Sturgis advertiser. (Sturgis, Dakota [S.D.]) 1887-1???, 1889-03-07

exceed i've years nor shall any lease be valid
until It receives the approval Of the goyernor.
SEC. TO- No claim to any public lands by any.
trespasser thereon by reason OF occupancy Gull
tivation or Improvement thereof, shall ever be
recognized, nor shall compensation ever pc
made on account OF any improvements made by
such trespassers.
SEC IL The moneys Of the permanent school
and other educational funds shall be invested
only In frat mortgages upon good improved
farm lands within the state as hereinafter pro-
vided, or in bonds Of school corporations within
the state, or in bonds of the United States or OF
tho state OF Dakota. The legislature shall pro-
vide by law the method Of determining the
amounts of said funds which shall be invested
from time to time in such classes OF securities
respectively, taking care to secure continuous
Investments as far as possible.
All moneys of said funds which may from
time to time be designated for Investment In
farm mortgages and in the bonds of school cor
porations, shall for such purpose be divided
among the organized coun les of the state in
proportion to population as nearly as provisions
by law to secure continuous investments may
permit
The several counties shall hold and manage
the same as trust funds, and they shall be and
remain responsible and accountable for the
principal and interest of all such moneys Sc
cured by them from the date of receipt until
returned because not loaned, and in case OF loss
to any money so apportioned to any county,
such county shall make the same good out of
its common revenue. Counties shall invest
said moneys In bonds of school corporations or
lands is within their limits respectively; but
no farm loan shall exceed five hundred dollars
to any one person, nor shall it exceed one
assessed s for taxation and the rate Of interest
shall not be less than six per centum per
annum and shall be such other and higher rate
as the legislature may provide and shall be
payable semi annually on the first days OF jan
uary and July: Provided That whenever there
are moneys OF said fund in any county amount
loaned according to the provisions of this sec
tion and any law pursuant thereto, the said
sum may be returned to the state treasurer to
be entrusted to some other county or counties.
or otherwise invested under the provisions of
this section.
Each county shall semi-annually on the first
the condition Of the funds entrusted to it, to
the auditor of state, and the same time pay
to or account to the state treasurer for the in
terest due on all funds entrusted to 1t.
The legislature may provide by general law
that counties may retain from interest collect
ed in excess of six per centum per annum up II
all funds entrusted to them not to exceed one
per centum per annum. But no county shall
be exempted from the obligation to make semi
annual payments to the state treasurer of inter-
est at the rate provided by law for said loans,
except only said one per centum; and in no
case shall the interest SO to be paid be less than
six per centum per annum
The legislature shall provide by law for the
safe Investment OF the permanent school and
other educational funds. and for the prompt
collection of interest and income thereof, and
to carry out the object and provisions OF this
section.
SEC g. The governor may disapprove any
sale, lease or investment other than such as are
intrusted to the counties.
SEC Is. All losses to the permanent school
other educational funds OF this state which
shall have been occasioned by the defalcation,
negligence, mismanagement or fraud of the
agents or officers controlling and managing the
same, shall be audited by the proper authori-
ties Of the state. The amount SO audited shall
be @ permanent funded debt against the state
in favor of the fund sustaining the loss, upon
which not less than six per centum of the an
nual interest shall be paid. The amount OF in
debtedness SO created shall not be counted as
part of the indebtedness mentioned in article
XIII, section two.
SEC a. The legislature shall provide by
law for the protection Of the school lands
from trespass or unlawful approximation, and
for their defense against all unauthorized
claims or efforts to divert them from the school
fund.
SEC Is The legislature shall make such pro-
visions by general taxation and by authorizing
the school corporations to levy such additional
taxes, as with the income from the permanent
school fund shall secure thorough and eff
Gent system of common schools throughout the
state.
SEC 16. No appropriation of lands. money or
other property or credits to aid any sectarian
school shall ever be made by the state, or any
county or municipality within the state, nor
shall the state or any county or municipality
within the state accept any grant, conveyance,
gift OF bequest of lands, money or other proper
ty to be used for sectarian purposes, and no
sectarian instruction shall be allowed in any
school or institution aided or supported by the
state.
SEC II. No teacher state, county, township
or district school officer shall be interested in
the sale, proceeds or profits of any book appar-
atus or furniture used or to be used in any
school in this state under such penalties as
shall be provided by law