The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1919-01-22
HIGH FINANCE
0UTD0NE WITH
LEAGUE PLANS
State Issues Bonds to Finance
Bank. Pays Interest, Re-
tires Principal
ANY OLD FUND AVAILABLE
Treasurer May Dip Into Any
Moneys He May Have on
Hand to Pay Debts

The issuance of $4,000, 900 worth
OF state bonds in denominations OF IS
to $4,000 to bear not to exceed six
per cent, and to be paayble in not
less than ten nor more than thirty
years, the revenue from the same to
form the capital of the Bank OF North
Dakota, is provided for in House Bill
40, introduced Tuesday by the COM
mittee on state affairs. The state
treasurer is directed to prepare for
issue, and the governor and the state
treasurer are directed to issue these
bonds, to be executed under the great
seal OF the state and to be ateested by
the secretary of state. The bonds
when prepared are to be handed over
to the state industrial commission,
which Is to act as agent of the state
in their sale.
Can Buy Own Bonds.
A significant clause in this act
reads: Nothing in this act however,
shall be construed to prevent the pur-
chase of any of said bonds with any
funds in the Bank of North Dakota"
In other words, the Bank of North
Dakota may invest its resources In its
own capital StOck.
Taxes to Pay Interest. ~
At the time of each annual meet
ing of the state board of equalization
hereafter" the act provides, "the in
dustrial commission shall deliver to
said board an exact written statement
Of all bonds issued under the provis-
ions OF this act outstanding at that
time, including therein the dates OF
maturity, interest rates and all 9TH
or information proper to enable the
board intelligently to comply with the
provisions of this act in regard to tax
levies. On the basis Of such infOrma-
ton, 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
ponds as will become due during the
year beginning on the next ensuing
first day of January, and said tax
shall be collected in the same man
ner as other state taxes are collected,
this In case that whatever moneys,
II any, shall then have been paid to
the state treasurer by the industrial
commission" shall not exceed the
amount of the interest on said bonds
paya de during said year beginning on
the next ensuing first day of Janu'
ary"'. u II d
Also 70 Retire Principal.
The state board OF equalization nay
also, within five years preceding the
maturity of any OF these bonds, levy
each year for the ensuing five years
taxes which will be sufficient to re-
tire each year one-fifth of the amount
of such bonds 1T is the intention OF
this section to provide that in each
of the last five years before the ma
turity of any of said bonds, a state
tax shall be levied which, together
with such moneys as shall during
the next preceding year have been
paid to the state treasurer by the In
dustrial commission for the purpose.
shall be sufficient to pay one-fifth OF
the principal of said bonds"
May Take His Time.
II at any time the amount In the
Tank Band Payment Fund.- created
through taxes to he levied as above
described and through the earnings OF
the Bank of North Dakota, "shall for
the time.beine be insufficient, the
treasurer shall supply the deficiency
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