Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1905-01-05


University and School Of Mines bonds,
bearing per cent, due 1921 $4,000
Total ... III. $4,000
The effect of recent decision Of the Supreme Court was
to declare these bonds void and that they be paid
from the provided the acts under which they
issued The state not legally bound to pay these bonds
However, they authorized by the legislature;
issued by state ocers the proceeds used to construct
buildings the property Of the state and the state will
not repudiate them.
The Normal bonds and the Industrial School bonds,
$4,000 in all are held by private parties and should be
called in and paid at The balance held by the
permanent school fund and should be retired
practicable
In 1901 there were issued $4,000 cent Irvine plant
bonds to provide fund Of $2100O operating fund
operate the Irvine cordage plant at the penenary
These to be paid from the profits arising from the
operation Of the plant $ 900 Of these bonds we're paid
from profits up January 1904 and there is now $685.
839 81 in the sinking fund from the profits Of 1904 apple
able to further payment which will reduce the total by
During the past year there have been issued for the
structon OF the north wing Of the capitol 100000 per
cent capitol building bonds These bonds payable
OF the proceeds Of the sale of capitol building lands which
are applicable and ample for their full payment.
The last legislative assembly authorized the issue quite
large of additional institution bonds for the
ton and equipment Of buildings and to clear up debts
for buildings previously erected Some Of these bonds
were executed and sold to the Board of University and
questioned by the State Treasurer and subsequent
decision OF the Supreme Court declared them to be Invalid
number Of institutions anticipating the proceeds Of these
bonds entered into contracts and the erection
of the building authorized by the legislature The courts
decision stopped all Of these building operations and left
the buildings then under construction in an unfinished and
exposed state These facts brought to the attention
OF the emergency commission which commission acting
under authority Of section 1929 Revised Codes in order to
protect the property Of the state relieve the contractors
ana TO supply what appeared to be necessary
for the Institutions made the following appropriations
Deaf School .......... $ 5000 90
valsy ci{y Normal a 81s9 %
Agricultural College ........... $50. $4,000 90
These appropriations only sufficient to partially
Tor these The balance was arranged to he
carried by the contractors and friends Of the institutions
until the legislature should provide for their reimburse
%ent These obligations incurred IN good faith and
should be taken Of Besides these debts some m TIA
nsututlons anticipated this bond issue and made improve
ments carrying the cost in the form Of Sc IN
oeotedness OF overdrafts This Indebtedness as follows
Deaf School, balance due on contracts
Valley City Normal balance due On CON P110
Agricultural College, balance due on con- $500
tracts, ABOUT .,......... 25OOO
Agricultural College, old debt, about ... aoOOo
University certificate Of indebtedness,
industrial School, certificate Of indebted ''''D
ness, ABOUT .................. $4,000
These debts were all incurred contrary r. Law MI
heye an investigation will show that the state received f
vaue Tor the entire amount believe thew shonld IL ad
ano means taken to prevent their recurrence Other ist
AAoSoo OIac IF
recommend that committee be appointed eary a the
sion 70 make thorough Investigation Of these matters and
lay them before the assembly 'sso l'a''eis anu
PUBLIC INSTITUTIONS.
Our public institutions have all made great growth 49,
g me Two years The Institution for Feeble Minded has
Rven completed and in operation for ahont fan
me aosplta Tor Insane relieved trfe by the
g q as institution but is very badly crowded and
cell at the Pententary occupied ana addonaI @
Ds needed there hospital building should Be CONSTRUCTOR
Mnlcn would relieve the cell time The nsn
received from the interest and income from ss
h have ample funds for their
Du1 n aax need q some additional buildings
submit herewith statement az tha' rooa go - ..,
ns'l'uton from the mill tax and endowment funds
STATE UNIVERSITY AND scHnor =, $500