such bank m the city of New York. or in the city of San Francisco, m the state Of California as may be designated by said loan cOmmis- 1 sioners, at the option Of the purchaser oi ] said bonds. the place Of payment being 1 mentioned in said bonds. Tho principal of said bonds shall be made payable i'll ! lawful money of the United States. fifty years after the date of their issue but | may be redeemed after twenty years. ! "Thev shall bear the dateo their issue | stais when, where, and to whom payable
 rate of interest, and when and where pay able. and shall be signed by said loan ! commissioners, and shall have the seal oi ' the Territory affixed thereto, and count | ersiqned by the Territorial treasurer and bear his official seal. and shall bt
 reGistereG Ey tha Territorial auditor in [ hook to be kept by h.I4 for the purpose
 which shall state amount sold for, or, | exchanged, for what. and the faith anC credit of the Territory is hereby pledged
 for the payment of said bonds and the inte,6st accruing thereon, as hereinafter provided.
 PAR. 1042. (See 1 Coupons for thu
 interest shall be attached t. each bond
 so that they may be removed without n
 iurV or mutilation to the bond Thel
 shall Ls rousecutively numbered anC
 bear the s2we number or th'
 bond to which they are at
 tacbed and shall be signed by the Ter
 ritorial treasurer.
 ! sThe said coupons shall cover the in | terest expressed in said bond from tht date of issue Eati paid; but in no cas'
 shall bonds bear interest nor shall an'
 interest be paid thereon for auy time be
 fore their delivery to the purchaser, a
 herei3after provided.
 PAX. 2043 Sec. 5.) Whenever th
 said loan commissioners may be authorlzet
 bv law to issue bonds. CT shall have de
 cided to refund or redeem all OF any Ear
 of the existing indebtedness of this Ter
 ritorv, they shall direct the Territoria
 treasurer to advertise for a sale of tn
 bends to be issued for that purpose, b
 causing q notice of such sals to be put
 hshed for the period Gf Cne mopth T
 some daily newspaper published at in
 capital of the Territory, and at least on insertion in a newspaper published m tn city of New York, in the State of NeN
 York. and in the city of San Francisco, i
 the Sta+e of California; such notice sha
 specify the amcupt of the bonds to b
 sold, the place, day ana t3Tr of sale, an that bids will be received by sGia tlGa, urer for the purchase of said bonds witl
 in one l,cpth from the expiration of sai publication. aAa et the place and tim named in said notice thC said treasure
 and loan commissioners shall open a bids received by him and shall award tn purchase of sad bonds or any part ther, , of to the bidder or bidders therefor bic
 ding the lowest rate of interest PFoYlC ed. That said loan commissioners sha have the right to reject any and all bid And provided further, That they ma refuse to make any award unless suliiciel ' security shall be furnished by the bidd'
 or bidders for the comphance @.ts II terms of their bids.
 @PAB. 2044. Sec e. When the sale said bonds shall be awarded by the loa s commissioners they shall provide and pr i cure the necessary bonds as n this q . provided, and any expense incurred them therefor for the publication l said notices, cost of remitting funds f the payments of interest or money ( I, said bonds, saa all other necessary U cidental expenses pn.ieF ha provisions > this act shall be paid out Of tas gener T fund of said Territory, upon the ord I oa tbe Territorial auditor, couutersigni . by tine Governor; and a sum
 money sutficis.,t 10 cover said cost aI
 expenses is hereby sfbroPriated ont Q enid fund.
 t "Tl.ay shall, from time 10 time, afy l siOOlug salu bonds, denver them 10 L " Territorial treasagpr. taking his recei n therefor aud charge hinl herewith. T z said treasurer shall give iQ the Ter S tory of Arizona, aB addihCn9l QE,ei N bond. with two or more sureties, n q sl. q equal to the amount of bonds deliver Y, to him i,y the said loan commissions z which bonds si.Gll be approved by t o Governor and deposited and filed wi J tne Secretary of the Territory. G2d 7, corded by him in book to be kept 1 < that purpose And the sand Treasul !, shall stand charged Ap9p his official bo
 fof the faithful performance 6s the dut required cf hum under this act.
 ', PAR. 2043 Sec 7.l The Territor 'l Treasurer shall seh sGid bonds for ca ,a CT exchange them for any Os the inde ,e edness fer the redemption of which q " were so issued, but in DO case shall si - bonds be sold or exchanged for less tt VI ~ their face or par value aud the accrU I' interest at the time of disposal, nDC m ..a sny indebtedness be redeemed at In, " than its face Yalne and any interest q may be due thereon.
 That said Treasurer shait 0EEcrse
 writing or stamping in ink on the face
 tbe paper, eyidencing the indebtedn K received by him in the exchange for s rs bonds. th.s time when and the amount ed which exchanged
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