54-30 Bonds of North Dakota, Real Estate Series
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<![CDATA[CHAPTER 54-30BONDS OF NORTH DAKOTA, REAL ESTATE SERIES54-30-01. Authority for issuing bonds of North Dakota, real estate series - Purposeof issue. An issue of bonds of the state of North Dakota, to be known as "bonds of North<br>Dakota, real estate series", is authorized and directed under the conditions and in the manner<br>and for the purposes set forth in this chapter. Such issue of bonds is authorized for the purpose<br>of making delivery thereof to the industrial commission of North Dakota, as provided in this<br>chapter, to the end that the commission, by negotiation and sale of the bonds, may procure<br>necessary funds for the Bank of North Dakota, thus replacing in the Bank the funds employed by<br>it from time to time in making loans upon first mortgages of real estate.54-30-02.Assignment of first mortgages by Bank of North Dakota to state assecurity for bonds. Whenever first mortgages upon real estate are held by the Bank of North<br>Dakota securing a total amount of unpaid mortgage loans in the sum of at least one hundred<br>thousand dollars, the industrial commission may cause such mortgages, or such of them as it<br>shall think proper, but not less than the total amount of one hundred thousand dollars, to be<br>assigned, together with the obligations thereby secured, to the state treasurer. The assignment<br>of each such mortgage and obligation must be executed by the president of the Bank of North<br>Dakota and must recite that it is made to "The state treasurer of North Dakota, and successors in<br>office in trust, as security for bonds to be issued under the designation of bonds of North Dakota,<br>real estate series, as provided by law". The assignment must be duly recorded by the president<br>in each county in which the lands affected by the mortgage are situated. As soon as such<br>assignments are recorded, they, with the instruments assigned, must be delivered to the state<br>treasurer, and at the same time the president of the Bank shall deliver to the state treasurer a<br>verified statement showing the principal amount remaining unpaid on each such obligation<br>secured by the mortgages so delivered.54-30-03. State treasurer to inspect assignment and prepare bonds - Governor andtreasurer to issue bonds. Upon receiving the assignments provided for in section 54-30-02, the<br>state treasurer shall notify the governor, the state auditor, and the secretary of state, each of<br>whom immediately shall inspect them or cause them to be inspected. Thereupon, the state<br>treasurer immediately shall prepare for issue, and the governor and the state treasurer thereafter<br>shall issue, negotiable bonds of North Dakota in an amount not exceeding the principal amount<br>remaining unpaid of the outstanding loans secured by the mortgages so delivered to the state<br>treasurer plus costs of issuance and any reasonably required reserve funds.54-30-04. Bonds - Series designation - Terms - Execution. Each issue of bonds mustbe designated by series figure or figures, or by series letter or letters, or by a combination of both<br>figures and letters, and such designation must be different from that of every other issue. All<br>mortgages securing the bond issues must be given a series designation. Each of the bonds so<br>issued must contain a recital that it is secured by real estate first mortgages deposited with the<br>state treasurer of North Dakota under this chapter which may be cited as the Second Real Estate<br>Bond Act of North Dakota. The bonds must be executed by the governor and the state treasurer<br>under the great seal of the state and must be attested by the secretary of state. The state auditor<br>and the secretary of state shall endorse and sign on each bond issued a certificate showing that<br>it was issued pursuant to law and is within the debt limit.The bonds so issued must bedesignated "bonds of North Dakota, real estate series".54-30-05.Denominations - Maturity - Interest rate.The bonds issued under thischapter must be payable in not more than thirty years from the date of issue. The terms of the<br>bonds as to denominations, period of maturity, and rate of interest must be fixed by the<br>commission.54-30-06. Interest rate of bonds. Repealed by S.L. 1981, ch. 269, </p>
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