Tombstone daily prospector., 1890-08-09
AN Acr.
Wfth Amendments the Funding Act of
 Arizona.


 of America in Congress assembled that the ae. of the revised statutes of An' zona of 1887. known as the Title |XXXI-Funiing, be and is hereby amended so as to read as follows, and that as amended the same is hereby approved and confirmed subject to fatuse Territorial legisiatien- Title XXXI-Fundiug and loan, Chapter one. Territorial, county. munielpsl and school district indebtedness.
 Par. 2039, See. For the purpose of liquidatiug and providing for the payment of the outstanding and cx isiing indebtedness of the Territory of Arizona and such future indebtedness as may be. or is now authorized by law, the Governor of said Territory, together with the Territorial auditog and Territorial secretary, and theiT successors in office. shall constitute a board of com m issioners. to be styled the loan commissioners of ihe Tern tary et Arizona, and shall have and exercise the power and perform the duties hereinafter provided.
 Par. 2040 Sec 2. IL shall be aud is hereby declared the duty of the loan commissioners to provide for tue pay ment uf 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 refunding all or any part of tbe principal and inter est. or either of the existing and sub sisting Territorial legal indebtedness, a.id also that which at any time may |. s1 nr hA hereafter authorized by law, the said commissioners shall from time 10 tune issue negotiable coupon bonds Of thus Territory when the sane can be done at lower rate of interest and to the profit and benefit of the Territory. Par. 204I Sec. B. Said bonds shall be issued as near ss practicable in de nominations of ons thousand dollars 1 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 a rate 10 be fixed by the loan commissioners. but in 10 case to exceed i've per cent DOT anuum. which interest shall be i paid in gold coin or its equivalent in l lawful money of the United States on inc fifteenth day of January of each year at the office of the Territorial | treasury or at such bank in the city of New York. state of New Yotk or in the | city of San Francisco. state of Califor nis ss may be designated by said loan commissioners, at the option of the l 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 l 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 zeal of the Territory affixed
 thereto, and countersigned by the ! Territorial treasurer and bear his of fieial seal. and shall be registered by the Territorial auditor in book to be kept by him for the purpose. which shall state the amount sold for, or, if | exchanged for what, and ;he faith and credit of the Territory is hereby pledg- ed for the Pxyment of said bonds and the interest aceuring thereon as herein | provided.
 Par. 2O42. See f. Coupons for the 1 interest sball be attached 10 each bond
 so that they may be removed without iDiury or mutllaiiou 10 the bond. They l shs,l i,e eonseeutively numbered af.a l.e=. tl.e same namb bar of the bond to
 which they are attached and shall be
 signed by the Territorial treasurer.
 .'The said cupous shall cover the in-
 terest expressed iu said bond from the
 date of issue autii 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
 joan commissionersmay be authorized
 by law to issue bonds or shall have de
 cided to refund or redeem all oF any , part of the exi<sIng indebieur,S@s Oi | this Te-ritorv. they shall direct the
 Terriiorssi treasurer 10 advertise for tbs ! sale of the bonds to be issued for that
 purpose, by causin9 a notice of snch
 sale to be published for the period Ol
 one month in some daily newspaper
 published at the capital of the Terri
 tory. ard at least one insertion ID some
 ue wspsper published in the City of
 New York and state of New York and
 in the city of San Francisco. state oi California; gu-h notice shall specify the | amount os bonds s0 be sold, the place. dag ] and hour Of sale and that bids will be ieeeiy- | cd by said treasurer for the purchase Gf said
 bands viii in one month from the expirsiion of said publication and al the place and ] time named IT, said notice the said treasurer 1 and loan commissioners shall open all bsds 1 received by him and shall award The nur- i chase of sand bonds, or GHy part thereof Io ] The l,ssiaer 0F bidders thereof bidding the l lowest rate Of interest: Provided that said l loan commissioners have right 10 TeJec.
 any and all bids. And provided further that
 they may refuse to make any Awafd uDless f sufficient security shall lsle furnished by the 1 bidder or bidders for the eompiiance with ] the terms Of their bids.
 Par. 30t4. Zee C. When the sale of said i bonds shall be awarded by the loan com i misssoaers they shall provide sud p-oen : Y the necessary bonds hs in this aet provided l s.ssf arss expenses isenrred lgg sbem therefore