Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1931-05-07
CHAPTER I'll. F. No. rs.


AN ACT appTOpriating money for
the purpose of erecting, equipping
and furnishing certain buildings at
the State Teachers College at Moor
head, including a heating plant,
and providing for the issuing of
certificates of Indebtedness in con-
nection herewith.
Ee it enacted by the Legislature of
the State of Minnesota:
Section ]. The State Auditor is
hereby authorized and directed to is
sue and sell certificates of indebted
ness of the state in the aggregate
sum of seven hundred sixty-five thou
sand dollars to be due and payable
as follows:
S120, 000-August I. 1882.
$50 000-February 1, 1883.
S120, 000-August /. 1889.
$50. 0O0-February 1, 1894.
S12O O00-August 1. 1884.
$50 O00-Fehruary 1, 1885.
S100, 000-August 1, 1885.
Se5, OO0-Fe bruary 1, 1896.
Said certificates of Indebtedness
shall be in such form as the said
auditor shall prescribe and shall be
signed by the President of the State
Teachers College Board and counter
signed by the State Auditor, who shall
keep proper record thereof show
ing the date of issue, the amount and
rate of interest the same bears, and
the date of maturity thereof, and a
certificate of such registration shall
be endorsed thereon.
Sec. 2. Said certificates of indebt-
edness shall be issued in denomina-
tons of not less than one thousand
dollars and shall bear interest at a
rate not to exceed four and one-half
per cent per annum, payable semi
annually, and the proceeds of the
sale thereof shall be deposited in the
state treasury and be expended in
the manner provided by law; provid
ed, that the certificates, or any por-
ton. thereof, may be purchased for
the states trust funds by the State
Board of Investment without first
asking for bids.
Sec. 3. Said certificates of indebt-
edness shall only be issued and sold
from time to time as the actual work
of construction progresses and only
in such sums as may be required to
provide the necessary funds to pay
for material and labor actually fur
nished and other necessary expenses
authorized by this act upon proper
action by the proper authorities.
Sec. T. For the purpose of provid-
ing money for the payment of the
certificates of Indebtedness herein
described at maturity and the semi
annual interest when due, the State
Auditor is hereby authorized to an
nually levy and collect tax suffi-
cient to meet such obligations upon
all the taxable property of the state
in the manner in which other state
taxes are levied and collected. The
sum of thirty-five thousand dollars,
or so much thereof as may be neces-
sary to meet interest becoming due
prior to the collection of taxes for
such purposes and to cover neces-
sary expenses incident to the issu-
ance and sale of said certificates is
hereby appropriated out of any
money in the state treasury not 9TH
erwise appropriated.
Sec 5. There is hereby appropriat-
ed out of the proceeds of the sale of
such certificates the sum of seven
hundred sixty-five thousand dollars,
or so much thereof as may be neces-
sary, for the purpose of erecting,
equipping and furnishing a combined
main and physical education build
ing, a training school building and a