Arizona republican., 1902-12-14
TEE LOAN COMMISSION
Yavapai and Navajo Bonds Funded,
 Tombstone Bonds Rejected.

The territorial loan commission held another meeting yesterday at which the Navajo county and certain Yavapai county bonds were ordered funded and the funding of the Tomb stone bonds was refused. The Pima county bonds were discussed but little and no action taken. The commission adjourned to meet again December 23.
 In the matter of the Tombstone war rants. which the holders sought to have funded, it was maintained that the legality of the s -curities is doubtful and the motion to refuse the advant- ages of the funding law was made by Auditor Nichols. Those opposing the funding allege that at the time the warrants were issued the Tombstone government was an irregularly consti- tuted body and shortly after the offi- cers lost their official heads and the government was placed in the hands of the chief of police. Another defect was the fact that the warrants did not bear the city's official seal.
 The NavIiS. bonds were flor $3S,eoO and interest 10 date, issued April F, 1885 and bearing seven per cent inter est and the treasurer was instructed to advertise in the manner provided by law for the sale Of the new territorial bords.
 The Yavapai bonds considered were sixteen in number for $1GO0 each bet ter known as the P. & A. C. bonds Trey were ordered exchanged for ter ritoIial bonds. In view of the fa, t that these bonds have been widely talked about in political campaigns and have been the subject Of much controversy no better or more accurate statement of their final disposition can | be made than the reproduction of the exact language of the order made by the commission yesterday, which is as | follows:
 | Whereas. The North American Trust company have filed with this board for | funding purposes sixteen Yavapai county P. & A. C. railroad bonds; and l Whereas. It is our opinion, and the | opinion of the attorney general of the territory that these bonds are valid obliga tions against Yavapai county; and
 l Whereas, Yavapai county is desirous of having territorial funding bonds is sued and sold in order to redeem said bonds instead Of having new funding ! DOE0S lSSutQ anu utllNeIth NO liit eilN North American Trust company in lieu ! of said sixteen P. Ss A. C. bonds, and
 Whereas. Said North American Trust company has signifie1 it's will ngness tc accept cash in paymen for said sixteen P. & A. C. bonds, and
 Whereas, It is the opinion of this board that the interest O: Yavapa county and the territory of Arizona l ho hx- thf said sixteen P. & A. C. bonds and issu- ing in lieu thereof territorial funding bonds. equal in amount Of the principal of said P. & A. C. bonds. together with the unpaid coupons thereon, with inter. est on the unpaid coupons from tht date that said interest became due or said unpaid coupons to the time of ac'
 tual payment; and
 Whereas. It is the opinion of thi'
 board that territorial funding bonds
 will sell for par at a lower rate of in
 terest than five per cent per annum;
 Now therefore, Be it resolved by thi:
 board that the territorial treasurer b'
 and is hereby directed to advertise fo
 sale, in the manner provided by law
 an amount otterritorial funding bon1
 equal to the principal and coupons ant
 the interest 6u the overdue coupons O
 the said sixteen P. & A. C. bonds
 said bonds to Doe sold to the pegsol
 agreeing to take the said bonds at pa
 and at the lowest rate of interest, pay
 ing the cashs therefor. Said advertise
 ment to invite bids for the purchas
 of said territorial bonds at the loves
 rate of interest for par value; and als separate bids for the highest bid abov the par value of territrial bonds, re serving the right to reject any and al
 bids. Said bids to be received by sai
 treasurer at the office of the loan com mission in Phoenix, Arizona.
 Be it Further resolved, That out O
 the proceeds of said sale the holders c such bonds, through their attorney!