Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1921-10-26
CONSTITUTIONAL AMENDMENTS.

CONSTITUTIONAL AMENDMENTS.
DEBT LI1kH-DoAD ISSUES.
Petition for InitisHon Of Constitutional
Amendmeut Relating to the Ieguine
j, o. 1cnds and Reducing and Fixing
ins and re-enactins Section 1ss, as
amended by Article 81 Of the Amend-
ments 70 the Constitution of the State
o. no Mert ta., Rasot e being an act relating
Reduces the total possible bonded
debt OF the state without security and
Tor '~industrial purposes. Requires frst
mortgages on real estate as security
."tion. Ss>s
y Provides that the Governor. State
Treasurer and Secretary Of State may
issue and sell such bonds for certain
purposes, to-wit:
lars Is. eoo. 100000. tho proceed. Of
ths Ban * 81 81 S Sssa y Da ses tho debts OF
% Not to exceed Tive Milltea. Five
dn %n ID, Thonsand pellaEs ts.:soo:-
used dor the MIN and Elevator associa~
ton to pay its debts. to complete the
Grand Forks project and provide work.
rho1sand Doilass, (;s5So. eooS. the ' prc1
ceeds Of which to be used to. pay the
debts OF the Homo Building, association,
Limits the 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 .nneunt Of
notice to- b given by publication in q
daily newspaper. Fixes not less than ave
. nor u mG5e than pr tvsnty SstFg so - period s !
be. sold at not less than par and draw
interest at not to exceed SIX per cent.
Provides that bonds may be odd and
delivered by the officials named with:
that the proceeds shan be expended in
manner provided by law n this amend
ment. Provides for levyinE Of an
" ose in in addition q sien's 70 m naa,a1 a .a1 ? 20 IN n
connection WITH the i%iquidation Of the
Bank Of North Dakota for the. payment
Of interest and the retiring Of the
principal upon maturity. /.
Requires that every law creating .
bond issue to be secured By AJhEst. mort
sgage upon real estate, shall provide for
i.y sinking 3, fund .n ,, TO- t. tar er :. s9,s By the the
vision. Said sinking fund to DO used for.
the payment Of principal and. interest
on such bonds.
Gives owners Ct bonds the right to
principal and interest in case Of default
by the state.
Limits all future Indebtedness to that
provided for in this Amendment except
for the purpose Of repe1ling invasion.
suppressinE insurrection and to provide
for the public defense.
BE IT ENACTED BY THE PEOPLE
OF THE STATE OF NORTH "a
KOTA: .- xt
That Section 1872 Of tho Constitution
Of the State Of Norm Daxotar as amend
ed by>Article 81 OF Amendments to the
Constitution. be amended and. r~e-enacted
to read as follows:
Section 49,. The state may issue
bonds, provided that AL bonds issued
Million Seven Hundred Fifty Thousand
Dollars. 81, $50, $1,000. par value. shall
be secured by fret mortgages Upon real
estate in mounts not exceeding one
half Of the value thereof.
The Governor, State Treasurer and
Secretary Of State by Joint action are
hereby authorized to issue and sell
bonds Of the State Of North Dakota Of
the total par value Of Seven Million
Seven Hundred Fifty Thousand Dollars.
{S7,76o, 900. o0E, which bonds may bc Is
sued and sold for tho following pur-
poses only: =