Show AN ACE providing for a loan lioan for certain public purposes SECTION 1 be it enacted by the governor and legislative assembly of the territory of utah that whereas for the advancement of education the territory has bas expended the sum of bf eighty thousand dollars towards the construction of a territorial 8 silv which Is ir still incomplete and whereas for the protection of society and the reformation information of juvenile offenders ofrendo rs a reform school is deemed a necessity and whereas Where asFor for the best interests of the territory and for the pramot promotion on of agriculture the legislative assembly has appropriated a large sum to establish an agricultural college and an agricultural experiment station and whereas the education of the deaf mutes of the territory the should be provided for thi the governor and secretary and their successors in office boffl e and D H peery P T farnsworth farns worth and james sharp shall constitute a board of commissioners 1 ners to t be styled the loan commissioners ners of the territory of utah and shall exercise the powers and duties hereafter provided SEC 2 it shall be and is hereby declared the duty daty of lan L commissioners an to to provide for negotiating a loan for the territory in I 1 n a sum not tu to exceed one hundred aud and fifty thousand dollars by the tas issuing ol of coupon bonds of this territory provided that said commission shall not issue bonds for a greater sum than shall be set bet apart in appropriations at this session of the legislature for the aforesaid purposes SEC 3 said bonds shall be issued in denominations of one thousand dollars and shall bear interest at a rate to be fixed by said loan commissioners but in no case shall exceed five per pei cent per annum which shall be paid semiannually semi annually at the deseret national bank in salt lake city utah ternary or at suca bank in the city of new york state of new york as may oed oe 3 signaled by said loan commis hinners hio ners at the option opt ion of the pal obas ers of said bonds place of pay payment in antto to be mentioned in the bonds oo on the first day of january and july of each year the principal of said faid bonds snail be made payable in lawful money of the united states within 20 years after the date of issue they shall bear the date of their issue stute state aher where and to whom payable rate of interest and when and abere pay abi and shall tie ignee by the loan commissioners met i have cave the seal peal of the territory at af axed thereto and d by the hil treasurer and bear his official facial seal and shall be registered b the territorial auditor in a book kept by him for that purpose and the faith and credit of the territory is is hereby pledged for the payment of said boadas and toe interest accruing thereon as herein provided SEC 4 coupons for the interest shad be attacked attached to each bond so that they may be removed without irjary or mutilation to the bond they snail shall bi be consecutively numbered and ana bear the same number of et the bond to which they are atta attached ebed the said coupons shall cover the interest expressed in said bond from the date of toe the issue until paio paid but in m no case shall said bonds bear interest nor shall dball any interest be paid thereon for any time before their delivery to the purchaser as derei h hereinafter provided SEC 5 whenever the said loan commissioners shall have arranged to make a loan of said sum of one hundred bundred and fifty thousand dollars or any part thereof they shall direct the territorial rit orial treasurer Trea burer to advertise for a sale of the bonds to be issued for that par purpose ose by causing a notice of said aale le to be published for far the period 0 of f one month in three daily newspapers published in salt lake city the capi tal tai of the territory and at least ten insertions in a newspaper published in ne new york city in trie toe state of new york in the city of san francisco state of california and in the city of baston state slate of massa cau causette such notice shall specify the amount of bonds to be sold the rate of interest they shall bear tile place day and hour of sale and that bids will be received by said treasurer tor the purchase of said bonds within one month from the expiration ot of said publication in salt like lake papers and at the place and time named in said notice the said treasurer and loan commissioners shall open all bids received by them and shall award the purchase of said bonds or any part thereof to the highest or bidders unit oui in no case shall sa said id bonds be sold for less than their lace face or par value and the accrued interest at the abe time of their disposal provided that said loan commissioners anale have the right to reject any and all bids and provided further that they way nay refuse to 10 make any award unless sufficient security shall be furnished by the bidder or bidders for the compliance with the terms of their bids SEC 6 when a sale of said bonds or arty any of them shall be awarded by the loan they shall provide the necessary engraved bonds as in this act provided ed and any expense incurred by anem fur for the publication owsald of said nofi notices ces cost of remitting demitt ng I 1 anda lunds tor for the payment of interest or money ott 06 said bonds and all other incidental expenses under the provisions of this ibis act shall be p paid a ou outi of ibe