The Coconino sun., 1923-11-16

co, California, at the option of the
purchaser of said bonds, the place OF
payment being mentioned in said
bonds. The principal of said bonds
shall be made payable in lawful money
| of the United States within twenty
years after theig date Of issue. The
state reserves the right to redeem at
par any of said bonds in their numer-
ical order at aTIy time after seven
years from the date thereof, and it is
hereby made the duty of the state
treasurer to redeem at par and ac-
crued interest on the 18th days of
January and July, in each year, after
the seventh year from the date of is
| sue, as many of said bonds as there is
sufficient money in the State Bond
Road Redemption Fund, hereinafter
provided, to pay the principal and in
| terest on same. Said bonds to be re-
deemed upon giving sixty (60) days
notice of intention to redeem on the
| day interest is payable, which notice
shall be published once a week for
two weeks in newspaper published
in Maricopa County, Arizona, and the
notice shall be deemed complete sixty
days after first publication. The
| bonds shall bear the date of their is
sue; state when, where and to whom
payable; rate of interest, and when
shall be signed by said loan commits
fsioners; shall have the seal of the
state affixed thereto; shall be coun-
tersigned by the state treasurer and
bear his official seal, and shall be
registered by the state auditor in
book to be kept by him for that puf-
pose, which record shall show the
amount sold for, or if exchanged for
what exchanged, and the faith and
credit of the state of Arizona is here
by pledged for the payment of said
bonds and the interest accrued there
on, provided, however, that the license
taxes herein imposed shall be first
applied to the payment of interest and
principal of said bonds. Said bonds
shall be consecutively numbered with
interest coupons attached in such a
manner that they may be removed
without injury to or mutiliation of
said bonds, which interest coupons
shall bear the same consecutive num-
Der of the bond to which they are
attached and shall be signed by the
state treasurer. The said coupons
shall cover the interest expressed in
said bond from the date of issue until
interest, nor shall interest be paid
thereon for any time before their de-
livery to the purchaser.
Section 3. The state treasurer shall
advertise for the sale Of the bonds
provided to be issued herein by caus-
ing notice of such sale 20 be publish
ed once a week for a period of five
weeks in three newspapers published
in the state, no two of which shall be
published in the same county, and
once a week for a period of two weeks
in financial publication published in
New York City and once week for
two weeks in a financial publication
published in the city of San Francis
co, in the state Of California, such
published notices shall specify the !
amount of bonds to be sold, the place, |
day, hour of sale, and that bids will
be received by the loan commissioners
for the purchase of said bonds within |
sixty days from the date of the first |
and at the place and time
III Sod4d HOliLC Tic SkdtC LICdS-
urer and loan commissioners shall /
open all bids received by said treas
urer and shall award the purchase of
said bonds or any part thereof to the
bidder or bidders making the best of /
fer therefor; provided that these I
bonds shall not be sold for less than l
par value; and provided, further, that /
said loan commissioners shall have the
right to reject any and all bids, and
further, that all bids must
be accompanied by a certified check
payable to the state of Arizona, for
two per cent of the total amount bid
by the bidder or bidders for the COM
pliance with the terms of their bids;
if any bidder or bidders fail to COM
ply with the terms of their bids, said
two per cent certified check shall be
deemed forfeited, and shall be imme-
diately placed by the. state treasurer
in the State Bond Road Fund, and