Wessington Springs herald. (Wessington Springs, Aurora County, Dakota [S.D.]) 1883-1891, 1889-09-20

by the state, and the state shall make
GOOD all losses therefrom that shall in any
manner occur.
Sec. 8. All lands mentioned in the pre-
ce6ing section shall be appraised and
sold in the same manner and by the same
officers and boards under the same limit
atoms, and subject to all the conditions
as 70 price, sale and approval, provided
above for the appraisal and sale of lands
for the benefit of public schools, but a
distinct and separate account shall be
kept by the proper officers of each of such
funds.
Sec. 8. No lands mentioned in this
article shall be leased except for pastur-
age and meadow purposes and at public
auction after notice as hereinbefore pro-
vit'ed in case of sale, and shall be offered
In tracts not greater than one section. All
rents shall be payable annually in advance
and no term Of lease shall exceed five
years, nor shall any lease be valid until
it receives the approval of the governor.
Sec. TO- No claim to any public lands
by any trespasser thereon by reason OF
occupancy, cultivation or improvement
thereof, shall ever be recognized; MOI
shall compensation ever be made on &C
count of any Improvements made by any
such trespasser.
Sec. II. The moneys Of the permanent
school and other educational funds shall
be invested only in first mortgages upon
good improved farm land within this
state as hereinafter provided, or in bonds
of school corporations within the state,
or in bonds OF the United States, or of the
state of South Dakota. The legislature
shall provide by law the method OF de
cernining the amounts of said funds
which shall be invested from time to time
in such classes of securities respectively,
takiug care to secure continuous invest
ments as far as possible.
All moneys of said funds which may
from time to time be designated for in
vest,nent in farm mortgages and in the
bonds of school corporations, shall
for such purpose be divided among the
organized counties of the state in proper
ton to population as nearly as provisions
by law to secure continuous investments
may permit. The several counties shall
mold and manage the same as trust funds,
and they shall be and remain responsible
and accountable for the principal and in
terest OF all such moneys received by
them from the date of receipt until re-
turned because not loaned; and in case of
Toss to any money so apportioned to any
county, such county shall make the same
good out CT its common revenue. Coun-
ties shall invest said money in bonds of
school corporations, or in first mortgages
upon good improved farm lands within
their limits respectively; but no farm loan
shall exceed five hundred dollars to any
one person, nor shall tcXceed one half the
valuation of the land us assessed for taxa
zion, and the rate of interest shall not be
less than six per ccntum per annum, and
be such other and higher rate as the legis-
!ature may provide, and shall be payable
semi-annually on the first day OF January
and July; provided, that whenever there
are moneys of said fund in any county
amounting TO one thousand dollars that
cannot be loaned according to the pro-
ssfsons Of this section and any law pursu-
ant thereto, the said sum may be return
ed to the state treasurer to be entrusted
90 some other county or counties, or other
wise invested under the provisions of this
section.
Each county shall semi-annually, or
.he first day OF January and July, render
an account Of the condition of the fun(
in1-usted to it to the auditor of state, an,
III The same time pay to or account to tn
state treasurer for the interest due on al
funds intrusted toit
The Legislature may provide by gener
al law that counties may retain from inter
est collected in excess Of six per centun
per annum upon all said funds intrustet
10 chem, not to exceed one per centun
yer annum. But no county shall be eX
empted from the obligation to make semi
annually payments to the state treasur,
OF interest at the rate provided by law TO
such loans, except only said one pc
eentum; and in no case shall the interes
80 10 be paid be less than six per centun
per annum.
The legislature shall provide by lay
soy the safe investment OF the permanen
shool and other educational funds, AM
for the prompt collection of interest AM
income thereof, and to carry out the oil
iects and provisions OF this section.
Sec. u. The governor may disapprov
any sale, lease or investment other tina
such as are intrusted to the counties
Sec. Is. All losses to the pelnaner
school or other educational funds of thi
state which shall have been occasione
by the defalcation, negligence, mis1nar
slgement OF fraud OF the agents or officer
controlling and managing the same, shul
De audlteQ DV tlle proper authorities q
the state The amount as audited sha]
be a permanent funded debt against til
state in favor Of the fund sustaining tn
Toss upon which not less than six pc
centum OF annual interest shall be pai(
The amount Of Indebtedness so create
shall net be counted as part of the il
eiehtedness mentioned in Article MI
Section 2.
Sec. IA. The legislature shall pr .vid
by law for the protection of the scho,
Lands from trespass or unlawful appropr
alton, and for their defense against a
unauthorized claims or efforts to dive
them from the school fund.
Sec. Is. The legislature shall max
such provisions by general taxation, an
by authorizing the school corporations
levy such additional taxes as with I'll
income from the permanent school fun
shall secure a thorough and efficient sv
tenn of common schools throughout il
state.
Sec. 16. No appropriation of land
money or other property or credits to al
any sectarian school shall ever be mac
by the state, or any county OF municipal
Cy within the state. nor shall the state ,
any county or municipality within I'll
state accept any grant, conveyance, gift