The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1896-10-16

Investment of the permanent school fund
state: m nor p 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 i've
o. years nor for longer period than
twenty l2Ol years, and , no change OF the
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
tion to pay such bonds"
The proposed amendment contemplates
the investment Of the permanent school and
university funds of the state, for periods
(20 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 real property
thereof.
No loan shall bear interest at rate less
than three 81 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
the erection Of county or school buildings,
and to draw ipterest at the rate of per
cent per annum.
Such loans are now limited to amounts not
exceeding three 81 per cent Of the last pre-
ceding 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 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 thereto
a 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 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;
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
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 q 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
state, 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 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
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,
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
situated In the same proportion as the pro-
ceeds Of taxes upon real property are dis
tributed; 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"
Th1s proposed amendment contemplates
the taxation of the property in this state Of ::
l. Sleeping, parlor and dining room car
2. Telegraph and telephone companies
:. Express companies.
4. Foreign and domestic Insurance COM
panies.
5. The owners or operators of mines or
mineral ores.
6. Boom companies and shipbuilders or
owners owners doing business in this state or
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
2. 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 proportlonate busi-
duction or properly 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
8. In such other manner, or by such other
method, as the legislature may determine
q. Inc 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 a provision to
the effect that it shall not operate to au-
thorize the assessment or taxation of land
or ordinary business blocks or property
owned by any suoh corporation, person,
firm or company, except in the manner pro-
vided by the ordinary methods Of taxation.
H. W. ChiIds,
July l, 1895. Attorney General.