general fund ol of said territory upon the order of the territorial Terri tordal auditor and a sum of money sufficient jent to cover said costs and expenses is hereby appropriated out of said f funds 0 they shall f from ron t me to time after signing sail said bonds deliver them to the territorial treasurer taking his bis receipt trefor and c harge charge him therewith before the issuance of any such bonds the said sald treasurer shall give to the territory of utah an additional official bond witti with two or more sureties in t the sum of one hundred and fifty thousand dollars which bond shall be approved by bv the governor and deposited and tiled with the secretary of tile the territory and recorded by him in a book to be kept for that purpose and the said treasurer shall stand char charged ed upon bis 1118 official bond to for r the faithful faim ul perform performance ande of the duties required regu ired ot of him under this thid act ace sac 7 the territorial auditor shall draw his bis warrant on the territorial treasurer payable to the order of said treasurer lor for the 06 amount of inte which fall due on the first day ot of january and july of each year which said interest warrant snail op oe drawn at least oae month previous to the matur ing of the interest and the sum of alln seven ven thousand five hundred dollars or so much thereof as may be feces idary is hereby appropriated and set aside from the general fund of the territory from year to year to pay the in interest iner erest cst upon said bonds SEC sac 8 at the expiration of ten years after the issuing of ef said bonds there snail be set apart and is hereby appropriated pria ted out of the general funds iu in tile the hands of the territorial treasurer annually not less than the sum ot of f 1 itee 11 thousand dollars to te be dra drawn w a on the warrant of the auditor to pay the principal of said bonds as the same shall fall due or tie be called for as provided in this act said amount snail be held and placed by the treasurer frea surer in a fund to be known as the redemption fund fand for the redemption of said bonds provided ane provi provisions blons of toia this section not be construed to prohibit the legislature from making provisions for the ot of any or all of said bonds after tae expiration of said bald ten years SEC sac 9 whenever after the expiration of ten years from the date ol of issuance bonds under this act there is available as provided la in the preceding be chiun the sum auto ot of fl fifteen f beell thousand dollars or more it ic shall he be the duty of the territorial treasurer Tret Tred surer to advertise as in the mauner manner of the advertising verti ver slag 0 of f the luau loan commissioners tor for bids for sale of bonds which advertisement vertise verti shall state tue abou amou ut of muey money in ia the ibe said redemption fund and the number tit bonds li numbering them in tae order of their labance lau ance commencing at the big highest liest number then outstanding ing which audi fund is set a part apart to pay and discharge and tilt the date when incy will be paid and if such borcus beads so cambered cumbered cumb ered in buch buca ad verti shata aha not be presented lor for payi payment nent and cancella cancellation iori at the expiration of af the date mentioned ic he publication then such buch fund shall remain in the treasury to Aibe discharge harge suca bonds whenever presented but they shall draw no interest ater after the expiration of such before an such fond beall be paid tuey shall be presented to the terri tern conal auditor Aud itoi who snail shall endorse on each bond the amount due thereon I 1 and shall write across the face of each bond the date of its surrender and the name of the person surrendering the territorial treasurer shall n etain ten das after the sale aale of such bonds fl e with Territorial thel auditor a verified statement showing their number rate ot of interest date dace and amount of sale when where and to whom payable and the territorial auditor atrall keep a record of all bonds issued and disposed of by the Terri territorial treasurer showing th heir air number dumber rate of io interest terest date and amount of sale v when where and to whom payable ind and when presented for redemption tue tae date amount due thereon and the person surrendering SEC 10 it shall be the duty of said board tot loan commissioners Commission to make a a fuli fuji report of all their proceeding 1 had under the provisions ut oi this act acta biennially to the territorial legislative Assembly upon the first day 01 ol tile the session SEC 11 no bonds issued under the provisions of this act shall be ta taxed x ed for any purpose within this territory SEC 12 this act shall be in foice from and aad after its approval approved march 8 1888 SECRE OFFICE TERRITORY OF UTAH I 1 88 march 27 1888 J 1 I william C hall secretary ot of the territory of utan do hereby certify that the annexed copy of an act of the governor and legislative assembly of t the lie territory of utah ulan entitled I 1 an act for negotiating a loan for certain public purposes is a true and literal exemplification of the original offlie on file and of record in this office in testimony whereof I 1 have hereunto subscribed bed my name and caused the great seal of the territory to oe be affixed at SEAL salt lake city the day and year ab ve written WILLIAM C HALL secretary of utah territory |