Bismarck weekly tribune. [volume] (Bismarck, Dakota [N.D.]) 1884-1943, 1890-03-07
NO. 49,,

NO. 10.
An Act Providing for Refunding the Ontstand.
ing Bonds of the State of North Dakota.
Be it Enacted By the Legislative ASSEMBLY, of the
State of North Dakota:
SECTION l. STATE BONDs.l That in
order to provide for refunding as far as
possible, at a lower rate of interest, all the
outstanding bonds, the payment Of which
has been assumed by the state of North
Dakota, under the provisions OF the report
or the joint commission, which was ap-
proved by the people of North and South
Dakota, the treasurer of the state is here
by authorized and empowered, and it is
made his duty to prepare for issue the
negotiable bonds of the state of North Da-
kota, for u amounts as shall be neces-
sary to refund all the outstanding bonds
subject to the call of the state, or soon to
become subject to such call: and also for
such amounts as shall be necessary to re-
fund all the other outstanding bonds posi-
Die. whenever the rate of interest can be
reduced, in accordance with the provisions
OF this act. Such bonds shall be made
payable to the purchaser or bearer, pay
able in not less than ten nor more than
thirty years from the date of their issue,
ana n bear interest at a rate not to eX-
coed 4 per cent per annum, payable semi
annually, on the LIST day of January and
July Of each year, with coupons attached
Tor each interest payment, and they may
De made payable anywhere in the United
States. Said bonds shall be executed under
the great seal of the state by the governor
secretary of state, and shall be negotiable
by the treasurer.
SEC. z. EXCHANGE OR sALE.1 Said
bonds may be exchanged by the state
treasurer, at not less than their par value
for an equal amount of the bonds of the
state permitted tn be refunded under the
provisions of this act; or said bonds may
be soId by him, at the highest cash price
possible, not less than par, and the pro-
ceeds applied solely to the payment of said
outstanding bonds. If said bonds or any
part thereof are to be sold for cash, as pro-
vided in this section, the state treasurer
shall receive sealed proposals for the pur-
chase Of the same, and he shall give public
notice, for at least thirty days, in two or
more newspapers of general circulation,
one OF which shall be published in the city
OF New York, giving date of such sale, and
said bonds shall be sold to the highest bid
der for cash.
SEC. 8. TAx.] The state board of equal
lZatlOn at the time the other taxes are lev
led shall levy a sufficient tax annually to
pay the interest on such bonds as the same
shall become due, which tax shall be col
iected IN the same manner that other state
taxes are collected. Also, a reasonable
time before the maturity of said bonds said
board shall provide a sinking fund suffi-
clent to retire and pay said bonds at their
maturity, and for such purpose shall annu-
ally levy a tax sufficient to produce such
fund No tax or fund provided for the pay
ment of such bonds or interest thereon
shall be used for any other purpose.
SEC. 4. TREASURER TO PAY.] When
the interest coupons attached to said bonds
become due and whenever any OF said
bonds mature it shall be the duty of the
state treasurer to pay the same on presen-
tation, out of any funds in his hands ap.
plicable thereto, and to cancel them when
paid. Whenever any Of said bonds be.
come subject to the call of the state and
be applied to the payment thereof, he shall
call in for payment and cancellation such
portion Of the same as he may have funds
to pay; and, if to the advantage of the
state, ne may purchase any of said bonds
at their market value and retire and can
eel the same, with the sinking fund tax, as
the same shall be collected and received by
him.
SEC. 5. APPROPRIATION There is here
by appropriated out of the state treasury
all of the funds realized ty the sale Of the
bonds provided for in this act for the pur-
poses in this act provided.
SEC. 6. That a portion of the bonds pro-
posed to be refunded by this act being now
subject to call and there being no funds
provided for the payment or refunding
thereof, and it being necessary for an eco.
nomical administration Of the finances of
the state that this act take effect and be.
come operative Immediately an emergency
exists; therefore this act shall take effect
and be in force from its passage and ap.
prevail.
Approved February II, 1890.