Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1903-06-27

Board of University and School Lands.
Tor the purpose OF making an investme t
OF said funds in the hands of said treas
urer IN the bonds issued by the trustees
OF the said Agricultural College at Far !
go, under said chapter l27, laws 1901. |
That the complaint in said action pre-
sented the question whether the invest
ment OF said funds in such bonds was a
legal investment under the constitution,
as the court can itself discover by an eX-
animation OF the complaint, which is
now one OF the records of this court, the
record in said action having been trans
mitted to this court by the clerk of the
district court pursuant to an appeal
taken therein by the State of North Da-
kota from the order of the district court
sustaining tie demurrer to the com
plant. That said district court, in de-
Gliding said issue OF law, held that said
bonds were lawful bonds in which to in
vest the said funds: and that said aues-
ton will be presented to this court for
decision on said appeal
That great public exigency has
arisen, requiring the calling of special
term of this court for the purpose Of de-
Gliding said appeal for the following
reasons, to-wit
There is now in the hands of the state
treasurer belonging to the permanent
school fund and other educational
funds, and which is uninvested aud pro-
ducing no income or revenue whatever
/ 10 the said state institutions and public
/ schools to which the said funds belong
the sum of S750,0O0: and that, so long
as the said state treasurer refuses to
honor warrants drawn on him by the
state auditor for the purpose of making
investments of said funds in said bonds,
the same will remain uninvested.
That, under said various acts author
izng the issue of said bonds, every
dollar of interest paid upon said bonds
will become part of the income aris-
ing from said fund and will, all of it,
90 back to the various institutions by
which such interest is paid; that is to
say, if the University of North Dakota
has one hundred fifty thousand dollars
of permanent funds in the hands OF the
state treasurer, and said funds are in
vested in said bonds, the six thousand
dollars interest paid on said bonds into
the state treasury will represent income
derived from the funds belonging tt
said institution, and said interest viii
: be paid back to said institution. /
, follows. therefore, that the question
presented is, whether this enormous
; sum of money shall lie idle between th'
g present time and the regular Septem
l Der term of court, or shall be in etfec,
/. producing an ircome to the institution
interested therein.
A further exigency is that all pre-
|. jects for improvements which hav
been formed and were about to b
carried out on the theory that tn
treasurer would honor said warrant
e and said funds would be invested
said bonds. are at complete stant
: still until the dicsion of this question
: and if the case cannot be presente
y to the court before the Septembe
u term it will be too late for the carr
/ ING out of any of the said proJec'
) this season. to the great detriment
said institutions. and to the public Il
!, terests generally.
Wherefore. Your petitioners pra
this court TO call special term
said court, for the purpose OF near
the said appeal, and both parties
said action hereby stipulate and agrt
10 waive all matters as to time, al
ent the said appeal to the cou
!, at such time and place as the cou
:. shall order.
+. Dated this 27th day of June, l9e
:, C. n. FRICH,
ATTORNEY General of State of Nor
,f Dakota.
"a GUY C. II. CORLISS.