Reporter and farmer. [volume] (Webster, Day County, Dakota [S.D.]) 188?-1946, 1904-10-20
AMENDMENT.

Proposed amendment to the constitution
of State of South Dakota.
]. That Section II of Article 5 of the
Constitution of the State of south Dakota
he amended 50 as to read as follows:
= II. The moneys of the permanent
school and other educational funds shall
be invested only in first mortgages upon
good improved farm lands within this
state, as hereinafter provided or in bonds
of school corporations within this state or
I'm 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
amounts of said funds, which shall be
Invested from time to time in such classes
OF securities respectively, taking care TO
secure continuous investments az far az
possible.
All moneys of said funds which may
from time to time be designated for invest
nlent in farm mortgages and In the bonds
of school corporations, or in bonds of
organized counties, townships or incor-
porated cities within this state, shall for
such purpose be divided among the organ
lied counties of the state i'm proportion to
population as nearly az provisions by law
to secure continuous Investment may per-
init. The several counties shall hold and
manage the same az trust funds, and they
shall be and remain responsible and
accountable for the principal and interest
Ot all such moneys received by them from
the date of receipt until returned because
mot loaned; and in case of loss of any
money 40 apportioned to any county, such
%F1'sty FtAast thoht hf0 an &ooa oht vi
its common revenue Counties shall
invest said money in bonds of school cor
lorations, counties, township or cities, or
m nrSt mortgages upon good improved
farm lands within their limits respec-
lively. The amount of each loan shall not
exceed ~one-third of the actual value of
the lands covered by the mortgage, given
fO4ecurc the same, such value TO be deter
mined by the board of county commits
sioncrs Of the county in which the land L.
situated and In mo- case shall more than
live thousand 5000 dollars be loaned to
amy one person, firm or corporation and
the rate OF interest shall not be less than
NE per cent per aunum and shall be such
other and higher ratc as the legislature
may provide and shall he payable semi
annually ON the first day OF January and
uly provided that whenever there are
moneys of said fund in any county
amounting TO one Thousand dollars that
cannot be loaned according to the provi-
sions of this section and any law pursu-
ant. thereto. the said sum may be returned
20 the state treasurer 10 be entrusted to
some other county or counties, or other
wise invested under the provisions of this
Each county shall s~em'-annualiy, on the
hrst day Of January and July. render an
entrusted TO 1t to the auditor of state, and
at the same time pay To or account to the
state treasurer for the interest due on al.
funds Entrusted to- il. L
The Legislature may provide by ge neral
law that counties may retain from inter
est collected in excess of five per centum
per annum upon all said funds entrusted
~ them, not to exceed one per centum per
9nnunl. But no county shall be exempted
from the obligation to make semi-annuai
payments 10 the state treasurer OF inter
est at the rate provided by law for such
loans. except only said one per ccntum,
and In no case shall the interest. 50 to be
paid be less than i've per centnm per
nnnum.
The legislature shall provide by Law for
khe safe Investment of the permanent
and other educational funds and
Tor the prompt collection of interest and
income thereof, and to carry out the
ohjects and provisions of this section.
2. That the foregoing proposed
amendment Il hereby agreed TO and Is
hereby submitted TO a vote Of the electors
of the state, az the general election. for
Said election will be opened at eight |
o'clock In the morning and continue open |
nve o'clock In the afternoon Of the
g 91nsrsi ~ Webster Sssssa Dakota, tssr
6zh day Of October, "A: a: 1904.
William EQeland. |
County Auditor.
Day County. south Dakota. |