Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1921-10-27
GRAND FORKS HERALD THURSDAY, OCTOBER ~, 1921.


~DS S4Vs ,-
Petition for Initiation Of oonstatutenal
Amendments 1elatang to the Issuing
o. Bonds ana Reducing and Fixing
A Constitutional Amendment, amend
ing and r~e-enacting Section 1872. as
amended by Article sL Of the Amend
OF North Dakota, being an act relating
Reduces the total possible bonded
for industrial purposes. REQUIRES arst
for all other bond issues under this Sec
ton.
Provides that the Governor. state
Treasurer and Secretary OF State may
purposes, to-wit:
sa> NO =, :, AZ "seed Five Million Dol.
, Which 't to Ss use us.S 70 pa 3 t Rs0c dsSt.. 81 81
the Bank Of North DaEota.
co Not to exceed Two Miller FIVE
used for the Mill and Elevator associa-
ton to pay its debts. to complete the
Grand Forks project and provide work
lc) Not TO exceed Two Hundred FIFTY
Thousand Dollars, lt25o. ooo1. the pro-
ceeds Of which to be used to pay the
debts OF the lone Building association.
Limits the debt that may be incurred
on account Of the state owned utilities,
enterprises and industries to the mount
Of the bond issue provided for. Orders
Governor: State Treasurer. and Secre-
bonds necessary to be issued orders
notice to be given by publication in q
daily newspaper. Fixes not less than Ave
nor more h a twenty years a. period
be sold at not less than par and draw
interest at not to exceed six per cent.
Provides that bonds may be sold and
out further authorization BY state, and
that the proceeds shaa, be expended in
manner provided by lazy and this amend
ment. Provides for levying Of an an
connection with the liquidation of the
Bank of North Dakota for the payment
OF interest and the retiring OF the
principal upon maturity.
REQUIRES that every law creating a
bond issue to be secured by a first mort
gage upon real estate shall pIovide for
2 sinking FUND to tie created by the
vision. Said sinking fund to be used for
the payment of principal and interest
on such bonds.
Gives owners tef bonds the right to
principal n interest in case Of default
by tho state. -.
Limits all future indebtedness to that
Tor the purpose Of rspeiiing invasion,
suppressing Instruction and to provide
for the public defense.
BE IT ENACTED BY THE PEOPLE
1F STATE OF NORTH DA-
That Section IS. Of the Constitution
Of the State Of Nortn Dakota, as amend
ed by. Article 81 Of Amendments to the
to read as follows:
bonds :.J provided !fi hat hat ali sfHss bonds %s' ,s ,sses
exceeding IN amount a total Of Seven
Dollars. ($7..75o. 900. oo). par value, shall
be secured by first mortgages upon real
estate in amounts not exceeding one
Mi The OF d ses Ta11e ssste Treasurer and
SECRETARY OF State by joint action are
bonds Of the State Of North Dakota Of
Seven IS .s0i aun sas v Fly f Fl ssys1 n M11l'on
sued and sold for the following pur-
poses only:
100000, the p 70 xls' to ao Be- e1 used i9
payment Of the debts and liabilities Of
Ronds OF the par value not exceeding
pay the debts n liabilities Of the
North Dakota Mill and Elevator associa-
ton. to; pay the expense Of completing
TIE state owned mill and elevator at
No1 "AAA oo WI AOyIA
for the. operation Of such mill and eie-
vator:
Bonds Of the total par value not ex-
s sses Il p Sss1;Ssei Of th the p Gests snd 10 ,, be
bilities Of the North Dakota Home
Building association. ~
The total deot which may be incurred
Of North Dakota, the Mill and Elevator
association. the Home Building associa.
ton and the state owned utilities, en-
terprises n industries. is hereby lin
herein specifically authorized.
Immediately upon the adoption Of this
amendment. the Governor. State Treas
urer and Secretary Of State shall deter
each of the three issues herein author
lied. and shall. give notice thereof by
announcement IN . n Issue Of a daily
then so found necessary. Like notice
shall be given with reference to the is
suing Of all Of the bonds that may need
limitations herein authorized.
The denominations and dates. Of ma.
tur1ty OF any bonds issued hereunder,
shall be 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 q rate not to exceed six per cent
and be sold at not less than par, ana
shall be. together with the interest
thereon exempt from taxation.
and sod de1iV Veras BY b1at the 0e or aeEGt'a hs1e,s solo
fore named. in the amounts determined
as heretnbefore provided without furth-
or er,s authorization t5at.n, BY statute tai n the
state treasury to be disbursed only for
the purpose for which such bonds are
authorized and then only as provided by
The State Treasurer sha report to
the State Board Of Equalization annual
II on the first day OF April all bonds is
sued and sold hereunder. together with
the rate OF interest and tho late Of ma
annually thereafter a sufficient state tax
on all taxable property within the state.
to a the interest upon such bonds as
ate a sinking FUR sufficient to pay the
principal! Of such bonds at maturity.
Provided. however, that any pront &C
cruing from the operation Of the Bank
tor association. Inc any and all monies
accruing in connection with the lia,fida-
ton thereof. a available for such
purpose shall be paid Into the treasury
funds to retire such bonds. and said
board shall thereafter consider such
credit to any such sinking fund in de-
for sue sinking fund purpose.
Every law authorizing a bono issue
TO be secured BY frst mortgages upon
real estate. as provided by this section
shall require the levying OF an annual
tax, or make other provision sufficient
to pay. the interest semi-annually, and
the principal within thirty years from
officially appropriate the proceeds Of
such tax, or OF such other provisions,
to. the payment Of such principal and
not be repealed nor the tax or other pro
visions discontinued until such debt
both principal and intepest, shall have