Page:Acts, Resolutions and Memorials, Adopted by the First Legislative Assembly of the Territory of Arizona.djvu/62

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Be it enacted by the Legislative Assembly of the Territory of Arizona:—

That the bonds of the Territory are authorized to be issued by the treasurer thereof, to an amount not exceeding fifteen thousand dollars ($15,000) payable in three years, with annual interest at ten per cent (10 pr. ct.) principal and interest payable in the gold coin of the United States; said bonds with coupons shall be made, issued, signed, and deposited with the treasurer of the Territory, as provided by the act, entitled “an act authorizing a loan on the faith and credit of the Territory, to inaugurate and pay the expenses of a campaign against the Apache Indians,” except that where the words “Indian war loan” occur in the form of bond prescribed by that act, the words “Loan for contingent expenses” shall be substituted therefor, and the time of payment of said bonds and coupons shall conform to the provisions of this act.

That the board of Territorial auditors audit all accounts and claims against the Territorial treasury, contracted under and by virtue of any existing law, and for the payment of which the Territory is legally liable, together with such claims as may arise under any appropriation made payable from the fund provided by this act, and the salaries of the officers of the Territory, which are made payable from the Territorial treasury, and in no other way, and the board of Territorial auditors shall give to such persons a warrant for the amount found due them, drawn on the Territorial treasurer, and specifying the claim for which it is given, that if there are no other funds of the Territory in his hands for the payment thereof, the amount due thereon shall be paid from the fund created by this act.

The treasurer of the Territory, upon the receipt of such warrant, if there are not sufficient funds of the Territory in his hands to pay the same as aforesaid, shall issue to the holder of the same, so many of said bonds at par, with such money as he may have not otherwise appropriated, for the payment thereof, and said warrant, with the holder’s receipt of payment thereon, specifying the number and amount of bonds so received by him, shall be a sufficient voucher for said treasurer in all settlements that he is required by law to make. The said bonds shall not be negotiated or paid out except as herein provided.

The said bonds and the coupons, after such coupons become due, shall be taken in any payment for all taxes and licenses levied, assessed, or collected by the Territory of Arizona, or any county thereof.

The said treasurer shall pay the said interest on said bonds when due, taking the coupons as his vouchers therefor, and he may retain in his hands for that purpose sufficient amount of money of the money of the Territory, and convert the same into gold at the current rates, but shall give the board of Territorial auditors notice in writing of the amount he retains for that purpose, specifying the time and place, when and where he proposes to convert the same.

This act shall take effect and be in force from and after its passage. November 9, 1864.