The Appeal. [volume] (Saint Paul, Minn. ;) 1889-19??, 1900-10-13


CONSTITUTION OF THE STATE OF
MINNESOTA PROPOSED BY THE
L l.E OF THE SAID
STATE AT THE LAST SESSION
THEREOF, AND TO BE VOTED
TON TO BE HELD ON NoVEMBE T
9TH, 1900.
BY General Laws 1899, Chapter 90, it is
proposed to amend Article eight 80, Sec
ton six (6)sof the Constitution.
The section as now existing reads as fol-
lows:
Section G.; The permanent school and
Wsted in the purchase of bonds of any
county, school district, city, town or vii
lage Of this state, but no such Investment
snail be made until approved by the board
OF 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
investment be made when the issue of
which the same in part would make the
entire bonded Indebtedness exceed seven
taxable. real property of the county,
school district, city, town or village issuing
s s'l! ponds; nor shall such loans or in
interest than three per cent per annum
NOR for a. shorter period than five 60
years. yea, nor for longer period than twenty
n.
school district, village, city or county lines
shall relieve the real property in such
town, school district, county, village or
G1ty IN n TINS state at the time Of the issu-
taxation to pay such bonds.
1t is proposed by said chapter to amend
the same so as to read as follows:
university fund Of this State may be in
district, city, town or village of this state,
but no such investment shall be made
Until approved by the board Of commits
S1onefs deslgrated by law to regulate the
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 (10 per cent
of the assessed valuation of the taxable
real eiot property re of the c9unty school dis
bonds; nor shall such loans or indebted
ness be made at lower rate of interest
than three 60 per cent per annum nor
for q. shorter period than five 90 years
nor for a longer period than twenty 600
years, and no change of the town. school
district village, city or county lines shall
relieve the real property in such town,
school district, county, village or city in
this state at the time of the issuing of
such bonds from any liability for TAXA
ton to pay SUCH bonds.
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 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 G5)
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 Q5) 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.
W. B. DOUGLAS,
Attorney General