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

A Concurrent Resolution
For an Amendment to the Constitution, In
creasing the Debt Limit, Providing for the
Sale of Bonds to Provide Funds to Liqui-
date the Liabilities of Insolvent Banks, to
Levy Taxes to Pay the Principal and In
>terest of Said Bonds, to Provide for the Dis
basement of the Moneys Arising There
from, and to Protect the State in the Re-
covery or Recoupment Thereof.
BE 1T RESOLVED by the Senate of the State
of North Dakota, the House of Represent
tives COncurring:
~ That the following proposed Amendment to
the Constitution of the State of North Dakota
is agreed to and that the same be submitted to
the qualified electors of the State for approval
or rejection at Special election to be held on
the fifth day of May, A. d. 1925, between the
hours Of nine o'clock A. NJ and six o'clock p.
NJ, in the manner provided by law for the call
ing, holding and certifying of special elections
for the amendment of the constitution.
AMENDMENT.
The Constitution of the State of North Da-
kota is hereby amended by the addition of the
following Article to-wit:
ARTICLE41
/. That in addition to all other indebted
ness heretofore or hereafter authorized, the
State may contract debts not to exceed Ten
Million ($10,000,00000) Dollars, and may issue
and sell it's bonds in that amount for the pur-
pose of providing funds to reimburse deposi-
tors in state banks which may have been adj
judged insolvent prior to the first day of May,
A. D. 1925, and subsequent to the first day of
July A. D. 1921.
2, The State Treasurer is hereby directed
to prepare and the Governor and the State
Treasurer are hereby directed to issue, negoti-
able bonds of the State of North Dakota, in the
aggregate of said amount. They shall be exc
cuted by the Governor and the State Treasurer
under the great seal of the State of North Da-
kota, and shall be attested by the Secretary of
State. The, Auditor and the Secretary of State
shall endorse and sign upon each bond a certi-
ficate showing that it is issued pursuant to law
and is within the debt limit. The bonds 50 is
sued shall be designated "BONDS OF NORTH
DAKOTA, BANK LIQUIDATION SERIES
Said bonds shall be payable to the bearer, and
shall be subject to registration as provided by
law. They shall be issued in denominations OF
: One Thousand ($1O000O Dollars, shall be
dated on July LIST, 1925 and payable in thirty
(30) years from that date: They shall bear
interest at the rate of five per cent (5fd) per
annum from that date, until maturity, payable
July each year.
Such bonds shall have attached coupons evil
dencing the amount of interest payable or
each semi-annual period Principal and in
terest shall be payable at the office of the State
Treasurer in the City of Bismarck. Bonds and
coupons must be presented for payment with
in six (6) years after maturity, and no such
bonds and coupons shall bear interest after
maturity, unless payment thereof shall not
have been made upon such presentation. Such
bonds shall be exempt from all State, County
and Municipal taxes. The above conditions
shall be set out in the bonds
is made the wisdom of this resOl
question involved is such importance ti must sooner
oncng that the officers Of this association Of the opinion
lifted by the legislative assembly in such shape that if adopted
and the maximum Of benefit to the uRortuna
a,-t f&{s f#t@ H