The state treasurer, with the approval of the industrial commission, shall invest the fund designated as the real estate bond sinking fund in any securities designated as legal investments by section 15-03-04. At the request of the commission, the state treasurer shall redeem and take up out of the real estate bond sinking fund any series of real estate bonds outstanding which may be called by the commission. Upon notification of the call, the state treasurer shall cause to be published a notice of call as directed by the commission but not less than forty-five days prior to the date of call. No other disposition by appropriation, or otherwise, ever may be made of the money in the fund until the bonds are paid fully or until the time limit provided by law for the payment thereof has expired, but if any of the bonds issued and delivered to the commission, as hereinbefore provided, are returned to the state treasurer not sold, then the returned bonds may not be deemed a part of the bond issue secured by the fund.
54-30-16. Payment of interest or principal on bonds at maturity - Where made - Report - Made from real estate bond payment fund - Appropriation. The state treasurer shall pay interest on bonds issued under this chapter when due, or upon presentation of the coupon for interest when due, and shall redeem the bonds upon their maturity by paying the principal thereof. All payments must be made from the fund, without a warrant. Each payment so made, in addition to other accounting as provided by law, must be reported by the Bank. The governor may designate a bank or trust company as the fiscal agent of the state at which or by whom or to whom bond principal or interest may be payable. Such agent shall act for the state in the making of such payments under such rules as shall be made by the governor. All moneys in the fund, except the administration fee required to be paid to the Bank, are appropriated for the payment of interest and principal of the bonds. This appropriation may not be repealed, and no provisions made in this chapter for the payment of the bonds and interest may be discontinued until the debt evidenced by the bonds, both principal and interest, has been paid.