Refunding bond issue authorized for territorial debt payment.
The territorial treasurer
is hereby authorized and empowered to issue refunding bonds to the amount of one hundred
seven thousand five hundred dollars, bearing interest not to exceed the rate of four percent per
annum, for the purpose of refunding the following described indebtedness of the territory of
Dakota, to wit:
Seventy-seven thousand five hundred dollars, five percent bonds, dated May 1, 1883, issued for
the construction of the west wing of the insane hospital at Yankton and thirty thousand dollars, six
percent bonds dated May 1, 1883, issued for permanent improvements [of the] Dakota penitentiary,
at Sioux Falls, such refunding bonds, if issued, to run for not more than twenty years, and shall be
executed by the Governor and treasurer of the territory, and shall be attested by the secretary under
the great seal of the territory.
In case such bonds are issued by the territorial treasurer as hereinbefore set forth, before the first
day of October, 1889, then upon the admission of South Dakota as a state it shall assume and pay
said bonds in lieu of the aforesaid territorial indebtedness.