54-30 Bonds of North Dakota, Real Estate Series - North Dakota Statutes

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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
Dakota, real estate series", is authorized and directed under the conditions and in the manner
and for the purposes set forth in this chapter. Such issue of bonds is authorized for the purpose
of making delivery thereof to the industrial commission of North Dakota, as provided in this
chapter, to the end that the commission, by negotiation and sale of the bonds, may procure
necessary funds for the Bank of North Dakota, thus replacing in the Bank the funds employed by
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
Dakota securing a total amount of unpaid mortgage loans in the sum of at least one hundred
thousand dollars, the industrial commission may cause such mortgages, or such of them as it
shall think proper, but not less than the total amount of one hundred thousand dollars, to be
assigned, together with the obligations thereby secured, to the state treasurer. The assignment
of each such mortgage and obligation must be executed by the president of the Bank of North
Dakota and must recite that it is made to "The state treasurer of North Dakota, and successors in
office in trust, as security for bonds to be issued under the designation of bonds of North Dakota,
real estate series, as provided by law". The assignment must be duly recorded by the president
in each county in which the lands affected by the mortgage are situated. As soon as such
assignments are recorded, they, with the instruments assigned, must be delivered to the state
treasurer, and at the same time the president of the Bank shall deliver to the state treasurer a
verified statement showing the principal amount remaining unpaid on each such obligation
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
state treasurer shall notify the governor, the state auditor, and the secretary of state, each of
whom immediately shall inspect them or cause them to be inspected. Thereupon, the state
treasurer immediately shall prepare for issue, and the governor and the state treasurer thereafter
shall issue, negotiable bonds of North Dakota in an amount not exceeding the principal amount
remaining unpaid of the outstanding loans secured by the mortgages so delivered to the state
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
figures and letters, and such designation must be different from that of every other issue. All
mortgages securing the bond issues must be given a series designation. Each of the bonds so
issued must contain a recital that it is secured by real estate first mortgages deposited with the
state treasurer of North Dakota under this chapter which may be cited as the Second Real Estate
Bond Act of North Dakota. The bonds must be executed by the governor and the state treasurer
under the great seal of the state and must be attested by the secretary of state. The state auditor
and the secretary of state shall endorse and sign on each bond issued a certificate showing that
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
bonds as to denominations, period of maturity, and rate of interest must be fixed by the
commission.54-30-06. Interest rate of bonds. Repealed by S.L. 1981, ch. 269,