Page:United States Statutes at Large Volume 26.djvu/231

 FIFTY-FIRST CONGRESS. Sess. I. Ch. 614. 1890. 177 State of New York, and in the city of San Francisco, in the State of California; such notice shall specify the amount of bonds to be sold, the place, day, and hour of sale, and that bids will be received BMS- by said treasurer for the purchase of said bonds within one month ' from the expiration of said publication; and at the place and time named in said notice, the said treasurer and loan commissioners shall open all bids received by him and shall award the urchase of said wAW¤{)Qdfi° *0*%* i¤· bonds, or any part thereof to the bidder or bidders therefor bidding rm °r' the lowest rate of interest : Provided, That said loan commissioners Provicos. shall have the right to reject any and all bids: And proridcd further, Rejection or mae. That they may refuse to make any award unless sufficient securit seem-ny. shall be furnished b the bidder or bidders for the compliance with the terms of their bids. " PAR. 2044. (Sec. 6.) When the sale of said bonds shall be L¤¤¤¤¤¤¤g)i¤¤i¤¤¤¤¤ awarded by the loan commissioners, they shall provide and procure °° pr°°`"`° °°s` the necessary bonds as in this act rovided, and any expense in- Payment or expencurred by them therefor, for the pulilication of said notices, costs of S°°*°'°‘ remitting funds for the payment of interest or money on said bonds, and all other necessary incidental expenses under the provisions of this act, shall be rpaid out of the general fund of said Territory, upon the order of the erritorial auditor, countersigned by the governor; and a sum of money sufficient to cover said costs and expenses is Approprhuon. hereb appropriate out of said fund. " They shall, from time to time after signing said bonds, deliver Delivery or bonds. them to the Territorial treasurer, taking his receipt therefor, and charge him therewith. The said treasurer shall give to the Terri- uggduggw *¤>¤d ¤f tory of Arizona an additional official bond, with two or more sure- ` ties, in a sum equal to the amount of bonds delivered to him by the said loan comm1ssioners, which bond shall be approved by the governor and deposited and filed with the secretary of the Territory and recorded by him in a book to be kept for that purpose. And the said treasurer shall stand charged upon his officia bond for the faithful performance of the duties required of him under this act. " Pan. 2045. (Sec. 7.) The Territorial treasurer shall sell said bg}; or •¤¤¤¤¤z¤ of bonds for cash, or exchangethem for any of the indebtedness for ` the redemption of which they were so issued, but in no case shall said umiumons bonds be sold or exchan ed or less than their face or par value and the accrued interest at the time of disposal, nor must any indebtedness be redeemed at more than its face value and any interest that may be due thereon. _ _ _ _ _ " That said treasurer shall endorse by writing or stamping m mk runmsement by on the face of the paper evidencing the indebtedness received by °"°““""· . him in exchange for said bonds, the time when and the amount for which exchanged. _ _ "PAR 2046. (Sec. 8.) MOD0yS_T€C81V6d by said treasurer shall be appueepaeu er applied by him to the redemption of the Indebtedness for the re- "‘°“°"“ "°°"°‘*· demption of which bonds were issued, and the treasurer shall_ give notice, as is provided by law in in_case of payment and redemption of uglocice or maemp. Territorial warrants, o his readiness to redeem such mdebtedness, ’ and thereafter interest on all such indebtedness due and outstanding essemation or im,- all e. ' ShBef(di-zsany such indebtedness shall be paid the Territorial auditor dimdmemem by eushall indorse on each certificate the amcpnt due thereon, and shall *°"· write across the face of each the date of 1tS surrender and the name of the person surrenderin, and shall keep lproper record thereof, Record. "PAR, 2047. (Sec. 9.) dherc Shall be _ eV1ed_ annually upon the Msyunum mzerea.-mx taxable property in this Territory, and in addition to the levy for ‘ other authorized taxes, a sufficient sum to fpaly the interest on all ` bonds issued and disposed of in_ pursuance o_ the provisions of this act, to be placed in the Territorial treasury, in the fund to be known as the interest Fund} And fifty years after such bonds shall have ·=¤¤m¤r¤¤¤.·· srnr 1.-—voL xxvr--12