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

Indebtedness in anticipation Of the
collection of such taxes; author
izing the state board Of invest
ment to invest the state trust
funds In such tax levy certificates,
and authorizing the board Of in
vestment to purchase said certi-
ficates of indebtedness.
Be it enacted by the Legislature Of
the State Of Minnesota:
Section /. There is hereby ap-
propriated out of the general rev.
enue fund, and from moneys not
otherwise appropriated, the sum Of
100000 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 but
not exceeding $1,000 Of the funds
appropriated by this act may be
used by said State Agency to reim-
burSe counties for not over 1/6
share Of such Old Age Assistance as
may have been granted to persons
Of Indian blood.
Section 2. For the purpose Of pro-
viding funds with which to make
available the appropriation provided
for in Section Of this act, the State
Auditor is hereby authorized and
directed to cause to be levied upon
all taxable property In the State, in
the manner in which other taxes are
levied, for the taxable year 1887, a
tax sufficient to produce the sum of
81, 900, 10000, together with such ad-
ditional sum as may be necessary to
pay the interest upon certificates Of
indebtedness issued pursuant to the
provisions Of this act.
Section 3. The proceeds Of such
tax levy shall be credited to the Gen.
eral Revenue Fund, and the same
are hereby appropriated for the pur-
pose Of paying the certificates of in
debtedness authorized by this act,
together with the interest thereon.
Section 4. Pending the levy and
collection Of said taxes, the State Au-
ditor is hereby authorized and en-
powered to issue and sell, at not less
than par, as funds are needed for
the purpose of this act, certificates
Of Indebtedness Of the State in the
aggregate amount of $1,000, 100000,
which certificates shall mature at
such time as the Auditor may de-
termine, not exceeding. however, the
time when funds shall be available
for the payment thereof from the
tax levy herein authorized. Such
certificates shall bear such rate Of
interest, not exceeding three per
cent per annum, payable semi-an-
nually, and shall be in such form as
the State Auditor 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 there
Of. The proceeds Of the sale of said
certificates shall be credited to the
General Revenue Fund. and said GER
tificates, and the interest thereon,
shall be paid from said fund, pro-
vided that such interest as may be-
come due on said certificates, until
said taxes have been collected to
meet the same, shall be paid out of
the Revenue Fund, and the amount
necessary therefor for such purposes
is hereby appropriated.
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 certificates
Of indebtedness at the rate Of not
less than three per cent interest, 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 authorized to
purchase said certificates of indebt-
edness at a rate Of three per cent,
any law to the contrary notwith-
standing, but this rate Of interest
shall not apply to the State Invest
ment Board for other loans.
Section 6. This act shall take ef-
feet and be in force from and after
its passage.
Approved January 80, 1887.