Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1921-10-19
ton to pay its debts, to complete the
Grand Forks project and provide work

Inousand Dollars, t250,000), the pro-
ceeds Of which to Be used to pay the
debts Of the Home Building association.
Limits he debt that may be incurred
enterprises and industries to the amount
OF the bond issue provided for. Orders
Governor. State Treasurer, and Secre-
tary OF State to determine amount Of
notice to be given by duplication in a
DAILY newspaper. Fixes not less than fye
nor more than twenty years as period
% 6 maturity. Provides that bonds shall
inta so.a a. not less than par and draw
Provides that bonds may be sold and
delivered by the officials named with
th *rurther authorization by state. and
m ma ene proceeds shall be expended in
ment. Provides for levying II an an
a tax to create a sinking fund in he
used ose IN addition to monies accrning in
faec Of Mo with the liquidation Of the
OF interest and the retiring Of tho
principal upon maturity.
that every law creating q
oon = issue TO pc secured by a first mort
age upon real estate shall provide for
2 sinking fund to he created by The
levylne OF an annual tax or other pro-
VISION. Said sinking fund to be used for
~ one paSment OF principal inc interest
Gives owners Of bonds the right to
o the state for the collection of
PRINCIPAL and interest in case Of default
Limits all future Indebtedness to that
psovIed fer IN this Amendment excert
Tor the purpose Of repellinE invasion.
snppressing Instruction and to provide
BE p FNAcTEp 3 THE PEOPLE
81 THE STATE OF NORTH DA-
That Section 1872 of the Constitution
ID : by Article 81 Of Amendments to the
Constitution. be amended and
to read as follows: $500
bo sdstio pro 1Sa; THAT Tns ST strts BONDS m:y t. 'sses
Million Seven Hundred FIFTY Thousand
Dollars. (s7.75o. oo0. oo), par value, shall
e oe seured by first mortgages upon real
hnif OF the value thereof.
The Governor. State Treasurer and
secretary or State by Joint action are
hereby anthorized to issue and sell
the total par value Of Seven Million
Seven Hundred Fifty Thousand Dollars.
.fs7,7 50,000.0oJ. which bonds. may be is
sued and sold for the following pur-
Bends Bon Of the par value not exceeding
sa.oO0.00O. the proceeds TO be used in
payment of the debts and liabilities Of
the Bank of North Dakota:
Ronds of the par value not exceeding
$1,000 900, the proceeds to be used to
ray the debts and liabilities of the
North Dakota Mill and Elevator associa-
Ton, to pay the EXPENSE Of completing
Grand Forks. and as working capital
FOR the operation Of such mill and ele-
vator; ~
cea Bonds Of. o. The be- total a valu not ex-
used in payment Of the debts and La
bilities Of the North Dakota Home
Building association.
BY The he t state DEBT 1s to1 wh,ch may w.. be Incurred
of North Dakota. the Mill and Elevator
association. the Home Building associa-
ton and the state owned utilities, en-
terprises and industries. is hereby lin
tied to the amour Of the bond issues
herein specifically authorized.
1mmedtately upon the adontion Of this
amendment. the Governor. State Treas
mine the amount Of bonds NECESSARY to
each of the three issues herein author
lied. and shall give notice thereof by
announcement in n issue Of a daily
eminent. showing the amount Of bonds
then so found necessary. Like notice
shall be given with reference to the is
suing OF All Of the bonds that may need
to be sold Of the issues and within the
limitations herein authorized.
The denominations and dates of ma
turity of any bonds issued hereunder.
shall he determined by the Governor,
but such bonds shall mature in not less
than five or more than twenty years
from their dates and shall draw interest
at a rate not to exceed six per cent
S%) per annum, payable semi-annually.
md be sold at not less tina par, and
thereon exempt from taxation.
Such bonds shall be negotiated. sold
and delivered by the officials hereinbe-
fore named. in the amounts. determined
as hereinhefore provided without furth-
er authorization by statute; and the
proceeds thereof shall be placed in the
state treasury to be disbursed only for
the purpose for which such bonds are
authorized and then only as provided. by
law.
the State Board Of Equalization annual.
~ on the first day Of April all bonds is
sued and sold hereunder. together with
the rate of interest and the date of ma
annually thereafter a sufricient state tax
on all taxable property within the state,
to pay the interest upon such bonds as
the same shal become due. and to Gre
princina! Of such bonds at maturity.
Provided. however, that any profit ac-'
cruins from the operation of the Bank
of North Dakota. the Mill and Eleva-
accruing in connection with the liquida-
ton thereof. n available for such.
purpose. shall be paid into the treasury
Of the state and credited to the sinking
funds to retire such bonds. and said
board shall thereafter. consider such
credit to any such sinking fund in de-
termining the rate of tax levy necessary
for such sinking fund purpose.
Every law authorizing a bond issue.
to be secured by first mortgages upon
real estate. as provided by this section
shall require the levyins OF an annual
tax. or make other provision sufficient
to pay the interest se,ri-annually, and
the principal within thirty years from
the dates of such bonds and shal spe-
officially appropriate the proceeds Of
such tax, or Of such other provisions.
to the payment Of such principal and
interest, n such appropriation shall
not be repealed nor the tax or other pro-
visions discontinued until such debt,
both principal n interest. shall have
been paid.
The holder Of any bend or bonds is
sued hereunder is granted the right to
sue the state for the principal or inter-
est II not paid at maturity.
No Indebtedness other than that
which is herein provided for shall be
Incurred except for the purpose Of re-
nelling invasion. suppressing insurrec-
ton. defending the state in time of war
or to provide for the public defense in
case of threatened hostilities.
Shall said constitutional amendment
be approvsd7 ~
YEs ....................
NC vi