Bismarck weekly tribune. [volume] (Bismarck, Dakota [N.D.]) 1884-1943, 1891-03-27
CIVIL TOWNSHIPS TO ISSUE BONDS
TO PROCURE SEED.
IL, B. No. IT.

TO PROCURE SEED.
An Act Authorizing Civil Townships to Issue
Bonds to Procure Seed for Needy Farmers Resi-
dent Therein.
Be 1t Enacted by tie Legislature ASSEMBLY Of TIE
State Of North DAKOTA:
SECTION /. Whenever a petition, signed
by three-tilthS of the resident freehOlderS
in any township in this State, shall be filed
with the clerk of said township, praying
the board of supervisors of said township
to issue the bonds of said township for the
purpose of buying seed grain for the needy
farmers residing therein, it shall be the
duty of said clerk Immediately thereup0n
to call a meeting OF the board of supervis-
ors for said township. to be held not later
THAI four days from the date of filing said
petition, and it is hereby made the duty of
said board of township supervisors, upon
a~Scertaining that said petition contains HE
requisite number OF names as shown by the
total number of votes polleu at the last an
nual election for township officers, to forth
with issue the bonds of said township in
the denomination or denominations which
they may deem best, but which Shall not
aggregate more than Il given amount, to be
stated in the aforesaid petition.
SEC. 2. The acts Of Il majority of any
township board of supervisors shall be suf-
ticient to legaliZe the issuing of township
bonds under this act. All bonds issued
under the provisions of this act shall draw
interest at the rate Of per cent. per an
mum, payable Seml-annually, at such place
and times as shall be determined by the
board of supervisors; Provided, That said
bonds shall be payable in not less than five
nor more than ten years.
SECS Said bonds shall be signed by
the chairman Of the board of township SUI
peryisors, and attested by the clerk OF said
township; said bonds shall also be verified
by a certificate, signed by both chairman
and clerk, that the bonds are issued in ac-
cordance with the provisions Of this act,
and are within the dett limit.
SEC 4. 1t shall be the duty of said town.
ship board OF SUPERVISORS to receive sealed
proposals for the purchase of said bonds,
after having given ten days notice by ad-
vertiSing, in any manner they nay deem
best. Said bonds shall be sod to the high
est bidder for cash, and shall not be sold
for less than their par value; PrOUidGl,
That the board of township supervisors
shall have a right to reject all bids and
postpone the sale of said bonds for Il time
not to exceed ten days.
SEC. s. The proceeds arising from the
sale of said bonds shall be paid by the pur-
chaser thereof to the township treasurer
Of said township, or TO his authorized agent,
upon the delivery of said bonds; and such
proceeds shall be paid out only on the
order of the township board of supervisors.
The treasurer of any township shall be re.
quired to give additional bonds, with
sureties to be approved by the board OF
township supervisors, before the proceeds
from the sale OF said bonds are turned over
to him.
SEC. &. Said board of township super
visOrs shall levy a tax, at the time and in
the manner that other taxes are levied,
sufficient to pay the interest, as it falls due,
on the said bonds, and also a sinking fund
tax sufficient to take up the bonds when
they b come due. Neither the interest
fund nor the sinking fund shall be used
for any other purpose than that for which
it is levied; Provided, hoWever, That the
sinking fund may be- deposited or loaned
in any safe place, for the purpose of earn
ing interest, which shall be credited to the
sinking fund; and PROVIDED, further. That
any balances remaining in sad fund, after
the payment of said bonds, shall be rams
ferred to any other township fund or funds
designated by the the board Of township
supervisors.
SEC. Z. The township treasurer shall re-
ceive l per cent. for handling the proceeds
OF the sale OF said bonds. Upon the pay
ment Of any of said bonds, or the coupons
thereto attached, it shall be be the duty of
the township treasurer to cancel the same
by writing the word Paid" across the face
of the same and the date of payment. The
township treasurer snail also hep a record
of these bonds, showing date, maturity, rate
OF interest,", to whom and when payable,
and when any interest coupon is paid, it
shall be credited on said record, with date
of payment.
SEC. 8. The proceeds arising from the
sale Of said bonds shall be applied ex-
clusively, by the board of township super
vis0rs, in the purchase of seed grain for
needy farmers residing in said township,
who are unable to procure seed elseWhere;
Provided, That not more tha one hun
dred and fifty bushels of wheat or its
equivalent IN other seed grain shall be
furnished to any one person.
SEC. q. 1t shall be the duty of the town
ship clerk to file seed liens in the name OF
the township, against all persons securing
seed from the township under the pro-
visions OF this act, within the time provided
by law for the fling of seed liens by pri
vate parties, and said clerk shall be allowed
a fee Of twenty-five (25) cents for making