The Princeton union., 1900-10-11

SYNOPSIS OF AMENDMENT TO THE
| CONsT1TUTION 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
by General Laws 1899, Chapter 81, 1t Is
proposed to amend Article eight (S), sec-
ton six 60 of the Constitution.
The section as now existing reads as fol-
lows:
section g. The permanent school and
university tund OF this state may be in
VESTED IN the purchase Of bonds of any
county, school district, city, town or VII
1age 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
SEn5ol SEM IL fqnd ma, and me permanent university
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
taxable real property of the county,
school district, city, town or village issuing
such ponds; nor shall such loans or in
interest than three per cent per annum
NOR for a shorter period than five %
years, nor for longer period than twenty
school 1age eT or OF 5na nas
town, school district. county, % Village la oe% or
n city IN IN this this state at the time Of the ssu
taxation to pay such bonds.
1t is proposed by said chapter to amend
the same so as to read as follows:
Section 6. The permanent school and
university fund Of this state may be in
vested in the bonds Of any county, school,
dlstrlct, city, town or village cf this state,
put no such Investment shall be made
until approved by the board of commits
;i 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 investment
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
bonds; nor shall such loans or indebted
ness be made at lower rate of interest
than three (o) per cent per annum nor
nor for longer period than twenty (2O)
years and no change OF the town, school
district, village, city or county lines shall
seheo m s1Sh o1 cy n
this state at the time Of the issuing of
such bonds from any liability for taxa
llOH 10 pay SuCn DOnuS.
The effect of the above amendment if
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 (5) or more than
twenty (2O years at an Interest rate not
less than three 80 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 |
vestments when the entire indebtedness. |
including the loan in question, does not |
exceed fifteen 05) 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 CD per cent of the as
6essed valuation.
July 3, 1900.
D., W. B. DOUGLAS,
ATTORNEY Ianaro1