Arizona republican., 1917-09-28

StateS), then the holders of bonds of the present series shall have the priv ilege at the option of the several hold CTS, of converting their bonds, at par, into bonds bearing such higher rate of interest, at the issue price of bonds of such subsequent series, not less than par, with an adjustment of ac- crued interest.
 Such conversion privilege must be exercised, if at all, at any time within the period, after the public offering of bonds of such subsequent series, be- ginning at the date of issue of bonds of such subsequent issue, as such date shall be fixed in such public offerings, and terminating six months after such date of issue, and under such rules and regulations of the secretary of the treasury shall have prescribed The bonds to be issued upon such conver- sion of bonds of the present series shall be substantially the same in form and terms as shall be prescribed by or pursuant to law with respect to the bonds of such subsequent series, not only as to interest rate but also as to convertibility Gf future bonds be is sued at a still higher rate of interesO :, or non- n-convertibility, and as to eX- emption from taxation, if any, and in all other respects, except that the bonds issued upon such conversion shall have the same dates of maturity of principal, and of interest, and be subject to the same terms of redemp- tion before maturity, as the bonds cOnverted and such bonds shall be issued from time, if and when and to the extent that the privileges of con- version so conferred shall arise and shall be exercised
 If the privilege on conversion so conferred shall once arise, and shall not be exercised with respect to any | bonds of the present series within the | period above prescribed then such priv i ileges shall terminate as to such bonds and shall not arise again though there after bonds be issued bearing interest l at a higher rate than per cent per | annum.
 1 Subscription for the bonds must | reach the treasury department, Wash | ington, D. C., a federal reserve bank or 1 branch thereof or some incorporated l bank or trust company in the United l States, tnot including outlying terri 1 tories and posSessions), on or before 1 the close of business October 27. 1917 l The applications much be accompanied 1 by a payment of two per cent of the amount applied for and subsequent in | SldilllleHlS upon DOHuS dllUlleu VIII De | due as follows:
 '1S per cent on November 15, 1917. 40 per cent on December 14 1917. l 40 per cent on January 15, 1918. 1 "On the latter date, accrued interest
 on the deferred installments will also
 be payable.
 q am very glad to be able to an
 nounce that by authorizing the engrav- 1 ing of these bonds with only four eou, pons attached instead of the full num-
 Der of fifty coupons, it will be possible
 to have the actual bonds ready for de- livery as soon as full payments are
 completed, thus avoiding the trouble
 and delay incident t0 the issuance oi 1 interim receipts or temporary bonds On and after November 15, 1919, the
 holders of the bonds will have oppor-
 tunity to exchange them for new bond.
 having attached there to coupons fol
 the balance of the period for which tho
 bonds will run
 Tt is also expected that on or abou
 October 10, 1917, there will be in tn
 hands of the several federal reserve
 banks a supply of these new bonds
 ready for immediate delivery to sub
 scribers in amounts not in excess O.
 one thousand dollars to any one sub
 scriber against payment in full, thereb!
 avoiding in such cases the trouble in
 cident to waiting until after allotmen for delivery.