The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1896-10-22

Investment Of the permanent school fund
state; nor shall such loan or investment be
made when the issue of which the same In
part would make tie 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
q lower rate of interest than per cent per
annum nor for shorter period than i've s
% years nor for longer period than
town, school district, village city or county
lines shall relieve the real property in such
town town school district. county. village or
Of 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 % nor more than twenty
G2U years, in the bonds of counties, school
districts, cities, towns and villages.
Loans cannot be made to such munich
pal1ties under such amendment in amounts
exceeding seven "a per cent of the as
thereof. ~
No loan shall bear interest at rate less
than three 81 per cent.
section CT the same article of the con-
stltution now provides for the loaninc OF
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 5 ner
cent per annum.
Such loans are now limited to amounts not
ceding assessed valuation of the real es-
tate OF the counties or school districts, re-
spectfvely. --'#-'7=
OF the principal and interest of loans made
pursuant to said section 5.
lN
con nan act proposing an amendment to the
ffn~ ~ %l,1 -
sleeping, drawing room and parior car and
other companies and owners in the manner
therein provided"
1t is proposed to amend Article 9 of the
constitution OF Minnesota by adding thereto
section reading as follows:
Ihe legislature may impose, or provide
foe the imposition of. upon the properry
within this state, Of any and all owners or
operators, whether corporate or individual
or otherwlse, OF any anu all sleeping, parlor
ana 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
al! express COMPANIES; or owners, or any
state; also upon the property within this
state of all domestic insurance companies &
OF beis 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
plopeity W!lnln TINS state OF al 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
panic, es or owners, and of al shipbuiiders or
owners doing business in this state or
having port therein; provided, that this
act snail not apply to property owned by
r ran1oa 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 ~.
TINS state, but may De graaeG or progress
sl7e, or both, and in providing for such tax,
OF or IN a providing for ,ascertaining the just
competent for the Legislature, in either or
al OF such cases, to impose such tax, upon
any or ana all property thereof within this
basis basis OF such imposition the proportionate
business, earnings, mileage or quantity Of
proiaHiction N. or property now. or hereafter
owners, transacted or Existing in this state,
IN relation to the entire business, mileage
OF erc1 quantity of production or property Of
aloresald; Or in such other manner or by
SUCH other method as the legislature NAV
determine: but the proceeds of such taxes
upon upon mining property shall be distributed
between the state and the various political
subdivisions thereof wherein the same is
situated in the same proportion as the pro-
trlDuted: provided further, nat nothing in
this act contained shall operate to authorize
rue assessment or taxation Of land or ordi- S
nary business blocks or property owned by
any such corporation. person. firm or COM
pamy except in the manner provided by the
ORDINARY methods Of taXation.'
, ms proposed amendment contempIates
the taxation OF TIE property il this state of:
companies.
=. Telegraph and telephone companies
.. Express companies.
a. Foreign and domestic insurance COM
3 The o,,-,rrc o- o,o-,+or. ~
mineral o:eS 80
G. Boom companies and ship5uiIders or
owners owners doing bus mess in this state or
4. he foreso nS provisions are modified in
the following very important respects:
Il. Inc amendment will not apply ito.
property owed by railroad companies. their
lancs and othcr property 80
= Iaxss may be imposed upon the prop
erty OF the companies above enumerated or
upon the earnings thereof within this state.
ana may be graded or progressive, or both.
%. In providing for such taxation, or the
3h st, and true value of such property, It
sHall De competent for the legislature to
impose such tax upon any and all property
tE"rcot within this state: and
- In either case by taking as the basis
OF such taxation: the proportfonate bust
ness: earnings, mileage or quantity Of pro-
nuctlon or property now OR hereafter exist
l:.s OF any such companies, persons or own
reiatcn to the entire business. mileage or
quantity CT production or property; or
D. III sucu Otnef manner, or by such other
Eecthod. as the legislature may determine.
t. The proceeds of taxes upon mining
property, will be distributed between the
state and the various political subdivisions
thereon wherein the same is situated in the
sine proportion as the proceeds of taxes Z
C.on real property are distributed
=. The amendment contains a provision to
thr effect that it shall not operate to au-
thorz" the assessment or taxation of land
or ordinary business blocks or pronerfv
owned by any such corporation, person.
tr:l or company. except in the manner nro. z
7lded by the ordinary methods of taxation
H. W. Chiids,
ju! l. 1876 Attorney General