Bismarck weekly tribune. [volume] (Bismarck, Dakota [N.D.]) 1884-1943, 1891-02-20

Ponds. to Pay the State of North Dakota's
Share of the lndebtedness of the Territory of
sion of the States of North and South Dakota,
Appointed Pursuant to Law.
Be it Enacted By the Legislative assembly of the
State of North Dakota:
SECTION /. That the governor, state
auditor and state treasurer are hereby
authorize and empowered to prepare for
issue negotiable bonds of the state of
North Dakota to the amount of one hun
dred and six thousand dollars ($106, 000) to
pay the state of North Dakota's share of
the Indebtedness of the territory of Dakota,
as determined by the joint commission OF
the states of North and South Dakota, ap.
pointed pursuant to law. Such bonds shall
be made payable to the purchaser or
bearer, and payable i'll thirty years from
date of issue, and shall bear interest at a
rate not to exceed four and one-half per
cent. per annum, interest payable semi
annually on the first day OF January and
July each year, with coupons attached for
each interest payment. said interest cOu-
pOns to be made payable anywhere IN the
cuted under the great seal of the state by
the governor and treasurer, and shall be al
tested by the secretary OF state, and shall be
negotiated by the treasurer.
SEC. 2. The stale treasurer shall receive
sealed proposals for the purchase of said
bonds, and he Shall give public notice for
four successive weeks 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
the said bonds shall be sold to the highest
bidder for cash, at not less than their par
value.
SEC. 3. The state board of equalization,
at the time other taxes are levied, shall
levy a sufficient tax annually to pay the
interest on said bonds, as the same shall
become due, which tax shall be collected
in the same manner that other state taxes
are collected. Also, seven years before the
maturity of said bonds, said board shall
provide a sinking fund sufficient to retire
and pay said bonds at their maturity, and
for such purpose shall annually levy a tax
sufficient to provide such funds. No tax
or fund provided for the payment of such
bonds or the interest thereon shall be used
for any other purpose.
SEGA. When the interest coupons at
tached to such bonds become due, and
whenever said bonds mature, it shall be
the duty of the state treasurer to pay the
same on presentation, out of any funds in
the treasury applicable thereto, and to can
eel the same when paid.
SEC. s. When said bonds are all re-
deemed and all interest thereon paid, the
residue of said fund and all subsequent
! collections Of said tax shall be transferred
to the general revenue fund of the state.
SEC. +. The state treasurer is hereby
authorized and empowered to offer for sale
said bonds in such amounts and at such
times as the governor, state auditor and
state treasurer may deem proper and for
the best interests of the state.
SEC. 7. The proceeds of the ,ale of such
bonds shall he placed to the credit of the
general fund of the state. and whenever
for any cause there are not Sufficient funds
to the credit of the bond interest fund tC
pay the interest accrued on the bonds is,
sued, it shall be the duty of the treasurer
to pay the interest out of any other unap.
prOpriated fund belonging to the state, and
here is hereby appropriated out of the
state general fund a sum sufficient to pay
such interest on said bonds as may become
due before the funds and tax herein pro
vided for can be made available, and il
shall be the duty of the state treasurer tt
pay such interest promptly at the time i
falls due.
SEC. 8. Said bonds to be known ant
styled, Bonds funding the territorial in,
debtedneSs Of the state of North Dakota,
which shall be of denominations of no
less than one thousand dollars each.
SEC. g.. Whereas, an emergency exist:
in that the share OF North Dakota's terrific
rial indebtedness has beer determined
pursuant to law. and whereas, the avail
able resources of the state treasury hav'
been exhausted to pay the same and 1t i
necessary to provide funds to pay the leg
islative and current expenses of the state
therefore, this act shall take effect and b
in force Immediately upon its passage an
approval.
Approved February 8, 1891.