Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1921-10-18

viii continuetopea1 untilys o,ciock, tntssths
AFTERNOON OF h day, viz.
State oRicsrs.
0oveepor.
Lynn j.. Frazier. tHoople.
A. Nestos, Minot.
Attorney o1nexal.
n61o johnson. Grand Forks.
VIM. Lemke, Fargo.
commisstonss Of Agriculture ana, f,abo.
John N. Hagan,f Deerine.
Joseph a.. Kitchen. Sentinel Butte.
CONSTITUTIONAL. AMENDMENTS.
DEBT IIar1T-BoND Isguns.
Petition for. Initiation Of oonstitutional
nm:ndDsnt nsleting to the 1ssuins
Dsbs Lintt.
4 Constitutional Amendment. amend.
lns ana. re~-enActinE Section 1872, as
nmendc by Article 81 Of the Amend.
OF North Dakota. being an act relstins
70 the Issuing OF bonds:
heduces the total possible bonded
eeot OF the state without security ,and
LOT inoustrtal purposes. REQUIRES frst
ran q, on real estate as security
tion. '"is se',
Treasurer and Secretary Of State nav
issue n sell suc bonds for certain
p"i poseS, lO-Wlt:"4 fg Is
"a not to exceed Five Million Dol
which to be used to pay the debts 81
the Bank Of North Dakota.
I'D Not TO exceed Two Million Five
mn"n az. Thousand Dollars ,2,5do.:
used for the Mil SfiHiii and R 81 Rh,eh as SO ee
ION 20 pay it's debts, to complete the
G ;na FORKS project and provide work
1c5 Not to exceed Two. Hundred Fifty
Thousand Dollars. Va6o. ooo). the bro.
ceeds OF which to be Used ia nav the
debts Of the Home Building association
Limits the debt that may be incurred
enterprises and industries to the amount
p the bond issue provided for. Orders
G~overnor. State Treasurer, and Secre.
tary o. State to determine amount OF
aoi1ce to De given by publication in a
daily newspaper. Fixes not. less than Ave
nor more than twenty years as period
OF maturity. Provides that bonds shall
interest seaa ct at MOT t less s.t than par and draw
Provides that bonds may DO sold and
delivered by the officials named with.
9 ts further authorization by state. and
manner provided by law and this amend.
nient. Provides for Rlevying Of an an.
nuai tax to create a sinking fund to be
used in addition to monies accruing il
" Ill -lNe llQulQatlOn or thf
Hank OF North Dakota for the payment
OF interest and the retiring OF tn,
principal upon maturity.
REQUIRES that every law creating
gage . real estate shall provide 70,
a. sinking fund to be created by tn
levy1ng Of an annual tax or other pro.
VISION: said sinking fund to be used 70,
ane OF principal and interest
Gives owners Of bonds the right IL
U the state for the collection O.
principal and interest in a 5 Of default
Limits all future Indebtedness to tina,
provided for in this Amendment excep'
Tor the purpose oftrepelling@ INVASION
suppressing insurrectton and to provid,
BE II BNAcTED BY THE PEOPLE
OF THE STATE OF NORTH DA
That Section 1872 Of the Constitutio,
ed by Article 81 Of Amendments to tn,
t!Constitution. be amended and ~re-enactet
to read as follows:
bo ssst'o pro 1is; t Pas a strts son %sy ,i isss:
Million Seven Hundred FIFTY Thousan,
Dollars, t37.750. 600. 0o), par value shall
be secured by first mortgages upon rea
estate In amounts not exceeding one
half of the value thereof.
The Governor. State Treasurer an,
Secretary Of State by Joint action ar,
hereby authorized to issue and sci
bonds Of the State of North Dakota o
the total par,-value of Seven Milliol
Seven Hundred FIFTY Thousand Dollars
97,750. 900. 00). j, which bonds may be Il
sued land sold for the following pur
poses on1y:%3
Bonts.of 7thc par value not exceedin,
i Is, QD0 900, the proceeds to be used ii
Fpaymfnt of the debts and liabilities o
the Rank Of North Dakota:
the par value not exceedin,
$z:41a.000, the proceeds to be used Il
pay the debts n liabilities Of tn
ton, to pay the expense Of .completin,
the state owned mill and elevator a
Grand Forks, and as WORKING CAPITA
for the operation of such mill and ele
water;
Bonds Of the total par value not ex
ceeding S.so.coo. the proceeds to-b
bilities Of the North 70 he D DeReS an nao ma
Building association.
The total debt which may be incurre'
by the state in connection with the BAN
Of North Dakota. the Mill and Elevate
association, the Home Building assQcia
ton and the state owned utilities, en-
terprises and industries, is hereby lin
tied to the amount Of the bond issue
herein specifically, authorized.
Immediately upon the adoption of thi
amendment, the Governor. State Treas
urer and Secretary Of State shall deter
mine the amount Of bonds necessary I
each Of the three issues herein author
lied. and shall give notice thereof b.
announcement in issue Of a dali
newspaper published at the seat Of gov
then so found necessary. Like motto
shall bA given with raferooco IN +bA ie