Arizona weekly citizen., 1890-02-22

for bidding the lowest rate of interest
Provided, That said loan commissioners
|, shall have the right to reject any and
, all bids: And provided further, That
they may refuse to make any award un-
less sufficient security shall be furnish
ed by :ahe bidder or bidders for the com
pliarce with the terms of their bids.
"PAR. 2044. (Sec. g. When the sale of
sid bonds shall be awarded by the loan
} commissioners, they shall provide and
procure the necessary bonds, as in this
act provided, and any expense incurred
: by them therefor, for the publication of
: said notices, costs OF renting funds for
, the payment of interest or money on
said bonds, and all other necessary Incl
dental expenses under the provisions OF
this act, shall be paid for out OF the
: general fund OF said Territory, upon the
order of the Territorial auditor coun-
tersigned by the governor; and a sum
OF money sufficient TO cover said costs
and expenses is hereby appropriated out
of said fund.
They shall, from time to time, after
signing said bonds, deliver them to the
Territorial treasurer, taking his receipt
therefor, and charge him Herewith.
The said treasurer shall give to the
1
fetal bond, with two or more sureties,
in sum equal to the amount Of bonds
delivered to him by the said loan COM
missioners, which bond shall be ap-
proved by the governor and deposited
and filed with the secretary of the Ter
ritory, and recorded by him in a book to
be kept for that purpose. And the said
treasurer shall stand charged upon his
official bond for the faithful perform
ance OF the duties required OF him I'M
der this act
Par. 2Oi5. (Sec. ~ The Territorial
treasurer shall sell said bonds for cash,
or exchange them for any OF the in
debtedness for the redemption of which
| they were so issued, but in no case shall
said bonds be sold or exchanged for less
than their face or par value and the ac-
| crued interest at the time of their dis
| posal, nor must any Indebtedness be re-
| deemed at more than its face value and
any interest that may be due thereon.
That said treasurer shall endorse, by
writing or stamping in ink on the paper,
| evidencing the indebtedness received by
him in exchange for said bonds, the
| time when and the amount for which
exchanged.
Pas. 2046. (Sec. 81 Moneys received by
| said treasurer shall be applied by him
| TO the redemption OF the indebtedness
for the redemption OF which bonds
were issued, and the treasurer shall
give notice, as is provided by law in case
OF payment and redemption OF Terrific
rial warrants, OF his readiness to redeem
such Indebtedness, and thereafter inter
est on all such indebtedness due and
outstanding shall cease.
["Before any such indebtness shall be
paid the Territorial auditor shall en-
dOrse on each certificate tho amount due
thereon, and shall write across the face
of each the date of its surrender and the |
name of the person surrounding, and |
shall keep the proper record thereof.
"PAR. 2047. (Sec o. There shall be |
levied annually, upon the taxable prop |
erty in this Territory, and in addition to |
the levy for authorized taxes, sufficient |
sum to pay the interest on all bonds is
sued and disposed OF in pursuance Of |
the provisions Of this act, to be placed |
IN the Territorial treasury, in the fund |
20 be known as the Interest Fund |
And fifty years after such bonds shall |
have been issued until all the bonds is
sued under the provisions Of this act are
paid and discharged, nothing herein con-
tanned shall be construed to prevent the |
legislature OF Arizona from creating a
sinking fund during the life of SAID
bonds for their redemption at maturity. |
1.-The Territorial board OF equalization,
Tor, on their failure the Territorial
auditor, shall determine the rate Of tax
to be levied in the different counties in
the Territory to carry out the provisions
of this act, and shall certify the same to
the board OF supervisors in each |
county land to the municipal, or school |
authorities;l and the said board of
supervisors, or aathorities;l are here
by directed and required to enter such |
rate Oh their assessment rolls in the /
as is provided by law in relation to other
Territorial, county, municipal, and
school taxes. Every tax levied under |
the provisions o. authority of this act is
hereby made lien against the property
assessed, which licn shall attach on the |
first Monday in March in each year, and
shall ..oc be satisfied or removed until
c;t;ch tax has been paid
"Al money derived from taxes
authorized by the provision of this act
shall be paid into the Territorial treas
ury, and shall be applied:
First, To the payment of the in
terest OF the bonds issued hereunder.
Second. To the payment of the prin-
ciDal OF such bonds: Provided, That all
monoys remaining in the interest fund
after the payment of the interest, and
ali moneys remaining in the 'redemp-
ton fund' after all said bonds shall have
been paid and discharged, shall be trans
ferred by the Territorial treasurer to
the Territorial general fund
"PAR. 2048. (Soc. 10) Whenever, after
the expiration Of the (6fty) years from
the date of issuance of any bonds under
this act, there remains after the pay
ment OF the interest, as provided in the
preceding section, surplus OF ten
thousand dollars or more, it shall be the
duty of the Territorial treasurer to adj
vertise, as in the manner OF advertising
by the loan commissioners for bids for |
sale of bonds, which advertisement shall |
state the amount OF money in the said |
redemption fund, and the number of /
bonds, numbering them in the order of |
their issuance, commencing at the lowest
number then outstanding, which such /
fund is set apart to pay and discharge,
and If such bonds so numbered in such |
advertisements SHALL not be presented |
for payment and cancellation at the ex-
piration OF such publication, then such |
fund shall remain in the treasury to
discharge such bonds whenever present |
ed to the Territorial auditor, who shall |
endorse on each bond the amount due /
thereon, and shall write across tie face |
of each bond the date Of its surrender |
and the name of the person. The Ter |
ritorial auditor shall keep a record OF |
all bonds issued and disposed of by the |
Territorial treasurer, showing their |
number, rate, and amount of sale, when, |
where, and to whom payable, and if ex-
changed, for what, and when presented |
for redemption, the date, amount due |
thereon, and person surrendering.
1.-THE boards Of supervisors Of the |
counties, the municipal and school |
authorities, are hereby authorized and |
directed to report 20 the loan commits |
sioners of the Territory their bonded |