The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-10-08

SYNOPSIS OF AMENDMENT TO THE
CONSTITUTION OF THE STATE OF
MINNESOTA PROPOSED BY THE
LEGISLATURE OF THE SAID
STATE AT THE LAST SESSION
THEREOF, AND TO BE VOTED
UPON AT THE GENERAL ELEC-
TION TO BE HELD ON NOVEMBER
9TH, 1900.
By General Laws 1899, Chapter 90, it is
proposed to amend Article eight go, Sece
ton six (6) of the Constitution.
The section as now existing reads as fol-
lows:
Section 6. The permanent school and
university fund of this state may be in
VESTED in the purchase of bonds of any
county, school district, city, town or vii
lage of this state, but no such investment
shall be made until approved by the board
Of commissioners designated by law to
regulate the 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 Indebtedness exceed seven
per cent of the assessed valuation of the
school district, city, town or village issuing
such bonds; nor shall such loans or in
debfedness be made at u lower rate OF
interest than three per cent per anaum
NOR for shorter period than i've co.
years, nor for longer period than twenty
(20) 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 issu-
ing Of such bonds from any liability for
taxation to pay such bonds.
1t is proposed by said chapter to amend
the same so as to read as follows:
Section g. The permanent school and
university fund of this state may be In
vested in the bonds of any county, school,
district, city, town or village of this state,
but no such investment shall be made
until approved by the board of commits
sioners designated by law to regulate the
investment Of the permanent school fund
and the permanent university fund Of this
state; nor shall such loan or inYeSt ment
be made when the bonds to be issued or
purchased would make the entire bonded
Indebtedness exceed fifteen (15) per cent
of the assessed valuation of the taxable
real property of the county, school dis
triet, city, town or village issuing such
bondS;- nor shall such loans or indebted
ness be made at a lower rate of interest
than three 90 per cent per annum nor
for a shorter period than FIVE 90 years
nor for longer period than twenty (20)
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
biOn 10 pay SuCn pOuuS.
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
of not less than five Co or more than
twenty coo years at an interest rate not
less than three 90 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 15)
per cent Of the assessed valuation of
the taxable real property contained there
in.
The substantial change proposed by
said amendment is to authorize such in
yestments when the entire Indebtedness
including the loan in question, does not
exceed fifteen DO per cent of the assessed
valuation of the taxable real property in
such municipalities; whereas, under the
exising constitution loans are permitted
only where such total Indebtedness does
NOT exceed seven 90 per cent of the as
sessed valuation.
July 8, 1900.
w. B. DOUGLAS.
Attorney General.