The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1904-11-04

mortgages anu in the eouds nj neutrality-suspicious.
OF in bonds OF organized scaa'ies. townships Q,
incereoratee cities within this state, shall ior such
purpose be divided among the organized counties
ot The state in, proportion TO population rs nearly
as Provisions by law TO secure continuous invest
mcut may permit. The several counties shall!
hold and manage the same as trust funds, and
they shat! ne and remain responsible and account
able Tor the principal and interest OF all such
moneys received by them from the date o.. receipt
until returned because not loaned and IN case OF
loss OF any money 50 apportioned to any county,
such county shall make the same good out OF IS
common revenue. Counties shall invest said
money N bonds of school corporations. counties,
townships or cities, OF in FIRST mortgages upon
good improved tarm lands within their limits res
pcctiNely. HE amount oil each loan shall not en-
coed cne,third OF the actual Value OF the lands
covered by the mortgage given TO secure the
same, such value to be determined by the board
OF county commissioners OF the county IN which
the and is situated, and in no case shall more
than tive thousand dollars (sS,oool be loaned tc
any one person. firm or corporation- and the rate
OF interest shall not be less than i've per cent per
annum, and shall be such other and higher rate as
the legislature may provide, and shall be payable
semi,annuallv ON the first day OF January and July
PROVIDED, that whenever there are moneys OF sand
iund III any county amounting to one thousand
dollars that cannot be loaned according to the
thereto. the said sum may be returned to the state
treasurer to be entrusted to some other county OF
counties, OF otherwise invested under the pro
viSlonSu. this section
Each county shall simi-annuallV ON the hrst DAY
OF January and July, render an account OF the con
dltlon oil the funds entrusted TO IT to the auditor
OF the state, and at the same time pay 10 OF ac-
count to the state treasurer Tor the interest due
on all funds entrusted to il.
The Legislature may provide by general law
that counties may retain from interest collected i'll
excess OF five per ccntum per annum upon all said
funds entrusted to them, not to exceed one per
%centunl pei annum. But no county shall be ex-
enpted from the obligation to make seml-annual
payment TO the state treasurer of interest at the
rate provided bv Law tot such loans. except only
SAID one per eentum, and in no case shall the in
l ere 50 IN lN AND he tngS h1y, fit .. f,at -pp N ~,
| per anIlum.
The legislature shall provide by law ior the sale
investment OF the permanent school and other ed
u~cational funds and for the prompt collection OF
interest and income thereof, and to carry ont the
objects and Provisions OF this section.
5 , That the foregoing proposed amendment
is hereby agreed TO and IS hereby submitted. 10 a
vote OF the electors OF the state. at the next gen
cral election ior taeir approval.
The above proposed amendment viii be voted
upon by ,he people at the general election to pc
held IN this state on IuesdaN, tlc >tl daN vi No
yemher. A. ID. 1904.
The proposed amendment Will lie printed upon