The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1900-10-24

SYNOPSIS OF AMENDMENT TO THE
CONSTITUTION OF THE STATE OF
MINNEsoTA PROPOSED By THE
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 81. Sec
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
N.sted in the purchase of bonds of any
lage Of this state. but no such investment
shall be made until approved by the board
OF commissioners designated 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
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.
such bonds; nor shall such loans or in
Gs6tt be made at u lower rate Of
interest than three per cent per annum
YEARS io nor .or oneep pepfod than ,weny
CO. years, and no change OF the town,
scnool district. village. city or county lines
shall relieve the real property IN such
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 6. The permanent school and
Z n
vested In the bonds of any county, school,
c strict, city. town or village Of this state.
but. no such investment shall be MADE
until approved by the board OF commls-
sicners 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 taxabie
ieal property of the county, school dls
trict, city, town or village issuing SUCH
bonds; nor shall such loans or inaebteG-
ness be made at a lower rate OF Interest
than three CD per cent per annum nor
for a shorter period than five 90 years
nor for longer period than twenty l@o2
years, and no change OF the town, scnoGi
district, village, city or county lines shall
relieve the real property in such town,
school district, county, village or clty II
tsta state at the time CT the issuing OF
such bonds from any liability for taxa
ton to pay sucn bonds.
The effect of the above amendment If
adopted will be to authorize the invest
,.ent Of the permanent school and uni
versity fund of this state for period
of not less than five 90 or more than
twenty (2O years at an interest rate not
less than three ~ 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 40
per cent Of the assessed valuation OF
the taxable real property contained these
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 assersed
valuation OF the taxable real prore-'v ~
such municipalities; whereas. under the
exising constitution loans are permitted
only where such total Indebtedness does
noe exceed seven ~ per cent Of the as
sessed valuation.
July 8, 1900.
W. b. DOUGLAS,