Arizona republican., 1902-03-06


 water storage commissioners for the construction of storage works, acquisi- ton of a site or sites, therefor or other works authorized by this act. The bonds authorized by this act shall be coupon bonds of the denomina tion of One Thousand dollars (s1.000.00) each: they shall bear interest at a rate not exceeding five per cent G per cenD per annum, payable semi-annually, and shall run for term of fifty (50) years from their date. with the privilege of redemption after twenty (20) years. The principal and interest on said bonds shall be payable in gold coin of the United States of America of the present standard of weight and fine ness. and payable at some bank or trust company in the city of New York state of New York, or city of Chicago, state of Illinois, or city of San Francisco. state of California, to be designated in the bonds. Said bonds shall be signed by the chairman and clerk of the board of supervisors of Maricopa county, who shall attach thereto the official seal of said board of supervisors. Said bonds shall be coun- terSigned by the treasurer of said county. Each coupon shall bear the fac-simile signature of the chairman and clerk of the board of supervisors. Said board of water storage commits sioners shall dispose of the bonds so issued in such amounts and at such times as they may determine. Said bonds shall be sold for cash to the highest bidder, or bidders, after public advertisement for. at least, thirty (30) days in three (3) newspapers of gen I, ( l1 c-1iI ,.it of New York, one CD in said city of Chicago. and one CD in said city of San Francisco, and in two (2) daily newspapers in Maricopa county. Ari zona to be designated by said board of water storage commissioners. Said bonds shall not be sold for less than par and accrued interest, and said board of water storage commissioners shall have the authority to reject any or all bids. All moneys derived from the sale of said bonds shall be paid to the treasurer of Naricopa county, who shall keep the same, together with all other moneys derived from rentals, sales or other sources connected with sa idstorage works, in a separate fund to be known as the water storage fund of Maricopa county and said treas urer of Maricopa county shall act as custodian of said fund.
 SECTION 1.
 The said board of water storage commissioners shall sell the bonds of Maricopa county. provided for in this act, and use and apply the proceeds thereof in the construction and com pletion of the storage and power works contemplated by this act and perform all other necessary acts in connection with the completion and construction of said works. Said board shall pub fish semi-annually in some newspaper of general circulation in Maricopa county. a statement of the progress of the work of the commission, accom- panied by a detailed statement of re- ceipts and disbursements, and file semi annually with the board of super visors of Maricopa county a complete financial statement. Said board of water storage commissioners shall fix such rates and establish such rules and regulations as they may deem neces- sary for storing and distributing all water stored and enter into and en- force contracts for the delivery Of stored water, and dispose of, by rental or lease. any power which may be generated by such storage works. Said board shall also have authority to fix the salary of its secretary, engineer and other employees. All money paid out by the board of water storage com missions shall be paid by warrants on the treasurer of Maricopa county, and he shall pay the same out of the water storage fund. and said warrants shall be signed by the president and secre- tary of said board, provided that all i bills and claims shall first be audited and allowed by said board. All bills for labor and material used in con structior work shall first be approved | by the engineer in charge.
 SECTION ,.
 After the completion of said works. all money remaining in the hands of the treasurer of Maricopa county to
 the credit of the water storage Iund, from the sale of said bonds, shall be transferred to the credit of the water storage bond redemption fund. The l board of water storage commissioners | shall cause to be paid to the county treasurer all funds and revenues that shall accrue from the use of said water storage works, and he shall apply the same. after providing for current eX- penses. to the credit of bond interest | fund. If sufficient money shall not be realized each year from the surplus derived from the use and rental of said storage and power works to pay the interest on said bonds, the board of supervisors of Maricopa county, to sup ply the deficiency, shali, annually. at the time of levying taxes therein, cause to be levied each year upon the tax able property within the district of said county hereinafter described. being the l district and lands direct ybenefited by 1 the construction of said storage works in addition to the other authorized taxes sufficient additional sum to pay the interest on the bonds issued and disposed of under this act. said district being bounded and described as follows: Commencing at. a point on the right bank of Salt river at the