Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1921-10-22

connection with the liquidation Of the
Bank OF North Dakota for the payment
OF interest n the retiring Of the
REQUIRES that every law creating =
bond issue to be secured BY a first mort
rage upon real estate shall provide for
+ i.y s,nxln & rum to be created by the
Vision. Said sinking fund to be used for
Inc Of principal and interest
on such bonds.
sue the state for the collection Of
principal and interest in. case Of default
Limits 81 future indebtedness to that
TOT tho purpose Of repe1line invasion.
suppresstng insurrection and to provide
for the public defense.
% q 3 44Ha11c5g 41rh % or the NoR 7f9f p1s
That Section 1872 OF the Constitution
q the State Of North Dakota, as amend
CONSTITUTION be amended and re-ensctsd
Section 1872. The state may issue
ouds; provided that ell bonds issued
Million Seven Hundred Fifty Thoussnd
81 secured BY irst mortsases upon seal real
sstste m amounts not Exceeding one
~ SUCES O1. @ "=.
the 0overnor. State Treasurer and
Secretars Of State by joint action are
e sSnd TT e the he state Of North Dakota 81
Seven Hundred FIFTY Thousand Dollars.
t37.175 20, o0o. o0>, which bonds may be il
sued and sold for the following pur-
. seee ~. q tn. par v.lu. not .ze..a,n<
ss:oeo 900, the proceeds to be ussd in
payment Of ths debts and liabilities Of
ths BANK o. North Dakota:
s. .so o 'noo OF IN Inc par value not exceeding
pay the debts n Liabilities Of the
North Dakota Mill and Elevator associa-
ton to pay the expense Of completing
Grand Forks, and ~ working capital
Tor the operation of such mill and eie-
vator; A "na e'e-
o.s sSss' e :.o tss t0t; 81. par n, x:,s not =, e <.
used In payment Of the deSts and d ,t oe
bilitiez Of tho Nsrth Dakota Home
Building association.
~ ;1 IT, t stst. d IL son mitch may s,. ;. Incurred
Of North Dakota. the Min and Elevator
association. the Home Buildfnx associa.
tion n the state owned utilities, en-
tied to the amount Of the bond issuss
herein specifically authorized.
lmmedtntely upon the adoption OF this
nr. nam am the G%oyernor. state Treas
oo>ASNoty Oh SI8kE 8NAlI nAfAf-
mine the amount OF bonds necesaarv "a
zach Of the three issues herein auther-
s1Sa; and hall give notice thereof by
r rnnouncenaent IN enc issue Of a daily
eminent. showing the amount Of bonds
then 30 found necessary. Like notice
snn1! be given With reference to the is
10 to' ne o. Ola 81 !, Of the bonds that may need
limitations herein authorized. ~
Inc denominations and dates Of ma
s ENTITY % OF any bonds issued hereunder,
State Treasurer and secretar q, stn1s
than Ave or mor4 than twenty cars
from '.netr dates and shall draw interest
CD per ennum. payable semi-annuaiIy.
and be sold at not less than par. and
shall be, together with the interest a.t
thereon exempt from taxation.
Such bonds shall be negotiated. sold
delivered by the officials hereinbe-
fore named. in the amounts ~deter1njned
Is n aHthn.,e1 IRE, preyided Without furth-
81 aSsno' thereof by p statute +. n':,t = ID he
state treasury to be disbursed only for
the purpose for which such honda ara
authorized and then only as provided BIZ
The State Treasurer shal renort "a
the State BOARD Of Equalization Annual
~ On ths ns,t day Of April all bonds is
s y ana 500 nereunder together with
~ TUG CAI6 OY MAO
tur7ty thereof, and such board shall lew
annually thereafter a sufficient state tag
On IN gu liable property within the state.
f.. Pay ssm Inc .h anfeT ssto upo9 sueh bonds as
ate a sinking fund sufficient to pay the
principal Of such bonds 1t maturity,
FrDytaed. howevsr. that MI prodt &C.
Of North Dakota, the Mil and EievaA
tor association. and any and ain monica
aceruing IN connection with-the liquida-
ton thereof; n available for such
OF the state and credited to the sinking
funds to retire such bonds, and saiS
shall thereafter consider such
crsdit. to any such sinking fund In de-
for such sinking fund purpose.
Every law authorizing 4 bond issue
to be secured by arst mortgages upon
shall require the levyine of an annuai
tax. or mako other provision SUFFICIENT
to pay the interest semi-annually, and
the 5 Rnssdp "f , WITHIN n.I thirty years from
ci1caliy appropriate the proceeds Of
such tax. or OF such other .provisions.
to The payment Of such principal and
not be- repealed nor the tax or other ' prol
visions discontinued until such debt
both principal and interest. shall have
been paid.
The holder Of any pond or bonds is
sued hereunder is granted the right to
sue the state for the principal or inter
est If not paid at maturity.
No indebtedness other than that
which is herein provided for shall be
incurred except for the purpose Of re-
RealinE invasion. supervising insurrec-
ton. defending the state in time Of war
or to provide for the public defense in
case Of threatened hostilities.
hal SAID constitutional aasmdmut
ho approve6p
YES ....."..,..........