The Bemidji pioneer., 1900-10-25

LEGIsLATURE OF THE SAID
u 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 Oh u y
proposed TO amend Article eight lS). SEQ
ton six (6) OF the Constitution.
u The section as now existing reads as fol-5
lows:
y Section Q. The permanent school ana
university fund OF this state may be In
yAssted In the purchase OF bonds Of any
county, school district, city. town or VII
lage OF this state, bul no such 1nVestmehs
snail be made until approved by the poard
of commtssiansrs designated by law 70
regulate the iTysStmsat OK the perInanenI
school fund and lhe permanent unsversi.y
fund OF this state; nor sha.l sucn loan " os
which the same In part would make the
entire bonded debtedness exceed seven
per cent OF the assessed yaluatlon OF lne
school district. city. town Or village issuiEE
such bonds; nor SHAH such loans or IN
det&edness be made at Is lower rate OF
nssrest est thar three ppsoa per esa haa
years, nor for a Longer period tnan tWemsy
(20) years, and no change OF the toWn,
school district, village. CITY or county nhss
Z
town, school district, county, village or
city in this state ct the time of fne lssu-
: Ing OF such bonds from any liapility Ior
taxation to pay such ponds.
II is proposed by said chapter to amend
the same 80 as to read as follows:
section q. The permanent school and
university fund of this state may ne IN
vested in the bonds OF any county, scnooi,
district. city, town OF village of thas state, 3
until approved by the board Of commits
sioners designated by law to regulate tne
Investment OF the permanent schooI iuno ,.l z
aud the permanent anniversary tnna assrnanf Y, .,S
be made when the bonds to be issued OF 7
purchased would make the entire ponoeo :
indebtedness exceed fifteen a1S ~ PEI paxanls aens
real property Of the county, school aiS
trict, city, town or village Issuing suea
i bonds; nor shall such loans or inaeDtea.
than three C., per cent per annlm nor
for a shorter period than Ave lb) years
nor for q longer period than twenty lzO}
years and no change OF the soMn. 1,nas aI1sii
relieve the real propert u such ~, So~n, Z,
school district. county, village or Gty ~ ~
tf state ct the tim time abiisy 4 ine iso for esxa a.
ton to pay ouch bonds.
The effect OF the above amendment u
adOpted will be TO AuLHoFASe LAG &A.As 20.
mont OF the permanent school ana uni,
versity fund or this state for Q per1oo
Of not less than five 90 or more thar
twenty COO years at an interest rate mol
less than three (3) per cent per annum
il the bonds Of any county. school district
city. town or village of this state, whei
the bonds to be issued or purchased VII
not make the entire bonded indebtedness 5
Of such municipalities exceed fifteen 20,
ner cent Of the assessed valuation OF
the taxable real property contained there.
In. !,
The substantial change proposed pS
said amendment Is to authorize such IN
vestments when the entire Indebtedness
inoludtng the loan in question, does no,
exceed fifteen t15) per cent Of the assessed
,aluation of the taxable real property II
such municipalities; whereas, under ths
exising constitution loans are permitted
oniy where such total indebtedness doe:
noh exceed seven CD per cent OF the as
sessed valuation.
July 3, 1900. nor-rrs
Attorney General.