New Ulm weekly review. [volume] (New Ulm, Minn.) 1878-1892, 1886-10-27
MINNESOTA NEWS.
CONSTITUTIONAL AMENDMENT.

To be Voted on at the General Election Nov. 2.
AN ACT PROPOSING AN AMENDMENT TO ARTICLE
EIGHT OF THE CONSTITUTION OF TIES STATE
OF MINNESOTA.
Be it enacted by the Legislature OF tn.
State of Minnesota:
SECTION 1. The following amendment OF
article eight (S) Of the constitution OF the
state of Minnesota is hereby proposed TO
the people for approval or rejection: thae
is to say, that said article eight (S) be
amended by adding thereto the following
section, viz:
SEC. 5. The permanent school funds OF
the state may be loaned upon interest at
the rate OF five ~ per cent. per annum TO
the several counties or school districts OF
the state, to be used in the erection efcoun.
ty or school buildings. No such loan shall
be made until approved by board con-
sisting Of the governor. the state audltor
and the state treasurer, who are hereby
constituted an investment board Tor tne
purpose OF the loans hereby authorized;
nor shall any such loan be for an amount
exceeding three per cent. OF the last preced.
ing assessed valuation OF the real estate OF
the county or school district receiving the
same. The state auditor shall annually,
at the time OF certifying the state tax TO
the several county auditors, also certify 10
each auditor to whose county, or TO any
OF the school districts of whose county any
such loan shall have been made. 1he tax
necessary to be levied to meet the accrulng
interest or principal OF any such loan, ana
it shall be the duty OF every such county
tax upon all the taxable property OF his
county, or Of the several school districts
respectively, liable for such loans,-as the
case may be-and in all such cases the tax
SO assessed shall be fifty per cent in excess
OF the amount actually necessary to be
raised on account OF such accruing prlncl-
pie or interest. 1t shall be levied, collected
and paid into the county and state treas
uries in the same manner as state taxes
and any excess collected over the amount
OF such principal or interest accr ling in any
given year shall be credited to the general
funds of the respective counties or school
districts. No change of the boundaries OF
any school district after the making ofany
such loan shall operate to withdraw any
property from the taxation herein provld-
ed for; nor shall any law be passed extend
ing the time OF payment OF any such prla-
cipal or interest, or reducing the rate OF
such interest, or in any manner waving or
impairing any rights OF the estate in connec.
ton with any such loan. Suitable laws,
not inconsistent with this amendment may
be passed by the legislature for the purpose
OF carrying the same into effect.
Sec. q. This proposed amendment shall
be submitted to the people OF the state for
their approval or rejection at the general
election occurring after the passage OF this
act, and the qualified electors OF the state,
in their respective districts, may at such
election vote by ballot for or against said
| amendment; and the returns thereof shall
be made and certified within the time, and
such votes canyassed, and the result there
of declared in the manner provided by law
| with reference to election OF members OF
congress, and, if it shall appear thereupon
| that a majority OF the electors present and
| voting for or against the proposed amend
ment to the constitution as provided in
| the next section have voted in favor OF the
same, then the governor shall make procla-
nation thereof and such amendment shall
| thereupon take effect and be in force as
part OF the constitution.
| SEC. 3. The ballots used t such election
by electors voting in favor OF this amend
lDent shall nave written or printed. part
ly written and partly printed, thereupon
the following words;
Amendment OF article eight (S) OF the
constitution-Yes.''
The ballots used by such electors voting
against said amendment shall have written
or printed, or partly written and partly
printed, thereupon the following words:
Amendment OF article eight (S) of the
constitution-No."
SEC 4. This act shall take effect and be
| in force from and after its passage.
Approved March I, 1885.