The Princeton union., 1900-10-18

SYNOPSIS OF AMENDMENT TO THE
CONSTITUTION OF THE STATE OF
LEGISLATURE OF THE SAID
STATE AT THE LAST SESSION
THEREOF, AND TO BE VOTED
UPON AT THE GENERAL ELEC-
TIoN TO BE HELD ON NOVEMBER
9TH, 1900.
BY General Laws $780, Chapter 90, it il
proposed to amend Article eight (s). Sec
ton six (e) 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
Wssted in the purchase of bonds Of any
county, school district. city, town or vii
lage Of this state but no such investment
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 tndebtedness exceed seven
taxable real property of the county,
school district, city. town or vi.,age issuing
such bonds; nor shall such loans or in
deAtedness be made at d lower rate Of
interest than three per cent per annum
NOR for a shorter period than FIVE o.
yee9aars, yea nor for longer period than twenty
school district, village, 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 as follows:
Section 6. The permanent school and,
university fund of this state may be in
VQcfn1 ', rs
district, city, town or village of this state.
but no such investment shall be made
until approved by the board of commits
sioners 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 bonds to be issued or"
purchased would make the entire bonded
Indebtedness exceed fifteen 19 per cent.
real "p preperty apyeo Of the county school, dis
trict, city, town or village issuing such
bonds; nor shall such loans or indebted
than three - per cent per annum nor
for q shorter period than five ~ years.
nor for a longer period than twenty (2Ol
district, village, city or county lines shall.
relieve the real property in such town,
school district, county, village or city in,
such bonds from any liability for taxa,
ton to pay such bonds.
adopted will be TO authorize the invest
ment Of the permanent school and uni
Versity fund of this state for period.
of not less than five 60 or more than.
twenty (20) years at an interest rate not,
less than three (3) 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)s
per cent of the assessed valuation of
the taxable real property contained there
in. .s.54.
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 QsO per cent of the assessed
valuation of the taxable real proper.r 81
such Municipalities: whereas. under the.
exising constitution loans are permitted
only where such total Indebtedness does.
NOT exceed seven 70 per cent Of the as--
sessed valuation
July 8, 1900.
w 3; DOUGLAS,
Attorney General