The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1925-02-07

NETEENTH LEGISLATIVE ASSEMBLY OF NORTH DAK01
3. Such bonds shall be sold by the BANK
OF NORTH DAKOTA at the highest obtain
able price and for not less than par and ac-
crued interest, and at such times and in such
amounts as in the judgment of the Industrial
Commission shall be necessary to carry out the
provisions and intent of this amendment
The proceeds arising from the sale of such
cry and there kept in fund to be designated
"BANK LIQUIDATION FUND.-" and shall be
paid out and disbursed in the manner herein
after provided.
4. There is hereby levied upon and against
all of the taxable property within the State an
annual tax for each year, beginning with the
year 1926 and continuing until said bonds
shall have been paid, sufficient to pay the in
terest upon said bonds and to create sinking
maturity having regard for the amount here
fund sufficient to retire the principal thereof al
matter otherwise provided for-and it is here
by made the duty of the State Board of Equali-
zation and such other officers or boards as may
be by law charged with such duty, to levy and
collect such taxes in the manner provided by
law, and to provide for the segregation and
safety thereof.
All moneys received by the State Treasurer
from the proceeds Of such taxes, and from al!
other sources hereinafter provided for, or
from Legislative appropriations or otherwise
made applicable to the payment of such bonds,
shall be by him kept in an account or fund dis
tinct from all other moneys, and shall be dis
bursed by him only for such purpose; and no
other disposition shall ever be made of such
money in said fund until such bonds shall be
fully paid, or unless there be surplus in such
fund, but this shall not be construed as pre-
venting the State Treasurer from depositing
said funds in any depository designated by law
with respect to other public funds.
s. There is hereby appropriated all of the
money received as proceeds of the tax provid.
ed for herein, and all other moneys received
from the other sources provided for herein, to
pay the interest and principal upon such
bonds, as payment thereof shall become due,
or shall be presented for payment, and when
ever any Of said bonds or coupons thereon
shall become due and shall be presented for
payment, the State Treasurer shall pay the
same out of the fund applicable thereto
g. Whenever the amount in such fund
shall, in the judgment of the Industrial Com
mission, be sufficient to warrant doing so, it
may purchase any of such bonds which may be
in the market and for sale, at such price as
may be deemed by said Industrial commission
for the best interests of the State and bonds so
purchased shall be held as part Of said fund.
T. That Immediately upon the approval OF
this resolution there shall be established in
THE BANK OF NORTH DAKOTA bureau
for the audit and approval of the claims of de-
positors in the insolvent banks herenbefore
mentioned, and the officials Of said BANK OF
NORTH DAKOTA shall establish and promul-
gate rules and regulations for the auditing,
approval and payment of such claims, subject
to the limitations herein provided for.
g. All claims audited and allowed by the
Bureau herein provided for, shall then be sub
mitted to the STATE AUDITING BOARD and
by it audited, and upon it's approval shall be
paid out of the fund created therefor, and in
Dn believed that the to be submitted by initiat,
submitted the people, interests uppermOst In the
could be formulated and Grafton amendment and in
would work the minimum Of quested to read the resolution
depositers rather than permit ators 1t bismarck.