The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-10-26

investment Of the permanent school fund
and the permanent university fund Of this
state; nor shall such loan or investment be
made when the issue of which the same In
part would make the entire bonded in
debtedness exceed per cent of the as
sessed valuation of the taxable real prop
erty of the county, school district, city
town or village issuing such bonds: nor
lower rate of interest than 3 per cent per
annum nor for shorter period than i've
90 years nor for longer period than
twenty (20l years, and no change Of the
town, school district, village, city or county
lines shall relieve the real property in such
town; school district, county. village or
city IN this state at the time Of the issuing
or such bonds from any liability for taxa
ton to pay such bonds"
The proposed amendment contemplates
the investment of the permanent school and
university funds of the state, for periods
not less than five (5) nor more than twenty
C20 years, in the bonds of counties, school
districts, cities, towns and villages.
Loans cannot be made to such munich
palties under such amendment in amounts
exceeding seven a per cent of the as
sessed valuation of the taxable. real property
thereof.
No loan shall bear interest at rate less
than three 81 per cent.
Section of the same article of the con-
stltution now provides for the loaning of
the permanent school funds Of the state to
counties and school districts, to be used in
the erection or county or school buildings
X
cent per annum.
Such loans are now limited to amounts not
: exceeding three 81 per cent of the last pre-
cedlng assessed valuation of the real es-
tate OF the counties or school districts re-
spectively
Ample provision is made for the collection
OF the principal and interest of loans made
pursuant to said section 8.
TX.
'An act proposing an amendment TO the
constitution of the State of Minnesota to
authorize the taxation of the property of
sleeping, drawing room and parlor car, and
other companies and owners. in the manner
therein provided.
1t Is proposed to amend Article Of the
constitution of Minnesota by adding thereto
section reading as follows
'"The legislature may impose. or provide
Tor the imposition of, upon the property
within this state, Of any and all owners on
operators, whether corporate or individual,
or otherwise, OF any and all sleeping, parlor
and drawing room cars, or any or either of
the same, which run in, into or through this
state; also upon the property within this
state OF any and all telegraph and telephone
companies, or owners, whose lines are In,
or extend In. into or through this state;
also upon the property within this state OF
all express companies, or owners or any
or either of the same, doing business in this
state; also upon the property within this
state OF all domestic Insurance companies
OF this state of any kind; also upon the
property within this state of any and all
Foreign insurance companies doing business
In this state of any kind: also upon the
properly Within this state of all owners or
operators OF any and all mines or of mineral
ores situated In this state; also upon the
property within this state Of all boom COM
panies or owners, and Of all shipbuilders or
owners doing business in this state or
having q port therein; provided, that this
act shall not apply to property owned by
railroad companies, their lands and other
properly; and upon the property Of either
OF any OF such companies or owners a tax,
as UNIFORM as reasonably may be with the
taxes imposed upon similar property in said
state, or upon the earnings thereof within
TINS state, but may be graded or progress
s1Ve, or both, and In providing for such tax,
OF In providing for ascertaining the just
anu true value of such property, it shall be
competent for the legislature in either or
all OF such cases, to impose such tax, upon
any or all property thereof within this
state, and in either case by taking as the
pass OF sucn imposition the proportionate
business, earnings, mileage or quantity OF
production or property now or hereafter
existing OF any such companies persons or
owners, transacted or existing in this state,
IN relation to the entire business, mileage
or quantity Of production or property Of
sucn companies, persons or owners as
aforesaid; or in such other manner, or by
Such other method as the legislature may
determine; but the proceeds of such taxes
upon mining property shall be distributed
DeIWeen the state and the various political
= situated In the same proportion as the pro-
ceeus or taxes upon real property are dis.
tributed; provided further that nothing in
luis act contained shall operate to authorize
tae assessment or taxation of land or ordi-
nary business blocks or property owned by
any IN corporation, person, firm or com.
pany except In the manner provided by the
ordinary methods Of taxation"
InlS proposed amendment concentrates
the taxation OF the property in this state Of /:
l. Sleeping, parlor and dining room car
2. Telegraph and telephone companies.
.. express companies.
e. Foreign and domestic insurance com.
5. The owners or operators of mines or
mineral ores
g. Boom companies and shipbuilders or
owners doing business in this state or
having port therein
=, Inc foregoing provisions are modified in
the Following very important respects:
1. The amendment will not apply "to
property owned by railroad companies. their
lands and other property"
1axes may be imposed upon the prop
erty OF the companies above enumerated or
upon the earnings thereof within this state.
ana may De graded or prog ressive, or both
8. In providing for such taxation, or the
just and true value Of such property, IL
shall be competent for the legislature to
impose sucn tax upon any and all property
thereof within this state; and
4. In either case by taking as the basis
OF such taxation. the proportionate bust
ness. earnings, mileage or quantity of pro-
auction or property now or hereafter exist.
Ing of any such companies, persons or own
erS, transacted or existing in this state In
relation to the entire business. mileage or
quantity OF production or property; or
o. In such other manner, or by such other
method, as the legislature may determine.
o. The proceeds Of taxes upon mining
property will be distributed between the
state and the various political subdivisions
thereof wherein the same is situated in the
same proportion as the proceeds of taxes
upon real property are distributed
z. The amendment contains provision 70
the effect that 1t shall not operate to an
thorize the assessment or taxation of land
or ordinary business blocks or property
owned by any such corporation, person,
firm or company, except in the manner pro.
vided by the ordinary methods of taxation.
H. W. ChiIds.
July l, 1886 Attorney General.