The Bemidji pioneer., 1900-10-11

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-
TON TO BE HELD ON NOVEMBER
9th, 1000. #
BY General Laws 1sea Chapter OF. II is
proposed to amend Article eight ca, Sec
ton six (6) OF the Constitution.
The section as now existing reads as fol-
lows: FIJI 8s
Section 9. The permanent school and
university fund Of this state may be In
Sassted In the purchase OF bonds OF any
county, school district, city, town or vi.
iage Of this state, but no such Investment
81 &c 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 r
investment be made when the issue O.
which the same in part would make the
entire bonded indebtedness exceed seven
per cent of the assessed valuation q me
school district. City. town Of village issuing
such bonds: nor shall such loans or In.
deRS- edness be made ct y lower rate q
sn st than saa snrss pDso an ahs per ave Is
years, nor for longer period than twenty
(2Dl years, and no change OF the town,
school district, village. city or county lines
town, school distriSs. county H village 81
City IN this state at the time II the issn ~
ing of such bonds from any liability TOR
tnxation 10 pay such bonds
It Is proposed BY said chapter TO amend
the same 30 as 70 read as follows;
os.A
university fund 81 this state may be In
vested In the bonds Of any county; scnool'
district, city, town or village o. TINS state,
but no such Investment shall Do made
sioners designated> ~ law 70 regulate the
Investment OF the permanent school fnnd
and the permanent university FUND q this
state; nor snall suGn a9an u % ,samaa ~
purchased would make the entire pondeu
Indebtedness exceed fifteen elo) per cenl
Of the assessed valuation Of the taxable
yrict, city, town or village issuing such
bonds; nor shall such loans or indebted
ness be made at q lower rate OF interest
FOR 4 shorter period than Ave ~ years
nor for d longer period than twenty l2Ol
years, and no change Of the town, scnooi
district village city q county sI,c nes toWn
yi1is state at the time Of the issuing Of
such bonds from any Napllity ICE taAa-
ton to pay such bOnds 53ss
The effect Of the above amendment 4
adopted will be to authorize the invest
meYlt Of the permanent school and uni
yersity fund Of this state for period
OF not less than five % or more than
twenty zoo years at an interest rate not
less than three t3) 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)
per cent OF the assessed valuation OF
the taxable real property contained there
in. NJ
The substantial change proposed by
said amendment is to authorize such tn-
yestments when the entire Indebtedness,
including the loan in question, does not
exceed fifteen (15) 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 - per cent Of the as
sessed valuation.
July 8, 1900.
4 w. b. DOUGLAS.
Attorney General 4.