The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1896-10-29

investment Of the permanent school fund
and the permanent university fund or TINS
state; nor shall such loan or investment be
made when the issue Of which the same in
part would make the entire bonded In
sessed valuation of the taxable real prop
erty Of the county, school district, city,
town or village issuing such bonds; nor
shall such loans or indebtedness be made at
lower rate Of interest than per cent per
annum nor for shorter period than five
o. years nor for longer period than
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
ton to pay such bonds"
The proposed amendment contemplates
the investment of the permanent school and
not less than five o. nor more than twenty
2O years, in the bonds of counties school
districts, cities, towns and villages
palities 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 g. per cent.
Section 5 of the same article Of the con-
the permanent school funds of the state to
counties and school districts. to be used in
the erection OF county or school buildings,
and to draw, interest at the rate of per
Such loans are now limited to amounts not
exceeding three g. 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 3.
TX.
Gan 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
section reading as follows:
Inc legislature may impose, or provide
Tor the Imposition of. upon the property
within this state. Of any and all owners or
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 20 upon the property within this
OF this state of any kind; also upon the
property within this state of any and all
Foreign insurance companies doing business
property within this state Of all owners or
operators Of any and all mines or of mineral
ores situated in this state; also upon the
lanies or owners. and of all shipbuilders or
owners doing business in this state or
having port therein; provided, that this
railroad companies, their lands and other
property; and upon the property of either
or 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
Or in providing for ascertafning the Just
and true val ue Of such property, it shall be
competent for the legislature, in either or
eny or all property thereof within this
state, and in either case by taking as the
basis OF such 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
such companies, persons or owners as
Aforesaid; Or In such other manner, or by
such other method as the legislature may
upon mining property shall be distributed
Between the state and the various political
eubdfvisions thereof wherein the same is
situated in the same proportion as the pro-
ceeds or taxes upon real property are dis
tributed; provided further, that nothing in
this act contained shall operate to authorize
Iue assessment or taxation of land Ordi-
nary business blocks or property owned By
any such corporation, person, firm or COM
pany except in the manner provided by the
ordinary methods Of taxation"
This proposed amendment contemplates
the taxation of the property in this state Of:
Il: Sleeping, parlor and dining room car
2. Telegraph and telephone companies.
3. Express companies.
a. Foreign and domestic insurance com.
panies.
s. The owners or onerators of mines or
mineral ores
6. Boom companies and shipbuilders or
owners doing bus mess in this state or
having a port therein.
The foregoing provisions are modified in
the following very important respects:
nrane The amendment viii not apply Ito
lands and other property
=. Taxes may be imposed upon the prop
erty of the companies above enumerated or
upon the earnings thereof within this state,
and may be graded or progressive, or both.
3. In providing for such taxation, or the
Just and true value of such, property, it
shall be competent for the legislature to
impose such 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-
duction or property now or hereafter exist
Ing OF any such companies, persons or own
relation tc the entire business mileage or
quantity Of production or property; or
D.. In such other manner, or by such other
method, as the legislature may determine.
6. 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.
T. The amendment contains provision to
the effect that it shall not operate to au-
thOriZe the assessment or taX5tion 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. Childs,
July l, 1896. Attorney General.