Little Falls weekly transcript. (Little Falls, Morrison Co., Minn.) 1894-19??, 1900-10-12

CONSTITUTION OF THE STATE or
MINNESOTA PROPOSED by THE
LEGISLATURE OF THE SAID
STATE AT THE LAST SESSION
THEREOF, AND TO BE Votes
UPON AT THE GENERAL ELEC-
TION TO BE HELD ON NOVEMBER
9TH. 1900.
BY General Laws 1890. Chapter 81, it II
proposed to amend Article eight (N. Geo.
ton six 90 Of the Constitution.
The section as now existing reads ~ fol-
lows:
university FUND OF this state may pe In
county. school district. city, town or W.
.d ey
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 tho
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
suct bonds; nor shall such loans or In.
Interest than three per. cent per annum
inor for q shorter period than five %
years, nor for longer period than twenty
school cT district. viiiage city or county lines
shall relieve the real property in such
town. school district. county. village or
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 a. follows:
Section g. Tho permanent school and
university fund Of this state may b In
Ste y s sS%a Of v ans Of sst:
but no such Investment shall be made
until approved by the board Of commits
:onsrs BY Law to r:5%'sits, ts
and the permanent university fund Of this
state; nor shall such loan or Investment
10 made when the bonds to be issued Or
1ndsbtednsss exceed fftssn l1D Per c2nt
Of the assessed valuation Of the texeSls
real property Of the county: seneoI az
bonds; nor shall such loans or indebted.
ness be made at . lower rate q lAtsreet
than three % per cent per r., an AZ ~. nor o.
nor Tor q longer period than twenty .(2o(
years, and no change Of the tewn. schoo!
district. village. city or county Anes snail
III: ei. SX ~ cr oty
such bonds from any liability TOR taxa
ZION to pay SV00 D0n0D.
The effect Of the above amendmsnt II
adopted, will b. TO authorize the invest
nsnt Of the permanent school and UNI
vsrsity fund Of this state for q period
Of not less than five (b) or more than
twenty (2O years at an interest rate not
LEES than three (3) per cent per annuIn.
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
vestments when the entire Indebtedness,
including the loan in question, does not
exceed fifteen (1O per cent Of the assessed
valuation of the taxable real propertv in
such municipalities; whereas, under the
exising constitution loans are permitted
only where such total indebtedness does
not exceed seven % per cent Of tho as
sessed valuation.
July 3, 1900.
w. B. DOUGLAS,
Attorney General.