The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1900-10-17

SYNOPSIS OF AMENDMENT TO THE
con sTITUTION OF THE STATE OF
MINNESOTA PROPOSED BY THE
LEGIsLATURE OF THE SAID
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 (S). 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
VISITED 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
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
cehtedness be made at Il lower rate of
interest than three per cent per annum
Yea Years. nor for a longer period than twenty
co.. years, and no change of the town,
school district village, city or county lines
@ r sahoo the s yyas such
city in this state at the time Of the issu-
ing Of such bonds from any liability for
tASation 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 be in
vested in the bonds of any county, school.
district, city, town or village Il this state,
until approved by the board of commits
sioners designated by law to regulate the
investme Mt 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
Of the assessed valuation of the taxable
real property of the county, school dis
trict, city, town or village issuing such
bonds; nor shall such loans or indebteo~
ness be made at a lower rate of Interest
than three ~ per cent per annur1 nos
Tor a shorter period than five % years
years, and no change of the town, scho;;,,
district, village, city or county lines sinai!
relieve the real property IN such to"n,
school district, county, village or city in
ttGsa state al the time Of the issuing OF
such bonds from any liability for taxa
ton to pay such bonds.
The effect of the above amendment II
adopted will be to authorize the invest =.
nent of the permanent school and uni
vers;ty fund Of this state for a period
of not less than five 60 or more than
twenty (2D years at an interest rate net
less than telree ts) 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.
The substantial change proposed by
said amendment is to authorize such in
vestEents when the entire indebtedness,
including the loan in question. does n {
exceed fifteen I5) per cent Of the as e s2i
valuation OF the taxable real pr"-e"-v \
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.
W. B. DOUGLAS,
ATTORNEY General