Little Falls weekly transcript. (Little Falls, Morrison Co., Minn.) 1894-19??, 1900-11-02

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 DE HELD ON NOVEMBER
9TH, 1900.
BY General Laws 1900, Chapter %, 1t 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 or 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
regulate the investment OF the permanent
school fund and the permanent university
fund Of this state; nor shall such loan or
investment be made whom the Issue OF
which the same in part would make TIE
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.
deok edness be made at u lower rate OF
interest than three per cent per annum
(2O years, and no change Of the town,
school district, village, city or county Mnes
town, school district. county. village or
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 g. The permanent school and
university fund Of this state may be In
vested in the bonds Of any county. school.
district. city, town or village of this state.
until approved by the board Of commits
sioners designated by law to regulate the
investment Of the permanent school fund
and the permanent UNIVERSITY tnma .s Of 1n35
be made when the bonds to be issued or
purchased would make the entire bonded
indebtedness exceed fifteen !l1l per CEN 1d
zeal property Of the county: school dis
trict, city, town or village Issuing such
bonds; nor shall such loans or in;1eotea.
ness be made at lower rate of interest
than three (3) per cent per annum nor
for a shorter period than five 10 years
nor for a longer period than twenty (1O)
years. and no change Of the town, sch a,o}i
district. village. city or county lines snal'
relieve the real property IN such town,
school district county, village or Glty IN
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
ment of the permanent school and uni
versity fund of this state for a PERIOD
of not less than five 60 or more than
twenty (20) years at an interest rate not
less than three CD 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)
Der cent Of the assessed valuation OF
the taxable real property contained there
1n
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 1) per cent OF the assessed
valuation Of the taxable real property in
such municipalities; whereas, under tho
existing constitution loans are permitted
only where such total indebtedness does
not exceed seven 81 per cent Of the as
sessed valuation.
July 3, 1900.
w. B. DOUGLAS,
Attorney General.