Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1921-10-20
out further authorization by state, and

manner provided by law and this amend
mem Provides for levying Of a an
mua ds tax t., create a sinking fund to be
Bank of North Dakota FOR the payment
OF interest and the retiring Of the
principal upon maturity. ~
l. Requires that every law creating a
oond Issue to be secured by a first mort
gage upon real estate shall provide for
2 sinking fund to be created BY the
vision. Said sinking u to be used for
the payment Of principal and interest
on such bonds.
Gives owners Of bonds the right to
sHe me state for the collection Of
principal and interest in case Of default
by the state.
Limits all future indebtedness to that
fppVi tbe d Tor IN this Amendment exert
suppressing instruction and to provide
Tor the public defense.
BE IT ENACTED BY THE PEOPLE
9F THE STATE OF NORTH DA-
That Section 1872 Of the Constitution
ed by Article 81 Of Amendments to the
Constitution. be amended and re-enacted
TO read as follows: ~
bo ssstio pro 1s3; t The ST state son my Issue
sSesedins ' in amo s1at a an to tena Of i ssvea
Million Seven Hundred Fifty Thonsand
dollars, H7.750.00 .00), par value. shall
esta Secured re by first mortsages upon real
nall OF the value thereof.
The Governor. State Treasurer and
Secretary Of State by Joint action are
h hensey Of 1I ths szed to issue and sell
she total par value of Seven Million
Seven Hundred Fifty Thousand Dollars.
7,75o,ooo .oo). which bonds may be is
n nosns ana sold for the following pur-
Bend Of the par value not exceeding
no.uvv,u9o. tne proceeds to. be used in
lyme Of the debts and liabilities Of
Bonds Of the par value not exceeding
s2,5oo.ooo, the proceeds to be used to
nay the debts and liabilities of the
t;op Dakota Mil and Elevator a%ssocia-
re state owned mill and elevator at
Erand Forks, and as working capital
TOT the operation of such mill and ele-
ceeding s25o.ooo. the proceeds to be
used in payment Of the debts and liza
p,iitins Of the North Dakota Home
Inc total debt which may be Incurred
D! me state In connection with the Bank
OF North Dakota: the Mill and Elevator
ASSOCIATION; the Home Building associa-
tlon ana the state owned utilities, en-
; ;tsGrtses and Industries, is hereby linn
nereln specifically authorized.
1mmedlatelX unon the adontion Of this
auhehornent the Governor. State Treas
nrer and Secretary Of State shall deter
mine the amount OF bonds necessary tn
eacn OF the three issues herein author
lied. and shall give notice thereof Nv
announcement in one issue of a daily
NEWSPAPER published at the seat Of GOV
eminent showing the amount Of bonds
sh h so found nscessary. Like notice
sha'l ne Eiven with reference to the is
sung OF all Of the bonds that may need
TO he sold Of the issues and within the
ilr ria herein authorized.
ne aenomlnations end dates of ma,
shall he determined by the Governor
state treasurer and Secretary of State.
pvt such bonds shall mature in not less
from their dates and shall draw interest
at a rate not to exceed six per cent
oesol per annum payable s~emi-annuaJly.
s shan '1 he solo d. at not less than par; and
thereon exempt from taxation.
Such bonds shall be neRotiated, sold
and delivered by the officials hereinbe-
fore named, in the amounts determined
AS hereinhefore provided without furth.
er authorization by statute; and the
proceeds thereof shall be placed in the
state treasury to be disbursed only for
the purpose for which such bonds are
authorized and then only as provide hy
law, ~
The State Treasurer shall report ia
the state Board Of Equalization annual
sued and sold hereunder. together with
the rate of interest and the date of ma
turity thereof, and such board shall levy
annually thereafter a sufficient state tax
on all taxable property within the state.
to pay the interest upon such bonds rs
the same shall become due, and to Gre
ate a sinking fund sufficient to pay the
Provided. however. that any profit ar.
cru!ng from the operation Of the BanlS
of North Dakota. the Mill and Eleva-
tor association. and any and all monies
ton thereof. and available for such
purpose. shall be paid into the treasury
OF the state and credited to the sinking
board shall thereafter consider u
credit to any such sinking fund in de-
terminins the rate Of tax levy necessary
Tor such sinking fund purpose.
y Every law authorizing a bono issue
to be secured by first mortgages upon
real estate. as provided by this section
shall require the levyins of an annual
tax; no. or ma make other provision sufficient
the principal within thirty years from
the dates Of such bonds and shall spe-
officially appropriate the proceeds of
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 hay Va
been paid.
The holder of any bono or bonds is
sued hereunder is granted the right to
u the state for the principal or inter-
est If not paid at maturity.
No Indebtedness other thar that
which is herein provided for shall be
incurred except for the purpose Of re-
pellinE invasion, suppressing insurrec-
ton, defending the state in time of war
or to provide for the public defense in
case o." threatened hostilities.
Shall said constitutional amendment
be approved
YES