Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1904-08-25
PROPOSED AMENDMENT TO THE CON
STIIUTION OF tbs STATE OF
SOuLH DAKOTA.

SUI Iii DAMOEA.
To the people OF the State OF nth DAKOTA:
Tie Eighth Legislature OF the state of south
Dakota at The session thereof begun and h Id
at Pierre, the capital, on January 9Th. A. j
1908, aud concluded Oh March 9th, A. d. 1908,
proposed hefollowing amendment to The con
stitution of the state, viz:
"A Joint Resolution proposing and agreeing
to an amendment to Section ii of Article Of
the constitution of the State of South Dakota
and submitting such amendment toa vote Of the
people.
Be it Resolved by the House of Representatives
of the Legislature OF the State of South DaSo-
ia, the Senate concurrng:
$ 1. That Section Ii of Article Sef the Consti-
tuition OF the State of South Dakota be amend
ed SO as to read as follows;
ST. The moneys of the permanent schot and
other educational funds shah be invested only in
first mortgages upon good improved farm lands
within the state, as hereinafter provided, or in
bonds of school corporations within this state,
or in bonds OF the United States or of the State
OF South Dakota or of any organized county,
township or Incorporated city in said state.
The legislature shall provide by law the method
OF determining the amounts of said funds, which
shall be invested from time to time in such class
es OF securities respectively, taking care to SCI
cure continuous investments as far as possible,
All moneys of said funds which may from time
to time be designated for Investment in farm
mortgages and in the bonds of school corpora
tons, or In bonds OF organized counties, town
ships or Incorporated cities within this state,
shall for such purpose be divided among the or
gained counties of the state IN proportion TO
population as nearly as provisions by law to Sc
cure continuous investment may permit. The
several counties shall hold and manage the
same as trust funds, and they shall be and re-
main responsible and accountable for the tprin-
cipai and interest of all such moneys received
by them from the date of receipt until returned
because not loaned; and in case of loss Of any
money SO apportioned to- any county, such coun-
ty shall make the same good out of its common |
revenue. Counties shall invest said money in |
bonds of school corporations, counties town
ship or cities, or in first mortgages upon good |
improved farm lands within their limits respect 1
lively, The amount of each loan shall not ex- |
coed Cne-third ofthe actual value OF the lands |
covered by the mortgage given to secure the |
same, such value 10 be determined by the board /
of county commissioners of the countyin which |
the land Is situated and in no case shall more |
than five thousand 80 UUO) dollars be loaned to
any one person, firm or corporation and the rate L
of interest shalln, be less than 1--WE per cent.
per annum and shall be such other and higl er
rate as the legislature may provide and shall be
payable semi amt ally Oh HE first day Of Jan
uary and july; aaUt.God, tLaI Whenever there
are moneys OF sah fund in any county amount
ing to one thOuSHnddOars u a .nnol be lCaCed |
according to the provisions of this section and
any law pursuant thereto, the said sum ma be
returned TO the 5 ate trt urtr 10 be entruSt, d
to some other county or COUNTIES, 0; otherwise
Invested under the prov, siJns OF this section.
Each county shalt semiamnIaliy, Ou the first
day OF January AMI july, render an account vi
the condition of the funds lntrus Ell 10 ir TO the
auditor Of state, and at the sane time pay to,
or account TO the stale treasurer for lAe inter-
est GLe Oh all tul DIS inlIuSled Ioit. m F.
Tie legislature may provide by general law
that counties MY retaia from in crest collected
In excess of five per centum per annIm upon All
said funds Entrusted to them, not TO exceed ON
per ceht I'M per anntm. q ut 40 colIty shall bt
exempted from tue obligation to make Semi AZ,
nual payments TO the tate treasurs of interest
at the rate provided by law for such ka S. ex
cept only said one per centum, and ia no ease
shall the int rest 50 to be paid less than five
per centum per annum LII II
The legislature shall provide by law for tile
safe investment Of the permanent school and
other educational funds and for the prompt /
collection of interest and income thereof, and to
carry out the objects and provisions Of this Sec
ton. r,.4 u
s2. That the foregoing proposed amendment
is hereby agreed to and is hereby submitted /,
a vote of the electors of the state. at tue next
general election, for their approval"
The above proposed amendment will / Q voted
upon by the people at the general election to be
held in this state on Tuesday, the Sth day Of No
yember, A. ID. 1904. @ -
The proposed amendment will be printed upon |
the ballot followed by the words:
shall the above amendment to the constitu~
ton in relation to the Investment of School ana
other Educational funds be approved AMI rati.
fed?"
Immediately to the left OF which shall be
printed the words "Yes" and No each proceed
ed by square in which the eectOr can place a
cross to indicate his vote. Electors desiring to
vote Yes" viii place cross before the word |
''Yes" and those desiring to vote tNo" viii
place cross before the word NO., AS
Dated at Pierre, the capital, this sth day of |
August, A. d. 1904.
o. G. BERG.
Secretary of State.
sse