Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1919-04-02

as the Bank Of North Dakota Real
Estate Bond act, the governor and
state treasurer are required to deliver
bonds OF the state to the Industrial
commission lin such denominations
and amounts bearing interest at such
rates and running to such periods Of
maturity as may be required by the
industrial commission, within the
limitations hereinbefore stated" 1t ID
provided that the bonds shall be sold
at not less than par and that the faith
and credit of the state Of North Dako-
Ia is pledged for the payment Of both
principal and interest," and the aggre-
gate issue of bonds is fixed at ten
millions of dollars.
These bonds are issued upon the
deposit OF mortgage securities by the
commission In an amount of not less
than n hundred thousand dollars.
This act has a. provision by which
the powers granted therein can be
repeatedly exercised. thus making the
fund n revolving fund. SO that the ten
million dollars of liability created by
these bonds. would In all probability
never terminate, for Ms soon az one
hundred thousand dollars Of the
bonds were paid. another hundred
thousand dollars could be issued in
new bonds with new maturity dates,
thus keeping a perpetual liability with
an interest charge Of probably 6 per
cent,
This act carries an appropriation of
ten thousand dollars which ia imme.
dthtely available and the act carrying
an emergency clause became effective
Febrr0'y 26.
Senate Bill No. 20.
Under the provisions Of Senate Bill
No. 20. which in the complaint IL
known az he Mill and Elevator asso.
citation Act, the industrial commission
created Ivy House Bill II is authorized
to rngaEc IN the business Of manufac-
turing and marketing farm products,
and establishing a system of ware
houses. elevators and flour mills, fac
tories. plants. machinery and equip
r,cnt. and to do, and transact any
any individual or corporation, either
| within or without the state, or in
foreign countries. being authorized to
acquire either by purchase or right
! Of eminent domain any and all prop
erty necessary for the carrying on OF
such business, either within or with
out the state or in foreign countries.
The commission has the same power
to employ and discharge all employees
and fix salaries. etc. that is granted in
the other bills n this act carries
with it an appropriation of all of the
money now in the state treasury
raised by a 1-S mill tax provided for
under the provisions of sections 2072
and 2073 of the Compiled Laws OF
1913, which amounts to $~11S.743.54
This money is Immediately available
and as an emergency clause is at.
tached to the bill it became effective
February 26, 1919.
Senate Bill No. IS.
This bill provides for the issuance
Of bonds in the sum of five million
dollars which are to be issued in the
same manner that the bonds already
referred in former bills are issued,
all of the business to be carried on
by the industrial commission and the
bonds to be sold by that commission
This act also contains the provision
that the powers granted with respect
to the issuance of bonds may be re.
peatedly exercised, thus creating a
revolving fund and putting the matte,
in such shape that the five million
dollars would probably be a perpetual
liability Of the state with interest al
a maximum rate Of s per cent.
This bill carries an appropriation