The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1922-06-28
STATE BEGINS e
PAYING BILLS
OF INDUSTRIES
State Treasurer Paying Out
Total of $4,000 Interest
Money July l
ONE FUNDS SHORT
Deficit in Real Estate Bond
Fund to be Made Up,
However, by Treasurer

North Dakota is beginning to pay
the cost jof state industrialism in
the form Of interest on bond issues.
With the state bonded Indebtedness
reduced to 100000, excepting bonds
issued under the Nonpartisan league
program, the state is paying out
s195,3S5 in interest on bonds issued.
Practically all Of this bond interest
is paid July L.. 3
Sufficient money has not accum-
ulated in the office Of the state
treasurer to pay the interest on the
real estate bonds issued to date on
loans made through the farm loan
department of the Bank of North
Dakota but State Treasurer John
Steen announced today that every
cent of interest money owned by the
State of North Dakota would be paid
on July l. There is a shortAge in
the real estate bond interest fund
of about $4,000. ...,.
North Dakota for years enjoyed
the reputation Of state with virtu-
ally no bonded debts in comparison
to the vast resources of her taxpay-
ers and the resources of the state
in the ownership of valuable school
lands, some of them deeply under
laid with coal Because her citizens
have paid their taxes regularly the
bonded Indebtedness, some of it
created when North Dakota entered
the union, has been gradually re-
duced until only 100000 of old
bonds now are outstanding. In this
fund to repay the old bonds is $685.
895.5O, the levy being in excess of
the actual needs because to most the
actual needs would necessitate a
levy of fraction of mill.
All of the $195,385.0O of interest
due July l (excepting about 5000
due May y has been incurred under
the program Of the Nonpartisan
league. This includes $95,OOO of in
terest on real estate bonds issued to
mortgages given by farmers who
have made loans with the Bank of
North Dakota, $46,345 on mill and
elevator bonds and $4,000 on the old
bonds of the state and territory.
This does not include interest on
the s413,OO0 borrowed from the
Bank of North Dakota by the Home
Building Association, which amounts
to about $4,000 a year.
Raised BY Taxation
Excepting the real estate bonds
there are ample funds to pay the in
terest on all other issues, and ex-
cepting in the real estate bond fund
and the Bank of North Dakota cap
,ital stock fund bond the interest is
raised by taxation. The amount in
the various funds is as follows: Old
bonds, s38.895.8O; mill and elevator,
s155,314,231; bank series, $63,414.94;
real estate, $85,328.3O; Home Build
ing, $58,916.16.
No interest will be paid out July l
on Home Building Association Bonds
because no bonds were issued. In
stead the association borrowed from
the Bank of North Dakota. b Under
the law, officials hold, bonds cannot
be issued on the houses built by the
state until one-half the total amount
of payments has been made.
The statement of State Treasurer
John Steen shows that there are
outstanding bonds Of North Dakota
as follows: Refunding and revenue
bonds Gold bonds) 100000; mill and
elevator bonds. s1,576,20O.00; Bank
of North Dakota Capital Stock
bonds, s2,OOO,O0oO0; real estate
bonds, s3,27o,0oO, making total
bonded indebtedness Of the State of
North Dakota at the present time,
s7O48,2 10000. Against this the state
has an assessed valuation far in ex-
cess of one billion dollars.