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

Bonds Of the par value not exceeding
-, 1000, 900. the proceeds TO be used IN
payment Of the debts and liabilities Of
the Bank Of North Dakota:
$2,5oo.oeo,- the proceeds to be used to
pay the debts and liabilities Of the
North Dakota Mill and Elevator associa-
ton to pay The expense Of completing
Grand Forks. n as working capital
for the operation Of such mill and ele-
yator.
Bonds Of the total par value not ex-
used IN paymsnt Of the debts and La
bilities Of the North Dakota Home
Building association.
The total debt which may be incurred
y y North Mo- s,a pah sa soo tss %ii lw ana En- MeT nsnk
association. the Home Building associa-
ton n the state owned utilities. en-
terPrtses and indgstriss, is hereby lin
herein specifically authorized.
Immediately upon the adoption OF this
urer Ind Secretary Of State shall deter
each Of thu. three issues herein author
lied. and shall. give notice thereof by
measurement n Issue Of a daily
then 40 found necessary. Like notice
shsll be given with reference to the is
suing Of all Of the bonds that may need
to be sold Of the issues n within the
limitations herein authorized.
~ The denominations n dates Of ma
tuYity Of any bonds issued hereunder.
shall be determined by the Governor,
but such bonds shall mature in not less
from their dates and shall draw interest
W%1 per .nnum. payable s%emi-annuaily.
IND be sold At not les. than par. and
shay be, together with the Interest
! thereon exempt from taxation.
such bonds sha}, - negotiated sofa
fore named. in the amounts determined
as hereinbefore provided without furth-
er AUTHORIZATION by statute; and the
state treasury to, be disbursed only for
the purpose for which such bonds are
authorized and then only rs provided by
law. - syn,
the State Board q LIBERALIZATION annual.
sned ana sold hereunder.S tegether With
the rate Of interest and the date Of m "a
turity thereof, and such board shall levy
annually thereafter; q sufficient stnte tax
on all taxable property within the state,
to pay the Interest upon such bonds ns
ate q sinking fund sufficient to pay the
Provided. however. that any profit &C.
cIUlnB from inc operation OF the Bank
Of North Dakota, the Mill and MevG-
tor association. and any and all monies
accruing In connection with the liquida-
tion thereof; and available for sucl,
Of the state and credited to the sinking
funds to retire such bonds. and said
board shall thereafter consider such
credit to n such sinking fund in de-
terminins the rate Of tax levy necessary
for such sinking fund purpose.
Every law authorizing a bond issue
to boz secured by first mortgages upon
real estate, as provided by this section
shah REQUIRE the levyins, Of an annual
tax, or make other provision sufficient
to pay the interest ~seri-annually, and
the principal within thirty years IRON
the dates OF such bonds and. shall spe.
cihcally appropriate the proceeds OF
such tax. or Of such other provisions
to the payment of such principal and
interest, and such appropriation shall
not be repealed nor the tax or other pro.
visions discontinued until such debt
both principal and interest. shall have
been paid.
The holder Of amy bond or bonds is.
sued hereunder IL granted the right tc
sue the state for the principal or inter.
est If not paid 1T maturity.