The Bemidji pioneer., 1900-11-01

SYNOPSIS OF AMENDMENT TO THE
CONSTITUTION OF THE STATE OF
MINNESOTA PROPOSED by THE
LEGISLATURE OF THE SAID
STATE AT THE LAST SESSION
THERE0F, AND TO BE VOTED
UPON An THE GENERAL ELEC.
TIoN TO DE HELD ON NOVEMBER
9TH, 1000.
BY General Laws 1909, Chapter 02, It is
proposed to amend Article eight (s). Sec
tion six co. of the Constitution.
The section as now existing reads as fol-
lows:
Section g. The permanent school and
university fund of this state may be in
1Nssted In the purchase OF bonds OF any
county, school district, city. town or VI.
lage Of this state, bul no such investment
shall be made until approved by the board
of commissioners designated by law 70
regulate the Investment of the permanent
school funa and uhe pernanent university
fund Of this state; nor shall such loan or
investment be made when the issue or
which the same In part would MAKE the
entire bonded Indebtedness exceed seven
per cent OF the assessed valuation OF the
taxable. real property OF the county,
school district. city, town or vi.sage issulLg
such BONDS; nor shall such loans or IN
detNedness be made at a lower rate or
Interest than three per cent per annum
NOR for a shorter period than nve (o)
(20) years and no change Of the town,
school district, village. city or county lines
shall relieve the real property n such
town school district county, 80 vilaee tha isso OF
ing Of such bonds from any liability for
taxation to pay such bonds
1t is proposed by said chapter to amend
So co uc IN a follows.
Section 6. The permanent school and
university fund of this state may pc IN
vested In the bonds of any county. school,
district, ciSy town or village Of this state.
but no such investment shall be made
until approved by the board or commis-
sioners designated by law to regulate the
investment Of the permanent school fund
and the permanent university fund OF TINS
state: nor shall such loan or Investment
4 be made when the bonds to be issued or
purchased would make the entire bonded
Indebtedness exceed fifteen ll5) per cent
Of the assessed valuation OF the taxable
real property of the county, school dls
bonds; nor shall such loans or indebted
ness be made at lower rate Of interest
than three (3) per cent per annum nor
for a shorter period than 1--WE (5) years
nor for longer period than twenty t2o2
years, and no change of the town, schooi
district village. city or county lines shall
relieve the real property ID such m oit Town, a.
this state at the time or the issuing OF
such bonds from any liability for taxa
ton to pay such bonds.
The effect Of the above amendment IL
adopted will be to authorize the invest
.ment of the permanent school and uni
versity fund of this state for a period.
Z. of not less than five {5) or more than
twenty (20) years at an interest rate not
less than three CD per cent per annum.
IN the bonds Of any county, school district,
city, town or village OF this state, when
the bonds to be issued or purchased will
not make the entire bonded indebtedness
of such municipalities exceed fifteen Q5)
,oer cent of the assessed valuation of
the taxable real property contained there
in.
The substantial change proposed by
sa;a amendment is to authorize such In
vestments when the entire Indebtedness,
Including the loan in question, does not
exceed figsaen G5) per cent of the assessed
valuation uG the taxable real property in
such municipalities; whereas, under the
axisine constitution loans are permitted
onIy where such total Indebtedness does
non exceed seven 81 per cent Of the as
sessed valuation.
July 3, 1900
, . Z TnY,n nrot