The Bemidji pioneer., 1900-10-18

SYNOPSIS OFT 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
TI0N TO BE HELD ON NOVEMBER
9TH, 1900.
BY General Laws 1890, Chapter 81. II y
proposed to amend Article eight (S), See-
tion six (8) Of the Constitution.
The section ~ now existing reads as fol-
lows:
Section g. The permanent school and
university fund OF this state may pe IN
vested In the purchase OF bonds OF any
county, school district, city, town Of w. ".
shall be made until approved by the board
OF commissioners designated by law 70
regulate the Investment OF the permanent
fund of this state; nor, shall such loan or
investment be made when the issue oI
which the same in part would make the
entire bonded indeb1edness sacsed - sefsn tee
taxable real property Of the county.
school district. city, town or village issuiA9
such bondss nor shall such loans or In
interest than three per cent per annum
NOR for shorter period than five l5)
years, nor for a longer period than twenty
school & % district. ety. village, city Or counts lines
shall relieve the real property IN sach
town, school district. county, village OF
city In this state at the time 1f NE she issu- su
ing OF such bonds from any haplhty ior
taxation to pay such bonds
It is proposed by said chapter to amend
the same so as to read as follows
Section 8. The permanent school and
university fund Of this state may be IN
vested in the bonds of any county. scnool,
district eisy town Or village sba 81 'hs be made
until approved by the board Of Gommis, o. n !
sioners designated by law TO regulate the
investment of the perma nent scn9ol iuno .Ifa
and the permanent university fund OF TINS
state; nor shall such loan or lnyestMeHt
be made when the bonds to be issued or
purchased would make the entire pondeu
Indebtedness exceed fifteen l5) per cent
Of the assessed valuation Of the taxable
real property Of the county schooi as alS
trict, city, town or village issuing sucn
bonds; nor shall such loans OF anaeSls s.out
ness be made at lower rate OF interest
than three 90 per cent per annum nor
for a shorter period than hye io) yeaE}s saE}ts
4 nor for longer period than twenty y2,,' w
Years and no change OF the town, scnooi
district, village, city or county lines snali
relieve the real property III such town,
school district, county, village or city ln
A
\ ton to pay such bonds.
The effect Of the above amendment II
h adopted will be to authorize the invest
ment of the permanent school and uni
yersity fund of this state for period
Of not less than five (5) or more than
twenty (2O) years at an interest rate not
less than three ~ 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 VIII
not make the entire bonded Indebtedness
of such municipalities exceed fifteen 90
Der 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
yestrnents when the entire indebtedness
Including the loan in question, does not
exceed fifteen (15) per cent Of the assessed
valuation of the taxable real property in
such municipalities; whereas, under the
exising constitution loans are permitted
orly where such total Indebtedness does
/ not exceed seven % per cent Of the as
sessed valuation.
July 3, 1900.
w. B. DOUGLAS.
Attorney General