Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1921-10-27

Bonds Of the par value not exceeding
$5.0oo,0oo, the proceeds to be used IN
payment of the debts and liabilities of
the Bank of North Dakota;
ss.6oo:ooo,. the proceeds to be used to
pay the debts and liabilities Of the
North Dakota Mill and Elevator associa-
tion. to pay the expense Of completing
Grand Forks. and as working capital
for the operation Of such mill and ele-
vator; 70
Bonds Of the total. par value not ex-
S sssa in sss m Of ths b p Sesss n e ,i be
bilities Of the North Dakota Home
Building association.
The total debt which. may be incurred
BY the state IN eonnection with the Bank
association. the Home Building associa-
ton and the state owned utilities, en-
terprises and industries, IL hereby linn
tied to the amount Of the bono issues
herein specifically authorized.
Immediately upon the adoption Of this
amendment. the Governor, State Treas
urer and Secretary Of State shall deter
zach Of the three issues herein author
lied. and shall give notice thereof by
announcement in one issue Of q daily
newspaper published at the seat Of gov
then so found necessary. Like notice
shall be given with reference to the is
suing Of all Of the bonds that may need
Limitations herein authorized.
The denominations and dates Of ma
turity of any bonds ISSUED hereunder,
shall be determined by the Governor,
but such bonds shall mature in not less
than 1--WE or more than twenty years
from their dates n shall draw interest
~ rate not to exceed ,six per cent
and be sold at not LEGS h par, and
shall be, together with The interest
thereon exempt from taxation.
Such bonds shall be negotiated; sold
and delivered by. the officials hereinbe-
fore named, in the amounts determined
as h~ereinbefore provided without furth-
er authorization BY statute; and the
state treasury to be disbursed only for
the purpose for which such bonds are
authorized and then only rs provided by
law.
the State Board Of Equalization ANNUAL
~ on the first day Of April all bonds is
sued and sold hereunder. y together with,
the rate Of Interest aphethe, date Of ma
annually thereafter = sas;Ticient state TAI
:'on all taxable property within the state.
to pay the interest upon such bonds as
ate a sinking fund sufficient to pay the
provided. however that any profit &C.
CrulnS 1foIn Cno operation OF the Bank
Of North. Dakota, the MIL and Eleva-
tor association. and n and all monies
accruing in connection with the %liquida-
ton thereof. n available for such
purpose, shall be paid into the treasury
81 the state and credited to the sinking
funds to retire such bonds, and said
credit to any such sinking fund in de-
termining the rate of tax levy necessary
for such sinking fund purpose.
Every law authorizing a bond issue
to be secured by first mortgages upon
real estate. as provided by this section
:. shall require the levying OF an annual
tax, or make other provision sufficient
to pay the interest semi-annually; and
the principal within thirty years from
the dates Of such bonds, and shall spe-
ciieally 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 have
been paid,
The holder Of any bond or bonds Is
sued hereunder Is granted the right to
sue the state for the principal or inter-
est If not paid at maturity,