The Miller press. [volume] (Miller, S.D.) 190?-current, 1922-10-26

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section II. In fartherance Of the pur-
possss d ss 3 d, By Tbs Act II y hereby
State Treasurer after the issue. execution.
sealing and attestation Of said bonds. 10
deliver them 10 the Industrial Commits.
sion. in such denominations and amounts.
bearing interest at such rates, and run
Ming 70 such periods OF maturity as may
be determined by the Governor, In his
discretion. upon consideration Of such
recommendations as the Commission may
make in regard thereto The Industrial
Commission is empowered authorized and
directed, In connection with and in ad-
dition TO Its other powers and duties. TO
act as the agent Of the state for The
bonds IL shall sell them for cash in such
manner and at such terms as In its sound
sous TO the interests OF the State. The
Commission Is hereby authorized TO re.
ceive all moneys paid by buyers Of said
receipt Of the purchase price TO deliver
10 each purchaser the. bonds by him
purchased. Upon such delivery OF bonds
credit OF the State OF South Dakota is
pledged Tor the payment thereof. both
principal and interest. TO the lawful
ton for payment, according to law. The
moneys SO derived and resolved from the
sale OF said bonds shall constitute the
fund to be designated as the capital OF
the Bank of South Dakota. and shall DO
go employed by the Industrial Commits
BtOus NNOlAluE ia AHlS AGls UOWENeE. budl
be construed, to prevent the purchase OF
any OF said bonds with any funds In the
Bank of South Dakota.
Section IL. From time to time the In
dustrial Commission shall. out OF the
earnings derived from the operation OF
the Bank OF South Dakota. pay 70 =
State Treasurer such moneys as the
Commission shall deem available to do
vote 70 the purpose Of paying said bonds
and Interest In making such payment
the Commission shall file a statement
with the State Treasurer specifying the
purpose OF such payment When moneys
snall have been 50 pald e the state
directed.
meeting OF the State Tax Commission
hereafter, the Industrial Commission
shall deliver to said board an exact
written statement. OF all bonds issued
outstanding at that time. including there
In the dates OF maturity, interest rates
and all other Information proper TO en-
able the Tax Commission inteliigentiy to
comply with the provisions OF this Act
In regard to tax levies. On the basis OF
such information the State shall annually
levy a tax, at the time other taxes are
levied, sufficient In amount 10 pay such
interest. on said bonds as viii become
due during the year beginning on the next
ensuing first day OF January. and said
tax shall be collected In the same manner
sste 91nep Tsla bow . J t dhre AMOUNT g0oeftea Of the
tax sufficient for such purpose the Tax
Commission shall take into account what
ssen paid ii u the STATE Treasurer by ths
Industrial Commission as provided IN
Section S OF this Act. for the specific
purpose OF paying such interest The Tax
Commission shall apply 10 the state
Treasurer for. Information as to the
amount OF such moneys. and he shall
forthwith supply the Information request
ed. III the amount of such moneys shall
equal or exceed the amount of Interest
on said bonds payable during said year
beginning on the next ensuing first day
OF January, then no tax shall be levied
by the a Commission for that purpose:
but II the amount OF such moneys shall
be less than the amount OF the interest
on said bonds payable during said year,
then the Tax Commission shall deduct
the amount Of said moneys in the pos
session Of the Treasurer from the amount
of the interest SO payable, and shall levy
the tax hereinbefore In this section pro
yided for at least the difference between
Section IA Whenever II SHAH appear
90 the Tax Commission from the infor-
matter vsrss 6 4 ne tb In i any ssa,4n camm ds.
sion at any annual meeting OF said Com.
mission, as provided in Section i3 above,
Of live years from such annual meeting.
any OF the bonds provided for IN this
Act. the Tax Commission shall thercupon,
amount equal to one-fifth Of the amount
of the principal OF such bonds. provided.
however, that In determining the amount
n vi DuGu bAAs Az u &VbAtAtAoHt0h SAta4
take into account whatever moneys VI
any shall have been paid to the State
Treasurer by the Industrial Commission
for the specific purpose OF paying the
principal OF said bonds when due AS pro
vided In Section ~ OF this ACT. The
. Commission shell apply to the STATE Ate
amount Of such moneys and as to the
times when paid to hIm. II the amount
Since ii sul the bate" date o. the last preceding lax
levy made by the Tax Commission. shall
equal or exceed NTH OF the amount OF
shan shs 0G mot be 80 l 20 i %a'a but Il a's The Su amount uni
OF such moneys. paid to the State Treas
prer since the date. OF the last preceding
the amount OF said bonds so 10 mature.
them the -Ce-.-1!ss.c shah de-
duct the amount Of such moneys. so paid
from such onc-fifth OF said bonds. and
shall levy the tax, herelnbefore in this
section provided. for the difference. 1t
r. the intention OF this section TO pro
vide that In each OF the last five years.
before the maturity OF any OF said bonds.
a State Tax shall be levied which. 10.
gether with such moneys az shall during
the next preceding year have been paid
TO the State Treasurer by the Industrial
Commission for the purpose; SHAH be az
least sufficient TO pay one-fifth part OF
the principal OF said bonds.
Section 15. To identify and distinguish
the funds provided and available for the
payment OF the bonds issued pursuant to
this Act. there Is hereby created and
established. as a part OF the moneys OF
the State received and kept by the state
Treasurer, a fund to be designated the
"Bank Bond Payment Fund" All moneys
received by the State Treasurer. whether
from the proceeds OF taxes: or from pay
ments made by the Industrial Commission
or from Legislative appropriation. or
otherwise which shalt be by law or by
other authoritative designation made
applicable to the paymcnt Of the said
bonds. or interest thereon. shall be by
him kept In said fund distinct from all
other MONEYS. and shall be disbursed by
him only for the particular purpose or
purposes for which such moneys shall be
delivered TO him.; and no other appropri-
alton shall ever be made OF the moneys
he fully paid. But this Act shall no, be
Treasurer from depositing said funds IN
the Bank of South Dakota. as provided
by law with respect 10 all public funds
Section TO- There Is hereby appropri
mted all OF the moneys obtained as pro-
ceeds Of the taxes provided for in Soc
tons IL and IL above. and all moneys
paid 70 the State Treasurer by the In
dustriai Com mission as specified In
Section II above and all moneys con.
atitutins tho Bank Bond Payment Funds.
or 30 much thereof as may be from time
n principal upon the said bonds as
pcyments thereon. shall become DUE. and
whenever any I0f said bonds. or any
oupon thereon. being due. shall be
presented for payment. the state Treas
urer shall pay the same out or the fund
applicable thereto X for any reason the
aaid fund shall fpr the time being. be
insuffscienf the Treasurer shall supply
deficiency out or any other available
-X- So AH a. $500 - - - -.