Emmons County record. [volume] (Williamsport, D.T. [i.e. N.D.]) 1884-current, 1921-09-29

EMMoNs I
rate of not less than five per cent
per annum until sold, unless other
wise provided by law.
Section IL. BONDS. Bonds pro-
vided for in this chapter may be is :.
sued in denominations of twenty-five
fifty, one hundred, five hundred and
one thousand dollars and in such 9TH
er denominations as may be determ-
ined by the board. They shall run
for specific period or periods, not
exceeding twenty years, subject to
such prior payments and retirement
as the board shall determine, in which
case said option shall be expressed
in the bonds. They SHALL have in
terest coupons attached, payable
semi-annually, and shall be issued in
series Of not less than twenty five
thousand dollars, and amount and
terms to be fixed by the board.
They shall bear such rate of interest
as shall be fixed by the board, or as
may be fixed by law. The board may
also issue warrants when in it's judg-
ment deemed necessary, but such war
rants shall be subject to the limita-
tions prescribed by this chapter as to
the total amount of money borrowed.
The board shall prescribe rules and
regulations concerning the manner in
which such bonds and warrants shall
be sold, paid and retired under the
provisions Of this chapter. Such
bonds and warrants shall designate
on their face the purpose for which
they are issued and shall be signed
by the Governor, the commissioner
and secretary-treasurer of the board
and shall be attested by the Secretary
of State with the Great Seal of the
state, and shall bind the state to pay
the same according to the terms
thereof. The form Of such bonds
and warrants shall be approved by the
Attorney General. If at any time it
shall apear that there may not be
sufficient funds in the treasury of
such board to pay such bonds or war
rants, or the interest thereon at ma
turity, or when the same shall be-
come due, it shall be the duty of the
State Board of Equalization, upon re-
quest of such board, forthwith to levy
a tax upon all taxable property of
the state to pay the same when due,
which tax shall be extended and col
lected, in the same manner as other
taxes. Whenever such tax shall
have been levied, it shall. be the duty
of the State Auditor upon request of
such board to issue his warrant or
warrants as such board may direct,
bearing interest not to exceed six per
cent. per annum, and to register the
same, drawn on the funds to be de-
rived from such special levy in an
amount, with interest, provided in
ussh warrants; not exceeding such
levy, and deliver the same to the
board, and such warrants may be
sold by such board. All moneys de-
rived from such special levy or from
the sale of such special warrants
shall be placed in special fund to be
designated, "Rural Credits Fund"
and shall be used only for the pay
ment of warrants drawn on such fund,
and the payment of such bonds, war
rants and interest when the same be-
comes due. All of such. money de-
rived from such special levy is here
by appropriated for the payment of
the warrants drawn on such fund and
the payment of such bonds, warrants
and interest at maturity;and it is
further provided that in all matters
arising under this chapter the State
of North Dakota may sue and be sued
as private individual.
Section 10. LEGAL ADVISER.
The attorney General shall be the
general legal adviser of the board and
its officers.
Section IA. EXPENSE OF MAX
ING LOANS. The mortgagor shall
pay for the recording Of his mortgage
and other papers connected with the
loan which may be recorded, the ap-
praisment and such other expense as
is actually incurred by the board in
making the loan. He shall furnish
to the board proper evidence of title
under the Torrens system, or an alb
stract Of title, at his own expense,
under such rules as the board may
prescribe.
Section Is. RESERVE FUND.
The difference between the rate of in
terest paid by the state for money
borrowed and the interest received by
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