Bismarck weekly tribune. [volume] (Bismarck, Dakota [N.D.]) 1884-1943, 1892-07-08
The State School Funds,

port Of common schools in North Dako-
ia are derived from two principal sources,
the state tuition fund and school
district taxation. The state tuition fund
consists of the interest and income fund,
all general school taxes, and the net pro-
ceeds of all fines, penalties and for
FIXTURES. The interest and income fund
is composed of the interest arising from
investments of the permanent school
fund of the state, the interest arising
from deferred partial payments of the
purchase price of school lands sold and
the rental derived from school lands.
The general school taxes consist of a tax
of two mills on the dollar upon the as
sessed value of all taxable property in
the state, and a poll tax of 81 upon all
qualified electors over 81 and under GO
years of age in the state.
There are in North Dakota approx
mately 2,500,O00 acres set apart for the
support of common schools and $4,000
acres designated for the support of
charitable and educational institutions.
making in all, about 100000 acres to be
disposed of for educatisnol and chart
table purposes in tho state.
OF the two and one-half million
acres of land for the support of the
common schools, the Legislative assembly
has authorized the sale of 100000 acres.
OF this amount the board of university
and school lands has sold and approved
the sale of 99,S7S.53 acres, realizing
therefor $1,744,750.52, an average of
$l0.53 per acre. The borad has also
authorized the sale of an additional TO-
600 acres during the month of July, the
proceeds of which will increase the
value Of all sales to nearly two million
dollars.
The state receives 6 per cent. interest
on all deferred payments Of the pur-
chase price of lands sold, payable
on the first day OF January of each
year. The deferred payments constitute
four-ffths of the total purchase price.
One-ffth of the purchase price of
the land is paid to the state
by the purchaser upon the day of
sale. These cash payments, constituting
the permanent school fund, now amounts
to S348,950.10 and, after the next sales,
will probably reach 100000.
The permanent school fund is being
invested by the board of university and
school lands from time to time as oppor-
tunity offers and at a rate that will net
the state about 4 per cent. per annum.
According to the last published report
of the department of public instruction,
the total amount of school district bonds
issued by common school districts and
special districts in the state and out
standing on June 80, 1890, was only
sS9O,293.4. Comparing these figures
with the amount Of the permanent school
fund, it is evident that the state can
purchase and hold nearly one-half of
the total amount of outstanding school
district bonds issued in the state, and
that from one-ffth of the proceeds of one
twenty-ffth of the lands for the support
of common schools.
1t is evident from the figures given
above, that the interest from these two
sources, Investments and deferred
partial payments, on the sales already
made or provided for, will amount to
about $4,000 annually, after January
LIST, next.
Five per cent. of the net proceeds of
all public lands sold in North Dakota by
the United States from year to year, is
appropriated by congress to our perma-
nent school fund, and will add materially
to that fund.
Some 41,868.43 acres of indemnity
school lands, and 158,929.21 acres for
public, educational and charitable In
situations have already been selected,
and filings have been recorded in the
land offices. About $4,000 acres in ad-
dition thereto have been selected and
are ready for filing. The balance of the
land appropriated for these purposes is
being selected as rapidly as the nature
of the work will allow. A considerable
revenue from these sources will accrue
to the state. These selections will prob.
ably be offered for sale or lease next
year.
Rental on school lands for the year
1891, not including lands sold during
that year, amounted to $44,462.97. After
%deducting lands sold during 1892, and
adding thereto the probable rental to be
derived from indemnity school lands to
be leased next spring, it is probable that
the annual rental will be upwards OF
$4,000.
The interest and income fund will