Emmons County record. [volume] (Williamsport, D.T. [i.e. N.D.]) 1884-current, 1921-08-25
THE INITIATED LAWS

Continued From Front Page)
That Section 1872 of the Constitu-
ton of the State of North Dakota, as
amended by Article 81 of Amend
ments to the Constitution, be amend
ed and re-enacted to read as follows:
Section 1872. The state may issue
bonds provided that all bonds issued
exceeding in amount total of Sew
en- Million Seven Hundred Fifty Thous-
and Dollars, ($7,75O,O00.00) par val
ue, shall be secured by first mortgag-
es upon real estate in amounts not
exceeding one-half of the value there
of.
| The Governor, State Treasurer and
Secretary of State by joint action are
hereby authorized to issue snd sell
bonds of The State of North Dakota
Of the total par value of Seven Mill
ion Seven Hundred Fifty Thousand
Dollars, ($7,750, 100000, which bonds
may be issued and sold for the fol-
lowing purposes only:
| Bonds of the par value not exceed
ing $5,O00,0oO, the proceeds to be
used in payment of the debts and Ii
abilities of the Bank of North Dakota
Bonds of the par value not exceed
ing $2,5OO,OOO, the proceeds to be
used to pay the debts and liabilities
of the North Dakota Mill and Eleva-
tor Association, to pay the expense
of completing the state owned mill
and elevator at Grand Forks, and as
working capital for the operation of
such mill and elevator;
Bonds of the total par value not
exceeding $250,0OO, the proceeds to
be used in payment of the debts and
liabilities of the North Dakota Home
Building Association.
The total debts which may be in
Cured by the state in connection with
the Bank of North Dakota, the Mill
and Elevator Association, the Home
Building Association and the State
owned utilities, enterprises and indus
tries, is hereby limited to the amount
of the bond issues herein specifically
authorized.
Immediately upon the adoption Of
this amendment, the Governor, State
Treasurer and Secretary of State
shall determine the amount of bonds
necessary of each Of the three issues.
herein authorized, and shall give no.
tice thereof by announcement in one
issue of a daily newspaper published
at the seat of government, showing
the amount of bonds then so found
necessary. Like notice shall be given
with reference to the issuing of all
the bonds that may need to be sold
Of the issues and within the limita-
ions herein authorized.
The denominations and dates of ma
turity of any bonds issued hereunder
shall be determined by the Governor
State Treasurer and Secretary of
State, but such bonds shall mature
in not less than five or more than
twenty years from their dates and
shall draw interest at rate not to
exceed six per cent per annum, pay
able semi-annually and be sold at not
less than par, and shall be, together
with the interest thereon exempt
from taxation.
| Such bonds shall be negotiated, sold
and delivered by the officials herein
before named, in the amounts deter
mined as hereinbefore provided with
out further authorization by statute;
and the proceeds thereof shall be
placed in the state treasury to be dis
bursed only for the purpose for which
such bonds are authorized and then
only as provided by law.
The State Treasurer shall report to
the State Board of Equalization annu-
ally on the first day of April all bonds
issued and sold. hereunder together
with the rate Of interest and the date
of maturity thereof, and such Board
shall levy annually thereafter a suf-
fcient state tax on all taxable prop
erty within the state, to pay the inter-
est upon such bonds as the same shall
become due, and to create sinking
fund sufficient to pay the principal of
such bonds at maturity: Provided,
however, that any profit accruing
from the operation of the Bank Of
| North Dakota. the Mill and Elevator
Association or the Home Building AS
sociation, and any and all monies ac-
cruing in connection with the liquida-
[tion thereof, and available for such
purpose, shall be paid into the treas
ury Of the state and credited to the
sinking fund to retire such bonds, and
said Board shall thereafter consider
such credit to any such sinking fund
in determining the rate Of tax levy