54-30 Bonds of North Dakota, Real Estate Series
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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<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,</div></article><aside class="right-sidebar"><div class="related-sidebar"><h3><span class="emoji">⚖️</span> State Laws</h3><ul class="state-laws-list"><li><a href="https://state-laws.laws.com/state-of-alabama">The State Laws of <!-- -->Alabama</a></li><li><a href="https://state-laws.laws.com/state-of-alaska">The State Laws of <!-- -->Alaska</a></li><li><a href="https://state-laws.laws.com/state-of-arizona">The State Laws of <!-- -->Arizona</a></li><li><a href="https://state-laws.laws.com/state-of-arkansas">The State Laws of <!-- -->Arkansas</a></li><li><a href="https://state-laws.laws.com/state-of-california">The State Laws of <!-- -->California</a></li><li><a href="https://state-laws.laws.com/state-of-colorado">The State Laws of <!-- -->Colorado</a></li><li><a href="https://state-laws.laws.com/state-of-connecticut">The State Laws of <!-- -->Connecticut</a></li><li><a href="https://state-laws.laws.com/state-of-delaware">The State Laws of <!-- 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height:815px; text-align:center;\"\u003eLoading PDF...\u003c/div\u003e\u003cscript type=\"text/javascript\"\u003e var pdf_url = 'https://law.justia.com/codes/north-dakota/2009/t54/pdf/t54c30.pdf'; $(document).ready(function() { var embedwindow = $(\"#embed_document\"); if ($.browser.msie){ embedwindow.html('\u003cembed src=\"'+pdf_url+'\" width=\"100%\" height=\"100%\"\u003e\u003c/embed\u003e'); } else { embedwindow.html('\u003ciframe style=\"width:100%; height:100%;\" src=\"https://docs.google.com/gview?url='+window.escape(pdf_url)+'\u0026embedded=true\" frameborder=\"0\"\u003e\u003c/iframe\u003e'); } });\u003c/script\u003e\u003cbr\u003e\u003cbr\u003e\u003cnoframes\u003eCHAPTER 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 \u0026quot;bonds of North\u003cbr\u003eDakota, real estate series\u0026quot;, is authorized and directed under the conditions and in the manner\u003cbr\u003eand for the purposes set forth in this chapter. Such issue of bonds is authorized for the purpose\u003cbr\u003eof making delivery thereof to the industrial commission of North Dakota, as provided in this\u003cbr\u003echapter, to the end that the commission, by negotiation and sale of the bonds, may procure\u003cbr\u003enecessary funds for the Bank of North Dakota, thus replacing in the Bank the funds employed by\u003cbr\u003eit 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\u003cbr\u003eDakota securing a total amount of unpaid mortgage loans in the sum of at least one hundred\u003cbr\u003ethousand dollars, the industrial commission may cause such mortgages, or such of them as it\u003cbr\u003eshall think proper, but not less than the total amount of one hundred thousand dollars, to be\u003cbr\u003eassigned, together with the obligations thereby secured, to the state treasurer. The assignment\u003cbr\u003eof each such mortgage and obligation must be executed by the president of the Bank of North\u003cbr\u003eDakota and must recite that it is made to \u0026quot;The state treasurer of North Dakota, and successors in\u003cbr\u003eoffice in trust, as security for bonds to be issued under the designation of bonds of North Dakota,\u003cbr\u003ereal estate series, as provided by law\u0026quot;. The assignment must be duly recorded by the president\u003cbr\u003ein each county in which the lands affected by the mortgage are situated. As soon as such\u003cbr\u003eassignments are recorded, they, with the instruments assigned, must be delivered to the state\u003cbr\u003etreasurer, and at the same time the president of the Bank shall deliver to the state treasurer a\u003cbr\u003everified statement showing the principal amount remaining unpaid on each such obligation\u003cbr\u003esecured 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\u003cbr\u003estate treasurer shall notify the governor, the state auditor, and the secretary of state, each of\u003cbr\u003ewhom immediately shall inspect them or cause them to be inspected. Thereupon, the state\u003cbr\u003etreasurer immediately shall prepare for issue, and the governor and the state treasurer thereafter\u003cbr\u003eshall issue, negotiable bonds of North Dakota in an amount not exceeding the principal amount\u003cbr\u003eremaining unpaid of the outstanding loans secured by the mortgages so delivered to the state\u003cbr\u003etreasurer 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\u003cbr\u003efigures and letters, and such designation must be different from that of every other issue. All\u003cbr\u003emortgages securing the bond issues must be given a series designation. Each of the bonds so\u003cbr\u003eissued must contain a recital that it is secured by real estate first mortgages deposited with the\u003cbr\u003estate treasurer of North Dakota under this chapter which may be cited as the Second Real Estate\u003cbr\u003eBond Act of North Dakota. The bonds must be executed by the governor and the state treasurer\u003cbr\u003eunder the great seal of the state and must be attested by the secretary of state. The state auditor\u003cbr\u003eand the secretary of state shall endorse and sign on each bond issued a certificate showing that\u003cbr\u003eit was issued pursuant to law and is within the debt limit.The bonds so issued must bedesignated \u0026quot;bonds of North Dakota, real estate series\u0026quot;.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\u003cbr\u003ebonds as to denominations, period of maturity, and rate of interest must be fixed by the\u003cbr\u003ecommission.54-30-06. Interest rate of bonds. Repealed by S.L. 1981, ch. 269,"])</script><script>self.__next_f.push([1,"3c:[\"$\",\"article\",null,{\"className\":\"article-content\",\"children\":[[\"$\",\"header\",null,{\"className\":\"article-header\",\"children\":[[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/\",\"className\":\"article-category\",\"children\":[\"North Dakota\",\" Statutes\"]}],[\"$\",\"h1\",null,{\"className\":\"article-title\",\"children\":\"54-30 Bonds of North Dakota, Real Estate Series\"}]]}],[\"$\",\"div\",null,{\"className\":\"article-body statute-content\",\"dangerouslySetInnerHTML\":{\"__html\":\"$3e\"}}],false]}]\n"])</script><script>self.__next_f.push([1,"3d:[\"$\",\"aside\",null,{\"className\":\"right-sidebar\",\"children\":[\"$\",\"div\",null,{\"className\":\"related-sidebar\",\"children\":[[\"$\",\"h3\",null,{\"children\":[[\"$\",\"span\",null,{\"className\":\"emoji\",\"children\":\"⚖️\"}],\" State 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