The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1896-10-15

3 and the permnnent university fund Of this
state; nor shall such loan or Investment he
mace Mnea the Issue OF which the same in
debtedness exceed Z per cent Of fhe as
E sessed valuation Of the taxable real prop on
erty Of the !, county. school district, city,
snail such loans or Indebtedness be made Mt
& Q lower rate of interest than per cent per
annn qaa nor Tor q shorter period than i've
81 twenty !zO) years. and no change of the
town, school district, village, city or county
mes snail relleys the real property in such
city IN this state at the time Of the issuing
ton to pay such bonds - .
Inc proposed amendment concentrates
s the investment of the permanent school and
funds ct the state for periods
snan i've @ nor more than twenty
districts, cities, towns and villages.
Isl Loans cannot be made to such munich
paIlt1es under such amendment in amounts
exceeding seven "a Der cent of the as
sessed valuation Of the taxable real property
thereof. -
No loan shall bear interest at q rate less
than three 81 per cent.
Section 5 of the same article Of the con-
81 now provides for the loaning Of
a Inc permanent school funds Of the state to
counties and school districts. to be used in
Inc erection OF county or school buildings,
ana to draw interest at the rate Of s ner
cent per annum. S- f. -
Such loans are now limited to amounts not
eae;eeedlng three 81 per cent of the last pre-
9 ceding assessed valuation Of the real es-
s saee OF the counties or school districts, re-
- ample mp provision is made for the collection
OF lne principal and interest of loans made
pursuant to said section s. - 49, NNS>
An act proposing an amendment to the
. of 80,
authorize the taxation of the propertv If
sleeping, drawing room and parlor car, and
therein pr ided.,
oo It Is PROF ased to amend Article of the
constitution ea1id ct Minnesota by adding thereto
1.-The legislature may impose, or provide
Tor the imposition of. upon the property
within this state, Of any and all owners or
or otherwise, of any and all sleeping, parlor
and drawing room cars, or any or either of
me ne. same, which run in, into or through this
state of any and all telegraph and telephone
companies, or owners, whose lines are in.
OF extend In, into or through this state;
all express companies or owners. or any
or either OF the same, doing business in this
state; also upon the property within this
OF tnls state of any kind; also upon the
property within this state of any and ali
ti T.. ,. 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
panies or owners, and Of all shipbuilders or
owners doing business in this state or
na nay n :; port therein; provided, that this
raiIrc,d companies, their lands and oth icy
property; and upon the property of either
OF any OF such companies or owners tax,
taxes imposed upon similar property in said
state, or upon the earnings thereof within
TINS TINS state, but may be graded or progress
or IN providing for ascertaining the lust
and true value Of such property it shall be
eHm dr for the legislature, in either or
any or all property thereof within this
state, and in either case by taking as the
pass pass OF such imposition the proportionate
proauctlon or property now or hereafter
e4lstlng OF any such companies, persons or
owners r 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
determine; but the proceeds Of such taxes
upon mining property shall be distributed
DehWeen the state and the various political
SUBDIVISIONS thereof wherein the same is
situated in the same proportion as the pro
ceeds OF taxes upon real property are dis
this act contained shall operate to authorize
the assessment or taxation Of land OF ordi-
nary business blocks or property owned by
pany except in the manner provided by the
ordinary methods OF taxation" - .3..
ms proposed amendment contemplates
the taxation Of the property in this state Of:
companies.
Telegraph and telephone companies.
.. Express companies.
panies. - -
O. The owners or operators of mines or
8. Boom companies and shfpbuilders or
owners doing business in this state or
haVing q port therein.
tne Following very important respects:
l. The amendment will not apply "to
property ops owned BY railroad companies, their
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,
In providing for such taxation, or the
just and true value Of such property, it
s s be competent for the legislature to
impose such tax upon any and all property
thereof within this state and
=. IN either case by taking as the basis
o. such taxation, the proportionate busi-
HucIlon or property now or hereafter exist
Ing OF any such companies, persons or own
ers IRA transacted or existing in this state in
relation to 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.
y 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
9. The amendment contains provision to
the effect that it shall not operate to au-
thor1ze the assessment or taxation Of land
or ordinary business blocks or property
owned owl by any such corporation, person,
hrm or company. except in the manner pro-
vided by the ordinary methads Of taxation.
H w Childs
July l, 1896. Attorr.,Y General.