Custer chronicle. [volume] (Custer City, Black Hills, D.T. [S.D.]) 1880-1890, 1889-03-16

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lie lands as may be prescribed by law. and re-
turns of all appraisals apd sales shall be made
TO said Office. No sale shall operate TO convey
any right or title to any lands for sixty days al
ter the date thereof, nor until the same shall
have the approval OF the governor in such form
AS may be provided by law. Migrant or patent
FOR any such lands snail issue until final pay
ment be made.
Sec. 7. All lands, money or other property
donated, granted or received from the United
states, or any other source for unn c"rsity, fgri
cultural college. normal school or other educa.
tional or charitable institution or purpose, and
the proceeds OF all such lands and other proper
ty SO received from any source, shall be and re.
main perpetual funds, the interest and income
OF which, together with the rents of all such land
as may remain unsold shall be inviolably appro-
priated and applied to the specific objects OF the
original grants or gifts. The principal of every
such fund may be increased, but shall never be
diminished, and the interest and income only
shall be used. Every such fund shall be deemed
a trust fund held by the state, and the state
shall make good all losses therefrom that shall
III any manner occur.
Sec. 8. All lands mentioned in the preceding
section shall be appraised and sold in the same
manner and by the same officers and boards un-
der the same limitations, and subject to all the
conditions as to prices, sale and approval. pro
vided 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 prop
er officers of each OF suchfunds.
Sec. 9. No lands mentioned in this article
shall be leased except for pasturage. and meadow
purposes, and Il public auction after notice as
hereinbefore provided 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 APP
prevail OF the governor.
Sec. 10. No claim to any public lands by any
tresspasser thereon by reason OF occupancy. cul-
tivation or Improvement thereof. shall ever be
recognized nor shall compensation ever be made
OH account oil any improvements made by sucn
treSspassers.
Sec. IL. The moneys oil the permanent school
and other educational funds shall be invested
only In first 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
the state OF Dakota. The legislature shall pro
vide by law the method OF determining the
amounts OF said funds which shall be in
vested from time TO time III such classes OF Sc
curities respectively, taking care to secure con
tinuous 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 corpora
tiOus, shall tor such purpose be divided among
the organized counties OF the state in proper
ton to population - nearly a. provisions by
law 20 secure continuous investments may per-
nit.
The several counties shall hold and manage
the same rs trust funds, and they shall be and
responsible and accountable Tor the prin-
cipal and interest OF all such. moneys received 10y
them from the date OF receipt until returned be-
cause 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 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 it exceed one hall the valu-
alton OF the land AS assessed for taxation; and
the rate OF interest shall not he less than six
per centum per annum and shall be such other
AID higher rate AS the legislature may pro,iGe
and shall be payable semi-annually on the first
days 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 provisions of
this section and any law pursuant thereto, the
said sum may be returned to the state treasur-
er to be entrusted to some othercOunty orcouu-
ties, or otherwise invested under the provisions
of this section.
Each county shall semi-annually on the first
days OF January and July render an account OF
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 interest
due on all funds entrusted TO it.
The legislature may provide by general law
that counties may retain from interest collected
in excess OF six per centum per annuin upon all
funds intrusted to them not TO exceed one per
centum per annum. But no county shall be eX-
enpted from the obligation to make semi-annu-
al payments to the state treasurer of interest at
the rate provided by law for said loans, except
only SAID one per centUm: aud 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
sale investment oil the permanent SCnOol ana
other educational fumes, and for the prompt
collection OF interest and income thereof, and to
carry out ,he object and provisions OF this sec
ton.
Sec. Il. The governor may disapprove any
sale, lease or investment other than such as are
intrusted to the counties.
See. -. All losses TO the permanent school
or other educational funds OF this state which
shall have been occasioned by the deialcation.
negligence, ACKNOWLEDGEMENT or fraud OF the
agents or officers controlling and managing the
same, shall be audited by the proper authorities
Of the state. The amount so audited shall be a
permanent funded debt against the state i'll ia
vor of the fund sustaining the loss. upon
which not less than six per centum OF the anlu-
al interest shall be paid. The amount OF in
debtedness so created shall not be counted as a
part Of the Indebtedness mentioned in article
xiii, section TWO.
See. Ii. The legislature shall provide by law
for the protection OF the school lands from tres
pass or unlawful appropriation, and for their
defense against all unauthorized claims or ef-
forts to divert them from the school fund.
Sec. ID. 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 Il thorough and efficient
system OF common schools throughout the
state.
Sec. Is. No appropriation Of lands, money
or other property or credits to aid any sectari-
an school shall ever be made by the state, or
any county or municipality within the state,
nor shall the state or any county or municipali-
~ "llnui tic statt dcNept any grant, convey
ance, gift or bequest OF lands, money or other
property 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, ap
paratus or furniture used or TO be used in any
school in this state, under such penalties as
shall DE provided by law.
Article TX.
COUNTY AND TOWNSHIP ORGANIZATION.
Section /. The legislature shall provide by
general law for organizing new counties, locating