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

the conservatOr of rural credit tC
issue bonds and certificates of in
debtedness to refund outstanding
obligations of the department OF
rural credit and authorizing and
directing the state board of in
vestment of the State of Minneso-
ia to sell to the department OF
rural credit such securities issu-
cd by the department of rural
credit.
Be it enacted by the Legislature of
the State of Minnesota:
Section /. That Section 4, Chap
ter 225, Laws 1923, as amended by
Chapter 270, Laws 1925. Section l,
(Mason's Minnesota Statutes of
1927, Section 6O33, as amended by
Section 4, Chapter 429, Laws of
1888, as amended by Section l,
Chapter 298, Laws 1885 Q936 Sup
plement to Mason's Minnesota Sta
tutes of 1927, Section 6033) is here
by amended so as to read as fol-
lows:
Section 4. a. The Conservator
shall have power:
Cd To adopt such rules and regu-
lations as may be necessary for the
proper conduct of the business CT
the Department.;
co To issue certificates of in
debtedneSS and tax levy certificates
subject to the limitations of Section
II of this act, to issue bonds payable
by the State of Minnesota. bearing
interest at a rate not to exceed go
per annum, in an aggregate amount
not to exceed $50 1000, 900, said bonds
to be issued only for the purpose of
refinancing present outstanding in
debtedneSs which is now bearing in
terest at considerably higher rate,
said bonds to be issued in denomina-
lions as the COnservator deems adj
visable.
GA The State Board Of Invest
ment is authorized and directed to
sell such securities issued by the
Department of Rural Credit, now
held by it, to said Department of
Rural Credit, is authorized and
directed TO issue bonds pay
able by the State of Mime
sofa, bearing interest at the low
est market rate not to exceed 80
per annum for term of not to eX-
coed twenty years for The purpose
Of refinancing present outstanding
indebtedness; provided, however, the
Conservator may refinance $50 of
the total authorized Indebtedness
by issuing short term certificates of
Indebtedness bearing interest at not
to exceed 1900 per annum which
may be renewed from time 20 time.
CD In the name of the state to
acquire, own, hold, lease, sell and
convey such property, real, person.
al or mixed, as may be necessary,
convenient and proper for The tram
saction of the business of the De-
partment; but such property shall
be taken by him only in payment
of pre-eXisting debts owing the
State;
ca To sell, grant and convey to
any person, firm or corporation who
shall apply therefor right Of way
or easement to lay, maintain, oper-
ate and keep up pipe lines for the
transportation and transmission of
gasoline and other petroleum prod
uctS over and across lands subject
to rural credit mortgages, and over
opJ acrocc c,,ct N, O,.tooUo lands or
quired by the State by foreclosure or
deed, upon such terms and condi-
tions as he shall deem advisable;
60 To insure buildings and struc-
lures upon any such mortgaged
property acquired by the State
against loss by fire, tornado, wind
storm and/or hail, in any insurance
company or association, however or
gained, authorized to do business
in this State, and to pay the premi-
umS, assessments and dues thereby
accruing; and to make such repairs
and improvements upon such prop
erty as are essential to the operation
and preservation thereof;
60 To do all things that may be
necessary and proper in carrying out
the provisions of this act.
b. 1t shall be the duty of the Con-
servator:
Cd To maintain the office of the
Department at the seat of govern
ment;
90 To keep such books and rec
ords as are necessary for the con-
duct of the business of the Depart
ment and to keep in his custody all
promissory notes, mortgages, securi-
ties, evidences of Indebtedness
muniments of title, and all other
papers, records and instruments OF
every kind now in the possession OF
or hereafter received or acquired by
the Department.
CD To diligently collect all mon
eys due the State under this act
and to sell all property acquired by
it but subject to the limitations here
in provided, with a view to the
complete and speedy liquidation OF
the business of the Department.
(4 To promptly meet all obliga-
lions of the Department to the end
that no default shall occur in the
payment of principal or interest on
its bonds or certificates.
60 To submit an annual report
to the Governor"
Approved April 26, 1887.
CHAPTER 470-S. F. No. 1852
A BILL