The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1881-12-01
81.

AN ACT to provide for the application Of the
moneys OF the Internal improvement land fund
Of the State Of Minnesota to the payment Of the
principal and interest Of the Minnesota State
railroad adjustment bonds.
Be il enacted by the Legislature Of the State Of
Section /. AZ fast as any Of the internal i'm
provement lands Of the state are sOd the proceeds
Of the same shall be invested and kept invested
provided BY section lhirty-two ts2l B. Of article
four az Of the constitution Of the State of Mime
sofa and the same shall be and constitute .
sinking fund for the payment at their maturity
OF the principal Of the Minnesota state railroad
visions OF an act passed at the present extra
session of the Legislature Of the state, entitled
ian act providing for the adjustment of Ger
tain alleged claims against the state" and the in
terest on any bonds or securities in which said
fund shall be invested shall be applied the pay
ment OF the interest as II xccrues on the said Min
prOseede Of said lands, whether heretofore or here
after sold and whether invested or here
after to be invested and held by the state treasurer,
all interest which has accrued or may accrue there
on. or ON any Of the bonds securities in which
the same or any part thereof has i,een or may be
be preserved in the hands Of the state treasurer,
the interest 10 be applied to the payment of In
terest on the Minnesota state railroad adjustment
served invoase as sinking fund for the purpose s
Of icing applied to the payment Of the principal Of
said bonds 1t their maturity, until the maturity Of
sa.d Minnesota i state railroad adjustment bonds,
principal Of said bonds.
Sec. 2. The governor, auditor and treasurer Of
state are hereby constituted board OF sinking
fund commissioners, and are hereby charged with
the duty of causing the provisions Of this act be
carried out, and it shall be their duty to snperiniend
the application of the interest accruing ON the
securities which are or may hereafter come into
the hands Of the state treasurer under the provisions
Of said section thirtytw0 az b of article ny Of
the constitution to the payment Of the iaterrst az
ltvas~.
ment bOnds, aud 10 attend to and take care that
said fund 10 preserved invoate for the purpose Of
this act.
Sec. 8. 1t shall be lawful to invest any of the
moneys belonging to the said internal Improvement
land fund in The bonds be issued under the pro-
visions of said act. entitled ian act providing for
the adjustment Of certain alleged claims sgainst
Sec. T. Whenever the principal Of the said MIN
nesota etate railroad adjustment bonds becomes
terms thereof, it shall be lawful for said hoard Of
sinking fund commissioners hereby constituted to
sell and dispose Of and convert into cash the bonds
provement land fund, nd apply their proceeds TO
the payment Of the principal Of the said Minnesota
state railroad adjustment bonds, and to that end
10 favor Of the holder Of any such bond which
warrant shall be c0untersigned by the governor
and paid out Of said fund by the treasurer, and
missioners. they thall cause 70 b. written across
the face Of each bond 30 paid the words paid aud
cancelled together with the dsfe Of such pay.
Se
the once Of the stass treasurer ~ . voucher for
such payments.
state railroad adjustment bonds are due and paw
able, the auditor Of state shall draw his warrants
In favor of the holders Of coupons, tho treasurer,
payable a some bank 70 be Designated By said
New York, payable ont Of the interest fund Of the
said internal improvement land fund. and the