Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1921-10-25
mortgages on real estate as security
tor all other bond issues under this sec

Treasurer ana Secretary Of State may
issue and sell such bonds for certain
purposes. to-wit:
lars. (t6. 900. 900. oo). the proceeds Of
the Bank 81 S Sssf Z Dakota KY me oe0'' OF
600. 00). the proceeds Of which to be
used for the Mini INC Elevator associa-
ton to pay its debts. to complete the,
Grana Eorks project and provide work
.tco Not to exceed Two Hundred Fifty
Thousand Dollars, !($250.000), the pro-
G Gesa 81 which to be used to a the
Limits the debt that may be incurred
on account Of the state owned utilities,
enterprises and industries to the amount
Governor, State Treasurer. and Secre-
tary Of State to determine. amount OF
bonds necessary to be issued and orders
d aetise to be given by publication in a
nor more. than twenty years as period
Of maturity. Provides that bonds shall
be sold at not less h q par and draw
Provides that bonds may be sold and
delivered by the officials named with
ont fMrther authorization by state. and
manner provided by law and this amend
ment. Provides for levying Of an an
nual TAX to create a sinking fund to be
used IN addition TO monies accruing in
Bank Of North Dakota for the payment
OF interest and tho retiring Of the
principal upon maturity.
bo nGaoires hat every law creating a
gags upon real estate shall provide for
a sinking fund to tie created by the
levying Of an annual tax or other pro-
the of principal and intaraat
on such bonds. $3.50
Gives owners Of bonds the right to
principal and interest in case Of default
by the state. J0
Limits all future Indebtedness to that
provided for in this Amendment except
so onn the purpose Of repe1ling invasion,
for the public defense.
BE IT ENACTED BY THE PEOPLE
1E STATE OF NORTH DA-
That Section 1872 of the Constitution
OF the State Of North Dakota, as amend
Cd by Article. 81 of Amendments to the
constitution. be amended and r~e-enacted
Section 1872. The state may issue
bonds: provided that ali bonds issued
exceeding in amount a total Of Seven
n nd''sr N seyen M H non Fifty Thousand
be secured by first mortgages upon real
estate in amounts not exceeding one
nall ILL., OF the value thereof.
se cns Gov o1 State = It. Treasurer and
hereby authorized to issue and sell
bonds Of the State of North Dakota OF
the total par value Of Seven Million
H1.760.ooo.oo). which bonds may. be is
poses only:
Bends Of the par value not exceeding
$5.O0O.O00. the proceeds to be used in
payment Of the debts and liabilities of
the Rank Of North Dakota:
!. sonds or the par valne not exceeding
ray the debts and liabilities Of the
North Dakota Mill and Elevator associa-
ton. to pay the expense Of completing
the state owned mill and elevate at
FOR the operation of UGH mill and eie-
Bonds Of The total par value not ex-
S:s%.n in n paymsent Of {' the p sesfs and DO ,, be
bilities Of the North Dakota Home
Building association.
The total debt 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 linn
tied to the amount {" the bond issues
herein specifically authorized.
Immediately upon the adoption OF this
mendment the Governor. State Treas
NtN oAu VI oldJ0 snail 0eter-
mine the amount Of bonds necessary to
each Of the three issues herein author
lied. and shall give notice thereof by.
announesmsn in enc issue Of a daily
eminent, showing the amount Of bonds
then 80 found necessary. Like notice
shall be given with reference to the is
to be sold Of the issues and within the
limitations herein authorized,
The denominations and dates of ma
shall be determined by the Governor.
State Treasurer and Secretary Of state,
but such bonds shall mature in not less
than five or more than twenty years
at a rate not to exceed six per cent
(6%) per num payable s~emi-annually.
and be sold at not less than par, and
thereon exempt from taxation.
Such bonds hall be negotiated. sold
and delivered by the officials hereinbe-
fore named, in the amounts determined
err authorization by s~tatute; 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 provided by
law.
The State Treasurer shall report to
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 he interest upon such bonds as
the same shall become due, and to Gre
ate a sinking fund sufficient to pay the
Provided, however. that any prodt ae.
cruinR from the operation Of the Bank
Of North Dakota, the Mill and Eleva-
tor association. and any and all monies
tion thereof. and available for such
purpose, shall be paid into the treasury
OF the state and credited to the sinking
board shall thereafter consider such
credit to any such sinking FUND in de-
termining the rate Of tax levy necessary
for such sinking fund purpose.
to be secured by first mortgages upon
real estate. as provided by this section
shall require the levyinE of an annual
to pay the interest s%emi-annuaily, and
the principal within thirty years from
the dates of such bonds and shall spe-
etfsaliy appropriate the proceeds of
to the payment Of such principal and
interest, II such appropriation shall
not be repealed nor the tax or other pro
both principal and interest. shall have
been paid.
The holder Of any bono or bonds is
sps the sta,e tor Is th ss. pa;ne,p 1af o right ,nt. to
est il not paid at maturity.
No Indebtedness other than that
which is herein provided for shat be
incurred except for the purpose Of re-
pelling invasion. suppressing insurrec-
ton. defending the state in time Of war
OF to provide for the public defense in
case Of threatened hostilities.
Shall said constitutional amsndmsut
bs ~approvsd9
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