Morris tribune., 1896-10-28

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
shall such loans or Indebtedness be made at
a lower rate of interest than per cent per
| annum nor for a shorter period than five
% years nor for a 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
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 o. nor more than twenty
| (2Ol years, in the bonds of counties, school
| districts, cities, towns and villages.
! Loans cannot be made to such munich
palities under such amendment in amounts
/ exceeding seven a per cent of the as
! sessed valuation of the taxable + al property
! thereof.
| No loan shall bear interest at a rate less
| than three ~ per cent.
| Section of the same article of the con-
| stitution now provides for the loaning of
! the permanent school funds Of the state TO
| counties and school districts. to be used in
/
| and to draw interest at the rate of ) per
! cent per annum.
! Such loans are now limited to amounts not
/ exceeding three 90 per cent of the last pre-
| ceding assessed valuation of the real es-
tate of the counties or school districts re-
! Spectivay.
Ample provision is made for the collection
of the principal and interest of loans made
| pursuant to said section 5.
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 thereso
section reading as follows:
The legislature may impose, or provide
for the imposition Of upon the property
within this state, of any and all owners or
operators. whether crrporate 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 properly 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
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
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
property within this state of all boom COM
panies or owners, and of all shipbuilders or
owners doing business in this state or
having port therein; provided, that. this
act shall not apply to property owned by
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
s-ate, or upon the earnings thereof within
this state. but may be graded or progress
siVe, or both, and in providing for such tax,
or IN providing for ,ascertaining the just
and true va lue of such property, it shall be
competent for the legislature, in either or
al u such cases, to impose such tax, upon
any 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
determine; but the proceeds of such taxes
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-
ceedS of taxes upon real property are dis
trlbuted: provided further, that nothing in |
this act contained shall operate to authorize
the assessment or taxation of land or 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:
l. Sleeping, parlOr and dining room car
companies.
Telegraph and telephone companies.
s. Express companies
4. Foreign and domestic insurance com.
panies
5. The owners or operators of mines or
mineral ores.
g. Boom companies and shfpbuiIders or
owners doing business in this state or
having a port therein.
The 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"
:. Taxes 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 prog resSiye. or both. |
}. 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
1. In either case by taking as the basis |
of such taxation. the prODOrtionate bust |
ness. earnings, mileage quantity of apro |
auction or property now or hereafter exist |
ing Oh 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
). In such other manner, or by such other
method, as the legislature may determine.
6, The proceeds of taxes upon mining |
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.
{. The amendment contains a provision to
the effect that it shall not operate to au-
thCriZe 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. Childs,
July l, 1896 Attorney General.