CHAPTER 476
SENATE BILL NO. 2320
(Lips, Goodman)
VIETNAM BONUS TAX REPEAL 1333
AN ACT to amend and reenact section 54-17.1-12 of the North Dakota Century Code, relating to taxes, appropriations, and transfers for purposes of repaying the Vietnam veterans adjusted compensation bonds; to repeal section 57-38-30.2 of the North Dakota Century Code, relating to the Vietnam veteran surtax; to provide an appropriation; stating legislative intent concerning the authority of the industrial commission; to provide an effective date; and to declare an emergency.
BE IT ENACTED BY THE LEGISLATIVE ASSEMBLY OF THE STATE OF NORTH DAKOTA:
- SECTION 1. AMENDMENT.) Section 54-17.1-12 of the 1973 Supplement to the North Dakota Century Code is hereby amended and reenacted to read as follows:
- 54-17.1-12. APPROPRIATIONS AND TRANSFERS IRREPEALABLE.) All appropriations and transfers provided to pay bonds issued under the provisions of this chapter and interest thereon shall not be repealed until such bonds and interest are fully paid.
SECTION 2. REPEAL.) Section 57-38-30.2 of the 1973 Supplement to the North Dakota Century Code is hereby repealed.
SECTION 3. APPROPRIATIONS.) There is hereby appropriated out of any moneys in the general fund in the state treasury, not otherwise appropriated, the sum of $17,000,000.00, or so much thereof as may be necessary, to the sinking fund for the payment of North Dakota general obligation bonds, conflict adjusted compensation series, which were issued pursuant to chapter 54-17.1 of the North Dakota Century Code, for the purpose of payment of such bonds and interest thereon.
SECTION 4. LEGISLATIVE INTENT - INDUSTRIAL COMMISSION AUTHORITY- INVESTMENT BY BANK OF NORTH DAKOTA.)
1. The legislative assembly intends that the moneys appropriated by section 3 of this Act, and other moneys in the sinking fund, may be expended by the industrial commission to purchase, in the open market or by negotiation, outstanding Vietnam conflict adjusted compensation bonds, of either or both series, at such times as the commission sees fit. The industrial commission is hereby authorized to purchase and retire the aforementioned bonds whenever the commission shall judge that it is financially in the best interest of the state to do so.
2. The Bank of North Dakota, on behalf of the state treasurer, shall invest the moneys appropriated by section 3 of this Act, consistent with the provisions of section 21-10-07, at the best possible rate of interest, and all interest earned thereby shall be deposited to the credit of the sinking fund created by section 54-17.1-07 for use in meeting bond principal and interest payments as they come due.
SECTION 5. EFFECTIVE DATE.) The provisions of this Act shall be effective for all taxable years beginning on or after January 1, 1975.
SECTION 6. EMERGENCY.) This Act is hereby declared to be an emergency measure and shall be in full force and effect from and after its passage and approval.
Approved April 8, 1975