Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1881-03-19

AN ACT to provide for the application OF The
moneys Of the Internal Improvement Land
Fund Of the State of Minnesota, to the pay.
ment of the principal and intorast vi the
Minnesota State Acknowledgement Bonds.
Be it enacted BY the Legislature of the State
OF Minnesota:
Section l.. As fast as any of the internal
improvement lands OF the State are sold, the
proceeds OF the same shall be invested AMI
kept invested as provided by section 49, B, Of
article 4, Of the Constitution of the State of
Minnesota, and the same shall bc and con-
stitutc a sinking fund for the payment at
their maturity OF the principal Of the Min
<nesota State railroad adjustment bonds, to be-
issued under the provisions OF an act passed
at the present session CT the legislature Of
this State, entitled can act providing for the
adjustment of the Minnesota State Railroad
Bonds" and the interest on any bonds or Sc
curities in which said fund shall be invested
shall be applied to the payment of the inter-
est as it accrues on the said Minnesota State
railroad adjustment bonds, and all the pro-
ceeds of said lands, whether heretofore or
hereafter sold and whether heretofore in
vested or hereafter to be invested and held by
the State Treasurer, pursuant to said section
of the Constitution, and all interest which
has accrued or may accrue thereon, or on any
of the bonds or securities in which the same
or any part thereof has been or may be in
vested shall be and remain an inviolable fund
to be preserved in the hands of the State
Treasurer, the interest to be applied to the
payment of interest on the Minnesota State
railroad adjustment bonds as it accrues, and
the principal to be preserved inviolate, as
a sinking fund for the purpose of being ap-
piled to the payment of the principal of said
bonds at their maturity, until the maturity
of said Minnesota State railroad adjustment
bonds, when it shall be applied to the pay
ment of the principal of said bonds.
b Sec. 2. The Governor, Auditor and Treas
urer of State are hereby constituted q board
of sinking fund commissioners and are
hereby charged with the duty of causing the
provisions of this act to be carried out and it
shall be be their duty to superintend the APP
plication of the interest accruing on the Sc
euritieS which are or may hereafter come
into the hands of the State Treasurer under
the provisions of said section SO, B, of article
4, of the Constitution, to the payment of the
interest as it accrues on said Minnesota State
railroad adjustment bonds, and to attend to
and take care that said fund is preserved invi-
olate for the purpose of this act.
Sec. 3. 1t shall be lawful to invest any OF
the moneys belonging to the said Internal
Improvement Land Fund in the bonds to be
issued under the provisions of said act, en-
of the Minnesota State Railroad Bonds"
Sec. 4. Whenever the principal of the said
Minnesota State railroad adjustment bonds
becomes due and payable at the election Of
the State, by the terms thereof, it shall lie
lawful for said board of sinking fund commits
sioners, hereby constituted, to sell and dispose
of and convert into cash the bonds and secu.
rites constituting the said Internal Improve
ment Land Fund and apply their proceeds to
f1,o n,1% of <Io <,f %I,a
Minnesota State Railroad Adjustment Bonds,
and to that end the auditor shall draw his
warrant on the treasurer in favor of the
holder of any such bond, which warrant
shall be countersigned by the Governor and
paid out of said fund by the treasurer, and
upon the payment of any such bond by said
commissioners, they shall cause to be written
across the face of each bond SO paid, the
words "paid and cancelled" together with
the true date of such payment and each men,
Der of said board shall attach his signature
thereto, and the same shall be filed in the Of
flee of the State Treasurer as voucher for
such payments.
Sec. 5. When any coupons on said Min
nesota State Railroad Adjustment Bonds are
due and payable, the Auditor of State shall
draw his warrants in favor of the holders
of coupons, on the treasurer, payable at some
bank to be designated by said board of sink
ing fund commissioners, in the city of New
York, payable out of the interest fund of the
said Internal Improvement Land Fund, and
the treasurer shall, in sufficient season to
meet said warrant, remit to said bank, suf-
ficient sum from said interest fund to pay said
warrants. Provided, that if the amount on
hand of the interest arising from said Inter-
nal improvement Land Fund, at any time
when any coupons on said Minnesota State
Railroad Adjustment Bonds are due and pay
able, is insufficient to pay the same in full,
then the auditor shall ascertain by cOmputa-
ton the pro rata share of said interest fund
on hand, which each coupon would be en-
titled to, and draw his warrants for such
amount in favor of the respective holders of
said coupons.
Sec. 6. Whenever said Minnesota State
Railroad Adjustment Bonds can by their terms
be paid by the State, it shall be the duty of
said sinking fund commissioners to apply the
principal of said Internal improvement Land
Fund, as fast as it accumulates, to the pay
ment of the principal of said bonds and to
take up and retire the same.
Sec. Z. This act shall be submitted to the
electors of the State of Minnesota at the next
general election to be held therein and shall
take effect and be in force from and after it's
approval by majority of the electors OF the
State voting at said election.
Sec. 8. The voters voting in favor Of this
act, shall have written or printed or partly
written and partly printed on their ballots
used at said election, the following words:
'.For the act applying the Internal Improve.
ment Land Fund to the payment of the Min
nesota State Railroad Adjustment Bonds
Yes" and the ballots used at SAID election by
those voting against said act shall have
printed thereon, the following words: "The
act applying the Internal Improvement Land
Fund to the payment of the principal Of the
Minnesota State Railroad Adjustment Bonds
NO."
Sec. 9. This act shall take effect and be In
force from and after it's passage.
Approved March 2, 1881