Arizona republican., 1903-02-11
END OF PIMA BONDS
The Commission Decides 10 Issue per
 Cent Funding Bonds.

The Pima county bond matter was finally disposed O; yesterday by the territorial loan commission. The meet ing of the commission was attended by Attorney General Wells, Colonel John II. Martin of Barnes 6 Martin, repre- senting the litigants in the case Of Ut ter ct al against Pima county; Judge D. H. Hole of the firm of ". N. Coler x Co, New York, representatives of other holders Of the bonds, and Roch- ester Ford appearing for Pima county. There are 150 of the bonds which with the coupons amount to $31S,000. The commission decided to issue for them territorial bonds bearing three pc: cent interest and adopted the following resolutions:
 The matter of the funding of the Pima county bonds this day coming on ,or further consideration in pursuance of the writ of mandate issued to this board by the supreme court of the ter ritory of Arizona in the proceedings of Utter and others against Franklin ard others; the petitioners in said proceed ings representing the bondholders aD- bearing by counsel Messrs. Barnes & Martin; and Rochester Ford, Esq. ap- bearing representing the taxpayers of Pima county and of counsel for res pondents. and submitting suggestions to the board in the matter of funding the bonds in question and the interest due thereon into territorial funding bonds, under the territorial funding and loan act, and the question of the rate 0: interest which the said fund ing bonds should bear, and the board faSD- T sidering the same and the other facts in the premises, upon melton by MT. Nichols and seconded by Mir. Stoddard. the following resolution was adopted by full vote of the board:
 Whereas, The writ of mandate is | sued from the supreme court of the territory of Arizona to the board of Loan commissioners of the said terri tory on tte 31st day of October, 1902. and modified by the order of said court or the 18th day Of January, 1903, direct l ing said board to make, issue and de- l liver to the petitioners or their attor- reys iE said writ oi mandate negotia- ble coupon bonds of the territory, is sued under the funding and loan act of said territory, in exchange for the 150 Pima county bonds set forth and de- scribed in said petition, and for the ac- crued and unpaid interest thereon, upon the surrender of said bonds and all unpaid coupons thereto attached, or for so many of said bonds and interest coupons as shall be offered to the board | by said petitioners or their attorneys | And whereas, This board has consid- erded the rate Of interest said funding bonds would justly bear, and has fixed sad rate at three per cent per annu!n
 from the date thereof until paid.
 Tt is therefore resolved, That in 1 obedience to and in compliance with said writ of mandate, this board will redeem and refund, by delivering in exchange therefor, territorial funding
 bonds of the territory of Arizona. the Following described indebtedness of Pima, county, in the territory of Ari- Zona, viz:
 One hundred and fifty S1, 100000 Pima bonds, numbers
 Issued ............ day of ....
 bearing interest at the rate of seven
 per cent per annum. and also the in-
 terest accrued and unpaid thereon upon the surrender of said bonds anG interest coupons thereto attached c1 belonging thereto or so many of said
 bonds and coupons as shall be present ed and delivered to this board, as di- rected by said writ of mandate.
 it is further Resolved, That the fer
 ritorial funding bonds issued and ex- | changed by this board in compliance
 with the said writ for the funding an6
 rcdeeming said county indebtedness
 shall bear interest at the rate of tnree
 per cent per annum from date thereof
 until paid.
 It is further Resolved. That the terri
 torial treasurer be and he is hereby iii.
 rected to procure the necessary terri
 torial funding bonds required in to.
 a aforesaid exchange in compliance wifi
 said mandate
 It remains now with the holders o
 the bonds to decide whether they vii accept them. Colonel Martin, speakinc l of the resolutions, said that he co,1I, speak only for his clients who hold oni, thirty of the bonds. If three Der cen territorial bond can be sold at mar ty,,
 proposition will be entirely satisfactor,
 to his clients. Whether they will brin: , par or not Colonel Martin says vii
 have to be determined when they ar
 put on the market. Territorial five no cents have lately brought 1O9. Coler x Co. are not the owners of t;, bonds, though they bought up rco, many of them, paying $7O.15 on the s1oG They sold them guaranteeing their nav. ment and have since been taking mn t:, coupons.