Emmons County record. [volume] (Williamsport, D.T. [i.e. N.D.]) 1884-current, 1921-08-25

WILL P1ult UNe each issue OF Lne pro.
posed laws to be voted on Novem-
Der 1st. This week we give the
proposed law covering the bond is-
sue and the state, debt limit:
Petition For Initiation of Constitu-
tional Amendment Relating To The
Issuing of Bonds and Reducing and
Fixing The Debt Limit.
The undersigned electors of the
State of North Dakota, hereby pro-
pose for submission to the qualified
electors of the State Of North Dako-
ia for their approval or rejection in
the manner prescribed by the Consti-
tuition of the State of North Dakota,
a Constitutional Amendment, amend
ing and re-enacting Section 1872, as
amended by Article 81 of the Amend
ments of the Constitution of the
State of North Dakota, being an act
relating to the issuing of bonds:
Reduces the total possible bonded
debt of the state without security and
for industrial purposes from Twelve
Million Dollars, (s12,O00,OOO) to Sew
en- Million Seven Hundred Fifty
Thousand Dollars, ($7,750,000). Re-
quires first mortgages on real estate
as security for all other bond issues
under this section.
Provides that the Governor, State
Treasurer and Secretary of State may
issue and sell such bonds for certain
purposes, to-wit: a
(a) Not to exceed Five Million
Dollars, ($5,OO0, ,00O.O0), the proceeds
of which to- be used to pay the debt
of the Bank of North Dakota to town
ships, counties, cities, school boards
and other creditors.
(b) Not to exceed Two Million
Five Hundred Thousand Dollars, ($2,-
5OO,O O,O0O.00), the proceeds of which to
be used for the Mill and Elevator As
sociation to pay it's debts and return
to the State Treasury the amount
that has been taken out Of it and in
vested in the Mill and Elevator pro-
jects, to complete the Grand Forks
project and provide working capital.
icy Not to exceed Two Hundred
Fifty Thousand Dollars, ($25o, ,0oo),
the proceeds Of which to be used to
pay the debts of the Home Building
Association, and fulfill its contracts
md cIooo Ito oHosY,o
Limits the debt that may be incur
red on account Of the state owned
utilities, enterprises and industries to
!: the amount of the bond issue provid-
led for. Orders Governor, State Treas
urer and Secretary of State to deter
mine amount Of bonds necessary to
be issued and orders notice to be Civ
en- by publication in daily newspa-
per. Fixes not less than FIVE or more
than twenty years as a period of ma
turity. Provides that bonds shall be
sold at not less than par and draw in
terest at not to exceed six per cent.
Provides that bonds may be sold and
delivered by the officials named with
out the further authorization by Sta
tute, and that the proceeds shall be
expended in manner provided by law
and this amendment. Provides for
levying Of an annual tax to create a
sinking fund to be used in addition to
monies accruing in 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
mortgage upon real estate shall pro-
vide for q sinking fund to be created
by the levying Of an annual tax or
other provision. Said sinking fund
to be used for the payment Of prin-
cipal and Interest on such bonds.
Gives owners Of bonds the right to
sue the state for the collection Of
principal and interest in case Of de-
fault by the state. }5E
Limits all future indebtedness to
that provided for in this amendment
except or the purpose repelling in
vasion, suppressing insurrection and
to provide for the public defense.
BE IT ENACTED BY THE PEOPLE
OF THE STATE OF NORTH DA-
KOTA:
Continued on Page scven)