Chapter 95. To enable the town of Flagstaff, in the Territory of Arizona, to issue bonds to construct a water system
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/statutes-at-large/vol-29/chapter-95-2284172·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
CHAP. 95.— An Act To enable the town of Flagstaff, in the Territory of Arizona, to issue bonds to construct a water system. January 26, 1897. *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, That the town of Flagstaff, in Flagstaff, Ariz. Issue of bonds authorized for water system.the Territory of Arizona, by its mayor and common council, is hereby enabled to issue bonds of the said town, not to exceed sixty-five thousand dollars in amount, payable within thirty years from the date thereof, in lawful money of the United States of America, and to bear interest at not to exceed six per centum per annum, interest payable semiannually, the proceeds of the sale of said bonds, which shall not be sold at less than par, to be used exclusively in the construction of a 500water system for the said town of Flagstaff; that before said bonds are sold at least thirty days’ notice shall be given by publication in one or more newspapers of general circulation, asking for bids for the purchase of said bonds at not less than par.
Surety bond required. Sec. 2. That at the time said bonds are ready to be issued by the mayor and common council of the said town of Flagstaff the city treasurer of said town of Flagstaff, in whose custody the said bonds, or the proceeds of the sale thereof, shall be kept, shall be required to give an additional bond, to be approved by the mayor and common council of said town, to the said town, in not less than the value of said bonds, or the proceeds of the sale thereof, in his hands, for the safe keeping of said bonds, or the proceeds of the sale thereof, and to account for the same.
Issue to be voted upon. Sec. 3. That before said bonds are issued the mayor and common council of the town of Flagstaff shall cause an election to be held, in all respects as elections are now held in said town for the election of town officers, at which election the qualified electors of said town may vote for or against the issuance of said bonds, and should one-third of the votes cast at said election be against the issuance of said bonds, then said town of Flagstaff, by its mayor and common council, shall not issue said bonds.
Approved, January 26, 1897.