Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1919-01-24
LEAGUE BANK
ACT TO LEVY
!. INTEREST TAX
Assessments Provid-
ed For Interest on ST.
I 100000 in Bonds.
(By Stan Correspondent.

the SIAIS Affairs COIltAAIlee. at the Oe-
hest Of the league caucus, are those
sections pertaining to the levying Of
special assessments to pay the inter-
est on the bonds and the principal.
The bill provides for a bond issue
of two million dollars, which shall
bear interest at not more than Six
per cent and shall be payable in not
less than ten nor more than thirty
years" The bonds are to be sold by
the Industrial Commission, provided
for in another league measure.
The interest is payable semi-an-
nually m the first day Of January
end July, and, 80 far as possible, is to
paid for out OF the earnings of the
state bank. League leaders realized,
however, that this might be difficult
at times, and SO the bill includes pro-
visions for special assessments.
When the board Of equalization
holds its annual meeting, the Indus
trial Commission must present to it a
complete and comprehensive report
of the bonds issued, including the
dates Of maturity, Interest rates and
all other Information that may prove
of value to the equalization board in
its work. :
In THIS connection. the bill pro-
vides:
ION the basis Of such information,
the State Board Of Equalization shall
annually levy. a tax, at the time other
taxes are levied, sufficient in amount
to pay such interest on said bonds as
will become due during the year be-
ginning on the next ensuing first day
OF January. and said tax shall be COL
lected In the same manner as other
state taxes are collected. In determ-
lining, however, the amount Of the
tax sufficient for such purpose the
Board Of Equalization shall take into
account whatever moneys, If any,
shaA then have been paid to the state
sion, . for the specific purpose
of paying such interest. The Board
of Equalization shall apply to the
state treasurer for information as to
the amount Of such moneys, n he
! shall forthwith supply the informa-
ton requested. If the amount of such
moneys shall equal or exceed the
amount of the interest on said bonds
payable during said year beginning
on he next ensuing first day Of jan
uary, then no tax shall be levied by
the Board of Equalization for that
purpose; but If the amount of such
moneys shall be less than the mount
OF the interest on said bonds payable
during said year, then the Board of
Equalization shall deduct the amount
OF said moneys in the possession Of
the treasurer from the mount of the
interest SO payable, and shall levy the.
! tax hereinbefore in this section, pro-
slueo Ior at least the difference be-
tween SAID
Anotner secuon Is devoted to spe-
cha taxes for the payment Of the
principal, and, according to the bill,
II is the of this section to
PROVIDE mat IN zach Of the last five
years. before the. maturity Of any of
sala ponds, a state tax shall.be levied
Whlcn, togetner with such moneys as
shaH durlns n next preceding year
nave oeen paid to the state t%reasur-
er' py the industrial Commission for
n purpose, shall be at least suffi-
clent 70 pay one-hfth part of the
pi!nc!pal or SAID bonds.
II the Board of Equalization learns
from tne COMMISSIONS report that
any OF n n issued shall mature
WITHIN the hve-year period following
any annual meeting. the board shall
thereupon levy a tax in an
amount equal to one-ifth OF the
amount OF the principal of such
bonds; provided, however, that in de-
termining the amount Of such tax.
tne Boar OF equalization shall take
INTO accoun whatever moneys, If any.
snail nave been paid to the state
treasurer by the Industrial Commits
sion Tor The specific purpose Of pay
ING the prlnclpal OF said bonds when
due The board Of equaliza-
ton h apply to the state t~reasur-
er for Information as to the amount
Of such moneys and as to the times
when paid to him. II the amount Of
such moneys, paid to the treasurer
since The date Of the last preceding
TAX levy by the Board Of
Equaiizauon shall equal or exceed
one-ntth OF the amount Of the bonds
SO to mature. then such tax shall not
pc levied; but II the amount Of such
moneys to the state treasurer
slnce the date of the last preceding
TAX ieVy' shaH be less than one-ffth
OF the amount of said bonds SO to
mature. then the Board of NEqualiza-
ton shall deduct the amount Of such
moneys, so paid, from such one-ifth
OF said bonds. and shall levy the tax,
hereinbefore in this section provided,
Tor the d~inerence."
The bill creates the Bank Bond
f'und' IN the state treas
urers once 70 distinguish it from
otner Iunds. All moneys received by
} the ~reasure either from special as
sessments, appropriations or other
wise, which are applicable to the
OF are to be kept in
MS NO appropriation for any
purpose other than the. payment of
J, me principal or interest car be made
rom thls 1und until all the bonds
|. ave been paid. The funds, how
/ eyer, can pc deposited in the Bank of
/ Norm Dakota.
If at any time <ba> Del. p~rS