Page:1889 North Dakota Session Laws.pdf/126

 notice for at least thirty days in two or more newspapers of general circulation, one of which shall be published in the city of New York, giving date of such sale; and the said bonds shall be sold to the highest bidder for cash, at not less than their par value.

§ 3. INTEREST FUND TAX.] The State Board of Equalization, at the time other taxes are levied, shall levy a sufficient tax annually, to pay the interest on said bonds as the same shall become due, which tax shall be collected in the same manner that other State taxes are collected. Also, seven years before the maturity of said bonds, said board shall provide a sinking fund sufficient to retire and pay said bonds at their maturity, and for such purpose shall annually levy a tax sufficient to provide such funds. No tax or fund provided for the payment of such bonds or the interest thereon shall be used for any other purpose.

§ 4. TREASURER TO PAY.] When the interest coupons attached to such bonds become due, and whenever said bonds mature, it shall be the duty of the State Treasurer to pay the same on presentation out of any funds in the Treasury applicable thereto, and to cancel the same when paid.

§ 5. RESIDUE TO BE TURNED INTO GENERAL FUND.] When said bonds are all redeemed and all interest thereon paid, the residue of said fund and all subsequent collections of said tax shall be transferred to the general revenue fund of the State.

§ 6. WHEN BONDS MAY BE ISSUED.] The State Treasurer is hereby authorized and empowered to offer for sale said bonds in such amounts and at such times as the Governor, State Auditor and State Treasurer may deem proper and for the best interests of the State.

§ 7. STYLE OF BONDS.] Said bonds to be known and styled "North Dakota Revenue Bonds," which shall be of denominations of not less than $1,000 each.

§ 8. EMERGENCY.] Whereas, an emergency exists in this, that there is no provision of law by which the extraordinary expenditures of the State can met; therefore, for the reasons stated, this act shall take effect and be in force from and after its passage and approval.

Approved March 11, 1890.