Arizona republican., 1902-05-04

Nater-storage commissioners and the
chairman OF the board of supervisors
I of said Maricopa county, such appoint
nlent to designate as the successor
/ commissioner a resident of that portion
Of the district described in section five
CT this act from which the commits
sicner was appointed or elected whose
death, resignation. or other disability
created the vacancy.
| Ali such elections, except as to the
+ qualifications of voters as herein pre-
sCribed. shall otherwise be held and the
result determined in the same manner.
or as near as may be in the same man
acr. as is provided by law. in force at
the time. for conducting general cleo
tons ana determining the results
thereof in said Maricopa county Said
board Of water-storage commissioners
so first appointed shall qualify and
organize as a board within thirty days
after notification Of their appointment.
and thereafter, from time to time. on
| the first day of january succeeding
their election. and shall elect d presi-
dent from among its number: also a
secretary, who may or not be a MEM
/ Der of said board. \ me- iority of al
the members of said board shall con-
stitute a quorum for the transaction
/ OF business. and shall be competent TO
/ exercise all the powers OF the board
I Each commissioner shall receive for
J the time actually employed eight dol
/ lars per day during the construction IF
the works herein provided for. and five
dollars per day thereafter for time act
ually employed; also his necessary
travelling expenses. For the faithful
performance of his duty each member
Of said board shall give bonds to said
Maricopa county in the sum of twenty
thousand dollars until said storage
works are completed, and thereafter in
/ the sum Of five thousand dollars, and
1 the secretary in such sum as said board
/ &C water-stOrage commissioners shall
fix. All said bonds shall be approved
by and flied with the board of super
vis0rs of said Maricopa county. and if
aurety-company bonds. the necessary
( expense incurred in obtaining the same
shall he considered a part OF the regu-
lar expenses of the board of water
storage commissioners and paid by it.
Sec. 3. That the county of Maricopa.
in the Territor: OF Arizona. through its
board OF supervisors is hereby author
lied. empowered. and directed to issue
negotiable bonds of said county after
the same have been authorized by the
qualified electors as hereinbefore pro-
Vided. in the aggregate sum of two
million TWO hundred and fifty thousand
dollars. or SO much thereof as has been
heretofore duly certified 10 said board
of supervisors hereinbefore provided
by the board of water-storage commits
sioners of Maricopa county. for the
purposes mentioned in section one OF
this act. The bonds authorized by this
act shall be negotiable coupon bonds of
the denomination of one thousand dol
lars each: they shall bear interest at a
rate not exceeding five per centum per
an1Em, payable semi-annually. and
snail run for term of fifty years from
their date, With the privilege to said
county 10 redeem in each year two and
cne-half per centum of the total
amount of said bonds issued and dis
posed Of under the provisions OF this
act beginning ten years from the date
of said bonds. such redemption being
made exactly in the order of the num-
Der OF said bonds. beginning with bond
numbered one. such redemption being
made by the payment of the principal
ana interest accrued down to the time
OF such redemption. The principal
and interest on said bonds shall be nav
: l
of America of the present standard
weight and finenesS. and Dayable at
some bank or trust company in the
| City of New York. State of New YORK
, or city of Chicago, State of Illinois. OF
. city Of San Francisco. State of Calffor-
MIA. to be designated in the bonds. Said
bonds snail be issued in the corporate
name OF the county and shall be signed
f by The chairman and the clerk of The
board of supervisors of the county, Who
; shau attach thereto the official seal q:
, SAID board of supervisors. Said bonds
snail be countersigned by the treasurer
. OF said county Each coupon shall beaI
the fac-simile signature OF the chair
man and clerk of the board OF SUPER
, VisoIs- Said bonds shall he in such
. fern and contain such provisions #nG
recitals as said board of supervisors
, shall determine. Said board Of water
. storage commissioners shall dispose OF
+ the bonds so issued in such amounts
I and at such times as they may deter
f mine Said bonds shall be sold fol
cash 10 the highest bidder or bidders
after public advertisement at leasr
, once Il week for four successive week.
= IN three newspapers of general circu-
lauon, one in said city of New York
\ 'ht III sara CITY OF chicago. and one II
I said city Of san Francisco and at leas
. once week for four successive week.
, In two daily newspapers in Maricooe
, county, Arizona. all said newspaper:
, I 70 be designated by said board o
. water storage commissioners. SaIC
! bends shall not he sold for less thar
. paI and accrued interest. and sale
board Of water-storaGe commission
CTS shall have tho ;;r1thoritv +o ,eia,.
E any or ali bids The said bonds, signec
. and sealed as aforesaid. and deIivere,
+ by the board OF Water-storage commits
= sloners. shall be conclusive evidenc,
9 that all acts. conditions, and things re
e CURED by law to be done precedent t.
- and in the issuance of said bonds hav,
n been duly and regularly done and per
\ formed as required by law. and sale
: bonds snail he unimpeachable in tn,
/ hands of bona fidc holders for value
y moneys derived from bo ,To -