The Worthington advance., 1900-10-12

OxNUk'S1S VF AMENUMEN'H 1O THE
CONsrITUTION 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 E14EC-
1TON TO BE HELD ON NOVEMBER
9Th, 1900. -. n ~
BY General Laws 1899, Chapter o. it. IL
proposed to amend Article eight (N. SEC
ton six CO.. 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
county 81 schoel @ aistriet. city. It % town O. Or VIZ VII.
l2ge Of this state, but no such investment
shall be made until approved by the board
Of 4 dssFnsteSS BY Law to
school fund and the permanent university
fund Of this state; nor shall such loan or
investment be made when the Issue OF
entire bonded indebtedness exceed seven
per cent Of the assessed valuation Of the
taxable real property OF the county,
euch bonds. nor shali suoh loans or in:
dehkedness be made at T. lower rate Of
interest than three per cent per annum
NOR for shorter period than aye 90
C20 years, and no change OF the town,
school district. village, city or county lines
shall relieve the real property in such
city Hyn In % this state at the time Of the issu-
ing of such bonds from any liability for
taxation to pay such bonds.
It 10 proposed by said chapter to amend
tho same so a. to read as follows::
Section g: The permanent school and
ysssd IN the aS1S sona. s on: Of s'e
district, city, town or village Of this state,
but no such Investment shall be made
until approved by the board r,,ioq OF Gomnis. rs
investment Of the permanent school fund
and the permanent university fund Of this
state; nor shall such loan or Investment
purchased would make the entire bonded
indebtedness exceed fifteen (l5) per cent
Of the assessed valuation OF the taxable
teal property OF the G4unty @ schooi e1eh 1is
bonds: nor shalr such loans or inAapted.
ness be made at = lower rate Of interest
than three 90 Psr cent per i've anHSm % 1eaqs nor
nor for a longer period than twenty go?
years, and no change Of the town. school
district. Village city or county lines snaii
school district, county. village or city in
this state at the time of the issuing of
such bonds from any liability for taxa
tkO0 10 pAy 9UC0 0OAuDs
The effect Of tho above amendment If
adopted will be to authorize the invest
! ment of the permanent school and uni
versity fund Of this state for period
of not less than five (0 Or more than
twenty (2O) 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 tho assessed valuation of
the taxable real property contained there
| In.
The substantial change proposed by
| said: amendment is to authorize such in.
vestments 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 O per cent of the as
sessed valuation.
July 8, 1900.
". B. DOUGLAS,
Attorney General