St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-02-05

Representative Parker, but Mr., Johns
and other lawyers of the house are OF
/ the opinion that the new bill will con-
tain some desirable points not covered
! by Mr.. Parker's bill, and expect favor"
! able action on it.
The bill is as follows:
a bill for all act proposing all amend
| ment to article eight (S) of the cOnstitu-
ton of the state of Minnesota.
Be it enacted by the legislature of the
state of Minnesota:
Section l. The following amendment
of article eight (S) of the constitution of
the state OF Minnesota is hereby pros
posed to the people for approval or re-
lection: that is TO say, that said article
eight (S) be amended by adding thereto
| the following section:
Section q. In addition to investments
| permitted by existing laws, the invest
ment board, consisting of the governor,
the stute auditor and the state treas
urer, may loan the moneys belonging to
| the permanent school fund and the per~
| manent university fund of the state 10
towns, villages. cities and counties
within this state, as hereinafter pro-
Vided; and every town, village, city and
county in this State is hereby authorized
to borrow from said funds. or either OF
them, such sum or sums of money as may
be agreed upon by and between said
! Investment board and the town, village,
+; city or county applying for loan, sub
| Ject, however, to the limitations, res
| StrictioLS and conditions hereinafter set
| forth.
| The loans may be made for any term
| not exceeding twenty years, and may
| be payable in installmentS, and may be
! in such amounts as shall not, in connec-
| ton with all other indebtedness of the
| town, village, city, or county applying
| therefor, exceed five (5l per centum of
! the last preceding assessed valuation Of
| the taxable real property therein.
| The loan shall bear interest at not
| less than four (N nor more than five o.
per centum per annum.
| The state auditor shall annually, at
the time of certifying the state tax to
| the several county auditors, also certify
| to each auditor wherein any such loan
| shall have been made, the tax necessary
| to be levied to meet the accruing inter
est or principal Of any such loan, aud it
! shall be the duty of every such county
auditor forthwith to levy and extend
such tax upon all the taxable property
/ of his county, or Of the towns, villages or
cities respectively. liable for such loans,
as the case may be, and i'll all such cases
! the tax so assessed shall be so per
| centum in excess of the amount actually
| necessary to be raised on account of
such accruing interest or principal. 1t
shall be levied. collected and paid into
| the county and state treasures i'll the
| same manner as state taxes, and any
| excess collected over the amount Of such
principal and interest accruing in any
given year shall be credited to the gen.
| eral funds OF the respective towns, viii
| lagos, cities or counties.
| No change OF the boundaries of any
| town, village, city or county, after the
making of any such loan, shall operate
| to withdraw any property from the tax
/ alton herein provided for; nor shall any
| law be passed extending the time OF
| payment of any such principal or inter
est, or reducing the rate of such inter
est, or i'll any manner waving or inn
pairing any rights of the state in con-
nection with any such loan. Suitable
] laws not inconsistent with this amend
J ment may be passed by the Legislature
! for the purpose of carrying the same
into effect.
| Sec. 2. This proposed amendment
shall be submitted to the people of the
! state for their approval or rejection at
| the general election occurring after the
1 DdoSuSO vi lHlo tOtt anu qNOilICu
| electors of the state, in their respective
! districts, may at such election vOie by
| ballot for or against such amendment;
and the returns thereof shall be made
and certified within the time, and such
votes canvaSsed, and the result thereof
| declared In the manner provided by
| law with reference to election of mem-
| beers of congress, and if it shall appear
thereupon that a majority of the elect
| orS present and voting for or against
| the proposed amendment to the cOnStl-
! tuition as provided in the next section
| hove voted in favor of the same, then
the governor shall make proclamation
| thereof, and such amendment shall
| thereupOn take effect and be i'll force as
| Il part of the constitution.
Sec. 3. The ballots used at such cleo
| ton by electors voting in favor of this
| amendment shall have written or
printed, or partly written aud partly
| printed, thereupon the following words:
Amendment of article eight (S) or the
, constituencies"
The ballots used by such electors vot-
ing 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
ue in force from and after its passage.
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