The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1902-09-05

An act proposing an amendment
to section six of article eight of the
constitution of the state of Minnesota.
relating to school funds, education
and science. .-.- ---
Be it enacted by the legislature of the
state of Minnesota:
Section 1. The following amend
ment to section six of article eight of
the constitution of the state of Min
nesota is hereby proposed to the people
of the state of Minnesota for their
approval or rejection, that is to say,
said section shall be amended to read
as follows eG a
Section 6. The permanent school
and university fund of this state may
be invested in the bonds of any
county, school district, city, town or
village Of this state, but no such in
vestment shall be made until approved
by che board of commissioners desig-
mated by law to regulate the invest
ment Of the permanent school fund
and the permanent university fund of
this state; nor shall such loan or in
yestment be made when the bonds to
be issued or purchased would make
the entire bonded Indebtedness exceed
fifteen per cent of the assessed valua-
tion Of the taxable real property of the
county, school district, city, town or
village issuing such bonds nor shall
such loans or Indebtedness be made at
q lower rate of interest than three per
cent per annum, nor for shorter
period than five years, nor for longer
period than twenty years and no
change Of the town, school district.
city, village, or of county lines shall
relieve the real property in such town
school district, county, village or city
in this state at the time of the issuing
of such bonds from any liability for
taxation to pay such bonds s.
Sec. O. This proposed amendment
shall be submitted to the people of this
state for their approval or rejection
at the general election occurring next
after the passage of this act, ana the
qualified electors of this state in their
respective districts may at such cleo
tion vote for or against such amend
ment by ballot and the returns there
of shall be made and certified within
the time, and such votes canvassed
and the result thereof declared in the
manner provided by law with refer
ence to the election of state officers,
and if it shall appear thereupon that
a majority of all the electors voting at
said election as provided in the next
section have voted in favor of the
same, then the governor shall make
proclamation thereof, and such amend
ment shall take effect and be in force
as a part of the constitution.
Sec. 8. The ballots used at said
election on said amendment shall have
printed thereon, Amendment to sec
tion six OF article eight of the consTi
tuition providing for loaning the per-
manent school or university funds to
or the purchase of bonds Of Cities viii
lagos, towns, counties and school dis
tricts. Yes-No"; and each elector
voting on said amendment shall place
a cross mark thus Ky in a space to be
be left opposite either the word eyes
or the word NO" and shall be count
ed for or against the proposition in
accordance with the expressed will of
the elector. as provided by the election
laws Of the state.
Sec. A. This act shall take effect
and be in force from and after its pas
sage. $50 ~
Approved February Ss. 1901.