Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1921-10-22
for the public defense.
OF THE STATE OF NORTH DA-

Tor h public defense.
BE IT ENACTED By THE PEOPLE
Re THF STATE OF NORTH DA-
That Section 1ss Of the Constitution
OF the state Of North Dakota, as amend
60 BY Article 81 Of Amendments to the
to read 40 follows: NJ :.
Section 1ss. THE state may issue
bonds; provided that all bonds issued
exceeding In amount q total Of Seven
Dollars. fs7.75o,o 100000 $parsvaiue. shall
pc secured by first mortgages upon real
estate In amounts not exceeding one
nall OF the value thereof. /.
Secretary Of State BY Joint action are
hereby authorized to issue and sell
bonds Of the State Of North Dakota of
sne total par value OF Seven Million
'ls7. 75o,ooo.0o5s which bonds may yo he Is
sued and sold for the following u
Bonds esn 81 the par value not exceeding
payment Of the ,deeSts and liabilities ints Of
the Bank Of North Dakota; :
90 e eon nnn or the par value not exceeding
p p:S0t tSe de the proceeds to be used to
North Dakota Mil and Eevator ae es aae
ton. to pay the expense Of compIetinr
the state owned mill and elevator al
Grand Forks, and as working capital
Sot rne operation of such mill and ele-
eeedinE $4,000: the pro s.us nG 70 .e Be
bilifte IN syms zen Of h debts and Ia
Bu ,ii ! OF as,o the n, North Dakota Home
me total debt which may be incurred
oy ne STATE IN connection with the Bank
OF MSrth Dakota; the Mil and Elevator
tion and the state owned utilities. en-.
terprtscs and Industries, is hereby lin
herein sneclhcally authorized
amendment. the Governor, State Treas.
furer and Secretary OF State shall deter.
nine the amount of bonds, necessary ia
eacn OF the three issues herein author.
announcement in one issue OF a. dai1v
newspaper published at the seat of rny,
eminent. showing the amount Of honds
ehen SO found necessary. Like notice
suing Of all OF the bonds tLat MAY need
to be sold Of the issnos and within the
i,mitat1ors herein authorized.
INC denominations End dates Of ma
shal be 6eterrnined Ivy the Governor
state Treasurer md Secretary Of St,ta
nut such bonds shall nature in not less
ran rye or more than twenty years
at q rate not to exceed ski ner cent
6%) per aonur. nayahle s~enilannuailv
\ be sold at not less than par, arl
.ha.d De: .tnsethsr with the interest
! such bonds shall be neeotiated. scli
fore named. in the amounts deter-,inei
ms %ereinnefore provided without .furth.
proceeds <hereof shall be placed IN III
state treasury to be disbursed on1v 70,
the purpose for which Such bonds ard
authorized and then only as provided By
TIE State Treasurer shall report t.
the State Board of I"unaH-ation ANIMAL
~ cn the first day Of trril all bonds is.
sued n gold hereunder; tosether viii
the rate Of interest. and the date OF ma.
turitv thereof. and s,ich boz I'd shall lew
annually thereafter n suficient state IA,
IN az taxable property ,%withtn.sthe state
20 . nay ne interest nron such hords as
ate a sinking fund sur'rient to nav tn.
nr'nctnal Of such bonds 1T matilritv
rrorided. however. that any croft &C.
cr"tns rro-, the oneeration Of the Ban,
Tor association. and any and all NOME.
accruine in connection with the ltouida.
ton thereof: and avai1ablei for sucl
n ~ 1Ss sta ahsll b be paid into the treasur,
FUNDS to retire such bonds. and, sail
board shall thereafter consider suci
credit to- any such sinking fund in. de
serm sInh the rate Of tax levy necessar,
1900 .'"i Posc. - .Er
/. Every. law authorizing a bond issu,
i5to be secured by first MORTGAGES n
real estate. as provided by this sectioI
tax. or make other provision suntcien.
to pay. the interest seni-annually, ant
the principal within thirty years from
the dates Of such bonds and shall spe
officially appropriate the proceeds o,
such tax, or Of such other provisions
to the payment Of such principal ani
interest. and such appropriation shall
visions discontinued until such debt
both principal and interest. shall hay,
been paid.
The holder Of any bond or bonds is
sued hereunder Is granted the right t.
est if not raid at maturity.
No Indebtedness other than tina
which is herein provided for shall b.
pel,ing invasion. suprressing Insured
tion. defending. the state in>time Of wa,
or to provide for the public defense il
case of threatened Possibilities. -
Shall said constitutional amendmsn,
be ~approvsd7
YES ................. II