Arizona republican., 1891-02-21
THE FUNDING ACT A Bill to Carry Out its
 Provisions -------------- Introduced by MT. Allen, of
 Pinal. An Act to Help the Credit of the Territory That Should Become a Law.

the Funding Act for Arizona passed by Congress last summer, Mir. Allen, of Pinal county, has introduced bill in the House, supplemental to the act of Congress that it is thought wilt meet every requirement in helping to put the Territory on a cash basis. Mir. Allen has given this subject much thought and careful consideration and his bill is the result of his extended labors. A number of the best fnanciers and busi. ness men of the Territory who have : looked this bill over assert that it is as near perfect bill for carrying out the act of Congress as any that could be de- vised. THE REPUBLICAN is pleased 10 present it in full this morning and trusts it will receive the careful consideration so important measure deserves.
 Supplemental to and in furtherance of
 the purposes expressed in act of Con
 gress entitled "An Act Approving,
 With Amendments, the Funding Act
 of Arizona" Approved June 20, 1890. Be t enacted by the General Assembly Qf
 the Territory Cf ArisoRa:
 SECTION l. That the act of Congress entitled 'An Act Approving, With Amendments, the Funding Act of Ari- zona," approved June 20, 1890, be, and the same IS hereby now reenacted as of the date of it's approval, subject to the qualifications and additional provisions hereinafter set out.
 SEC. 2. The bonds issued under the provisions of said act, by the loan com" mcssioners, shall be known and desig- mated throughout this act as Territorial Bonds," and the faith and credit of the Territory is pledged to the payment of such territorial bonds equally and alike, of whatsoever series they may be.
 SEC. 3. The bonds issued under the provisions of said act shall be divided into series as follows: Those issued to provide for the payment or refunding of territorial indebted ness shall constitute one series, and shall be known and designated, and shall be so marked on the face of each bond 0f that series, Territorial series." Those issued to provided for the pay ment or refunding of any county, mu- nicipal or school district indebtedness, shall constitute another series and shall be known and designated as ''-------- series," inserting in the blank the name of the particular county, municipality or school district, and shall be so marked on the face of each thereof.
 SEQ. 4. No bond of the Territorial Series" shall be negotiated and issued except in payment, or for the refunding of territorial indebtedness, and no bond of any county, municipal or school dis trict ''series" shall be issued except to provide for the payment or refunding of the indebtedness of the county, muni- cipal or school district designated in the name of the series it bears.
 SEC. 5. No territorial bond or bonds shall be negotiated and issued under the provisions of this act other than of the Territorial Series," until the county, municipality or school district for the payment or refunding of whose indebt- edness it is proposed to negotiate and issue the same, shall have executed and delivered to the Territorial Treasurer it's bonds of denominations of not less than $250 nor more than 5000, and az gregatIng in amount to the sum of such territorial bonds so proposed to be negotiated and issued. Such bonds shall be made payable to the Territorial Treasurer in trust for the legal holders of the series of territorial bonds issued Tor the payment or refunding of the in- debtedness of such county, municipality or school district, and shall in amount equal the amount of that series of territorial bonds and shall be for like term of years, and bear the same rate of interest, payable at the same time as the territorial bonds of that series, and they shall be redeemable at such times and in like man. ner as said series of territorial bonds. Said bonds shall be held by said Territorial Treasurer in trust for the holders of the territorial bonds of the series issued to provide for the payment or refuDding of the indebted ness of such county, municipality or school district, and 80 designated in the name of the series, and the entire in- terest and principal thereof shall be ap- piled to the payment of such series of territorial bonds according to the tenor thereof, and to no other purpose.
 SEC. 6. The Boards of Supervisors of the several counties, and the Boards of Trustees of the several school districts In the Territory, are authorized and em- powered to prepare and to cause to be ex- ecuted, the bonds required by the pro- visions of the preceding section to be deposited with the Territorial Treasurer, as \ condition precedent to the issue of the territorial bonds for the payment or refunding of the indebtedness of their respective counties and school dis tricts. ...
 SEC. T. In addition to the statements required by Section 2655, K. S. 1887, to Do included in an abstract of the assess l ment roll to be made and transmitted to 1 the Territorial Auditor, such abstract | shall contain & statement of the aggre- l gate value of all the taxable property in 1 each municipality and school district in | such county.
 SEc. 8. It shall be the duty of the | Territorial Board of Equalization, or | upon it's failure, then of the Territorial l Auditor, or in the event there is no | such board or officer, then of the board ! or officer exercising like duties in each | year, and before the levy by the Boards | of Supervisors of the taxes for that year, to de@ruine the rate of tax which Is | to be levied, necessary. First, to pro- vide money sufficient to pay the interest | accruing on all territorial bonds of the | territorial series for that year, a. a rate | of taxation uniform throughout the Territory. Second, to provide for the creation of a fund for the redemption of | the territorial bonds of the territorial series, at 6 rate of taxation uniform throughout the Territory. Third, to provide for the payment of the interest accruing for that year on the bonds is- sued by the several counties, munich palities and school districts, and de-