The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1927-02-19
LEVY FOR LAND
BOND INTEREST
is NOT NEEDED


that a levy Of $750,O00.OO be made for
such fund. After consideration of
such request, the state board of
equalization took no action upon the
matter. The board informally dis
cussed the matter and concluded no
levy was necessary. On June 80.
1926, the balance on hand in the real
estate bond payment fund was suf-
ficient- to pay the interest on out
standing bonds on July l, 1925; to
cover the required amortization fund
reserve as of that date, and there was
in addition thereto a surplus of $87,-
10000. This proved that the judg-
ment of the equalization, board was
correct.
"The manager Of the Bank of
North Dakota, in making a. request
in 1925 for a levy Of $75O,0OO.OO for
the real estate bond payment fund.
based his request upon an estimate
that there would be collected into
the real estate bond payment fund
from loan collections only $780, 1884,
90 out of a total of 1851 ,821.OO fall
ing due within the fiscal year. In
the first seven months of the fiscal
year, beginning July 1, 1926, farm
loan collections, according to the rec
ords of the state treasurer, amounted
to $l,149, 10000 or more than $4,000
in excess Of the estimated collections
for the entire year as made b., the
manager of the Bank of North Dako-
ia. The Bank Of North Dakota acts
as agent Of the state treasurer in the
conduct Of the real estate farm loan
business of the State of North Da-
kota. According to the records Of
the office Of the state treasurer on
February /, 1927, there was, cash on
hand in the real estate bond sinking
fund of $l,113,345.6O. Such amount
included a surplus of $12.371.87 in
excess of the required amortization
fund reserve. On the same date the
records of the. state treasurer'S office
showed a cash balance on hand in the
real estate bond interest fund Of
$448, 1884,, and after deducting out
standing interest, coupons which were
then due Of $340,233.36, there was a
balance in the interest fund Of $1p8,.
7O2.O8 on February 1. 1927.
Comparisons Made
1T is impossible at this time TO de-
termipe accurately. what will be the
condition Of real estate bond sinking
and interest funds on July I, Of this
year. A. comparison Of real estate
loan collections for the last two
years however, sheds some light upon
this subject. From July /, 1925 to
Febguary /, 1926, real estate loan. col
lections amounted to $1.314 ,6Oa. So.
From July l, 1925 to February l, 1927
real estate loan collections amounted
to 3l,l40, 3O5.31. From February /,
1926 to July l, 1926, real estate loan
collections amounted to $675, 244.43.
The total amount of interest due on
real estate bonds on July I. 1927 will
be $628, 486.25. On February 1, 1927
we had balance on hand towards the
payment Of this amount inA the sum
Of SOS, 7O2.OS. II the collections on
the farm. loans for the period between
February I, 1927. and July, l, 1927
will be the same as that collected for
the SAME period last year. we will
have a total sum on hand July l,
1927 with which to pay interest in the
amount Of $683,946.51.
"There is no human being who can,
at this time, foreteil what the pay
ment by the farmers will amount to
by July l.. An estimate is merely q
guest. So far there has been no def
icit but surplus and therefore no
occasion for making any tax. levy
If the time shall come that levy is
necessary, we have the state board
| Of equalization ready to make such
levy. This board is. comprised Of the
five most important. officers Of the
State, namely: Governor, state trea.
surer. state auditor. commissioner Of
| agriculture and labor and tax COM
missioner. Two of these members
are alse members Of the industrial
commission. The official records OF
the board Of equalization show no dis
senting vote on any Of the tax levies
made. All were agreed. This shows
that even the members Of the indus
trial commission. recognized that no
levy was necessary for interest on
real estate bo4dA..