176 FIFTY—FIRST CONGRESS. Sess. I. Ch. 614. 1890. is now authorized by law, the governor of the said Territory, together with the Territorial auditor and Territorial secretary, and their successors in office, shall constitute a board of commissioners, to be styled the loan commissioners of the Territory of Arizona, and shall have and exercise the powers and perform the duties hereinafter provided. _ NWN mg l°•¤ ¤¤¤· PAR. 2040. (Sec. _2.) It shall be, and is hereby, declared the duty ' of the loan commissioners to provide for the payment of the existing Territorial indebtednem due, and to become ue, or that is now, or may be hereafter, authorized bly law and for the purpose of pay- ing, redeeming, and refunding al or any part of the principal and interest, or eit er of the existing and subsisting Territorial legal indebtedness, and also that which may at any time become due, or is now or may be hereafter authorized b law, the said commissioners _ Issue gmrasousuc shall, from time to time, issue negotiable coupon bonds of this Ter- '°°°’°” ‘ ritory when the same can be done at a lower rate of interest and to the profit and benefit of the Territo . _ I D¤¤¤¤*¤•*,*°¤• °* “AB. 2041. (Sec. 3.) Said bonds shall be issued as near as practicable in denominations of one thousand dollars, but bonds of a lower denomination, not less than two hundred and fifty dollars, mmm. may be issued when necessary. Said bonds shall bear interest at a rate to be fixed by said loan commissioners, but in no case to exceed ¥¤*¤¤¤¤¤ five per centum per annum, which interest shall be paid in gold · - coin, or its equivalent in lawful money of the United States, on the W¤¤¤P¤¥¤¤¤»¤¤¤· fifteenth day of January in each year, at the office of the Territorial treasurer, or at such bank in the city of New York, in the State of New York, or in the city of San Francisco, in the State of California, or such place as may be desitgnated by said loan commissioners, at the option of the purchaser o said bonds, the {place of payment Aww ¤f v¤¤¤¤· being mentioned in said bonds. The princgnal o saidbonds shall be made payable in lawful money of the nited States nfty ypars n•¤mn-rgntne after the date of their issue. Said Territory reserves the rig t to
redeem at par any of said bonds, in their numerical order, at any
time after twenty years after the date thereof. !'·>¤¤<>f MM “They shall bear the date of their issue, state when, where, and - to whom payable, rate of interest, and when and where payable, and Signed, em. shall be signed by said loan commissioners, and shall ave the seal of the Territory aiiixed thereto, and countersigned by the Territorinl mm- treasurer, and bear his official seal, and sha be registered by the ¤¤zi¤¤¤·¤·i· Territorial auditor in a book to be ke t by him for the purpose, which shall state amount sold for, or, if exclian ed, for what ; and the faith Piwzc of p•rm•>¤¤· and credit of the Territory is hereby plecfged for the payment of said bonds and the interest accruing thereon, as herein provided. l¤'°'°°°°°“P°'** "PAR. 2042. (Sec. 4.) Coupons for the interest s all be attached to each bond, so that they may be removed without injury to or mutilation of bond. ,,,,°‘.Q?f§f"° ‘““" They shall be consecutively numbered and bear the same number of the bond to which they are attached, and shall be signed by the Territorial treasurer. ‘°“"”°‘· “The said coupons shall cover the interest expressed in said bond “*¤*°°°*°¤· from the date of issue until `d ; but in no case shall bonds bearinterest, nor shall any intereslabe paid thereon for any time before their delivery to the purchaser, as hereinafter provided. ,,g,f§§c_f"§,‘} ,,,,",§’°,,Q"'* “PAR. 2043. (Sec. 5.) Whenever the said loan commissioners may be authorized by law to issue bonds, or shall have decided to refund or redeem all or any part of the existing indebtedness of this Terri- .;°'°*’”¤°¤°¤* °' tory, they shall direct the Territorial treasurer to advertise for a ` sale of the bonds to be issued for that pupose, by causing a notice of such sale to be lpublished for the period of one month in some daily _ newspaper pub ished at the capital of the Territory, and at least one msertion in a newspaper published in the city of New York, in the
