Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1937-05-06

otherwise appropriated, tho sum Of
S1,l00,000 to be Immediately avail
able for the purpose Of enabling
the State Agency as defined in
Chapter 95 of the Extra Session
Laws of 1885 to pay the states
share of payments to recipients of
Old Age Assistance and also for
the cost of supervision Of said act
by said State Agency.
Section 2. For the purpose Of
providing funds with which to dis
charge the obligations provided by
the terms Of this act, the State
Auditor is hereby authorized and
directed to levy upon all taxable
property In the state in the same
manner in which other state taxes
are levied the sum of S1,375,0 900 of
which the sum of S775,000 shall
be levied in the taxable year 1887
and the sum of 100000 shall be
levied in the taxable year 1888, and
to levy and collect such additional
sum as may be needed to meet the
interest on the certificates Of in
debtedness hereinafter authorized.
Section 8. The proceeds of such
tax levy shall be credited to the
Old Age Assistance Fund, and the
same are herby appropriated for
the purpose of paying the certifi-
Gates Of Indebtedness authorized by
this act, together with the interest
thereon.
Section 4. Pending the levy and
collection Of said taxes, the State
Auditor is hereby authorized and
empowered TO issue and sell, at not
less than par, as funds are needed
for the purpose of this act certifi-
Gates of indebtedness of the state
in an aggregate amount not eX-
ceeding S1.100,000, exclusive Of those
to be levied for the payment of
interest. The certificates shall ma
ture at such time as the Auditor
may determine, not exceeding.
however, the time when funds shall
be available for the payment there
Of from the tax levy herein au-
thorized. Such certificates shall
bear such rate Of interest, not ex-
ceeding three per cent per annum,
payable semi-annually, and shall
be in such form as the State Audi
tor may determine, and shall be
signed by the State Treasurer and
attested by the State Auditor under
their official seals, and the Auditor
and the Treasurer shall keep due
record Of each thereof. The pro-
ceeds Of the sale Of said certificates
shall be credited to the Old Age
Assistance Fund, and said certifi-
Gates, and the interest thereon,
shall be paid from said fund, pro-
vided that such interest as may
become due on said certificates,
until said taxes have been COL
lected to meet the same, shall be
paid out of the Revenue Fund, and
the amount necessary therefor for
such purposes is hereby appro-
priated.
Section S. The State Board of
Investment is hereby authorized to
invest the State trust funds in said
tax levy certificates, and said State
Board Of Investment is hereby au-
thorized to purchase said certifi-
Gates Of Indebtedness at the rate
Of not less than three per cent in
terest, in such sums and amounts
as said Board may from time to
time have available funds for that
purpose, and said State Investment
Board, for this purpose, is author
lied to purchase said certificates
Of Indebtedness at a rate Of three
per cent, any law to the contrary
Notwithstanding. but this rate Of
interest shall not apply to the State
Investment Board for other loans.
Section 8. This act shall take
effect and be in force from and
after its passage.
Approved April 26, 1881.