Warren sheaf. [volume] (Warren, Marshall County, Minn.) 1880-current, 1881-12-03
Sd

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 II enacted by the Legislature Of the State of
Minnesota: -
provement lands of the state are sold the proceeds
OF the same shall be invested and kept vested as
provided by section thirty Two (32) B. of article
sofa and the same shall be and constitute o
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
an 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 to the pay
ment of the interest as it accrues on the said Min
nesota state railroad ad ustment bonds and all the
proceede of said lands whether heretofore here
after sold and whether heretofore invested or here
after to be invested and held by the state treasurer
pursuant to said section of the constitution, and
all interest which has accrued may accrue there
on, or on any of the bonds or securities in which
the same or any part thereof has been or may be
invested, shall be and remain nviolabln fund to
be preserved in the hands of the state treasurer
the interest to be applied to the payment of in
terest on the Minnesota state railroad adjustment
bonds az II accrues. and the principal to be pre-
served inviolate as sinking fund for the purpose
OF being applied to the payment of the principal of
said bonds at their maturity until the maturity Of
when 1t shall be applied to the payment Of the
principal of said bonds.
sec.a. 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 to be
carried OUT and it shall be their duty superntend
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 thirtytwo (32 B. of article (4) Of
the constitution. to the payment Of the interest as
it accrues On said Minnesota state railroad adjust
ment bonds, and TO attend to and take care that
said fund is preserved nvolate for the purpose Of
this act
Sec. g. It shall be lawful to invest any OF the
moneys belonging to the said internal improvement
land fund 10 lhe bonds 70 be issued under the pro-
the state"
Sec. 4. Whenever the principal of the said Min
nesota etate railroad adjustment bonds becomes
due and payable at The election of the state by the
terms thereof, 1t shall be lawful for said hoard Of
sinking fund commissioners hereby constituted to
sell and dispose Of and convert into cash the bonds
and securities constituting the said internal i'm
provement land fund, and apply their proceeds to
the payment OF the principal 1.-THE said Minnesota
the auditor shall draw his warrant on the treasurer
in favor OF the holder Of any such bond which
warrant shall be colntersgned by the governor
upon the paymentof any snch bond by said com.
missioners, they shall canse TO be written across
the face Of each bond SO paid the words 'paid aud
ment and each member of said board shall attach
his signature thereto, and the same shall be hled n
the office Of the state treasurer as voucher for
such payments. -S7 =.
Sec. S. When any coupons on said Minnesota
state railroad adjustment bonds are due and paw
able, the auditor OF state shall draw his variants
in favor OF the holders of coupons on the treasurer
payable at some bank to be designated by said
board OF sinking 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 sufficient sum from
said interest fund to pay said warrants. Provided
that II the amount on hand of the interest arising
from said internal improvement land fund, ct any
time when any coupons on said Minnesota state
railroad adjustment bonds are due and PAYABLE ia
to pay he same in full then the andtor
shall ascertain by computation the pro rata share
OF said interest fund on hand, which each coupon
would be entitled to, and draw his warrants for
euch amount in favor OF the respective holders OF
said coupons.
Sec. 8 Whenever said Minnesota state railroad
adjustment bonds can by thei. terms be paid BY
the state. 1t shall be theduty OF said sinking fund
commissioners to apply the principal OF said in
ternal improvement land fund, as fast as it accum
| nlates, to the payment of the principal Of said
bonds, and to take up and retire the same.
Sec. q. This act shall be submitted to the cleo
tors of the State of Minnesota ut the next general
election to be held therein aud shall take effect and
be in force from and after its approval by major
ity ct the electors Of the state voting ct said
election.