Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1904-10-13
PROPOSED AMENDMENT TO THE CON-
sTITUTION OF THE STATE OF
SOUTH DAKOTA.

To the people of the State of South Dakota:
The Eighth Legislature of the State OF South
Dakota, at the session thereof begun and held
at Pierre, the capital, on January 9th, A. ID.
1908, and concluded on March 9th, A. ID. 1908,
proposed the following amendment to the con-
stitution of the state, viz: f.
"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 to- vote of the
people.
Be it Resolved by the House of Representatives
of the Legislature of the State of South Dako-
ia, the Senate concurring:
6 l. That Section IL of Article 8 OF the COnStl-
tuition OF the State Of South Dakota be amend
ed so as to read as follows:
Sill The moneys of the permanent school ana
other educational funds shall 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 Sc
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
tions, or In bonds OF organized counties, town
ships or Incorporated cities within this state,
shall for such puI pose be divided among the Or
eanized counties of the state In proportion 10
nopulation 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 prln-
cipal and interest of all such moneys received
nv 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, sewn
| ship or cities, or in first mortgages upon good
improved farm lands within their limits respect
| tvelv. The amount Of each loan shall not eX-
coed one-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
1 the land is situated and In no case shall more
than five thousand (S5 ,OOO) dollars be loaned to
any one person, firm or corporation and the rate
of interest shall not be less than five per cent
| per annum and shall be such other and higher
rate as the legislature may provide ana snaii DC
payable semiannually on the first DAY OF jan
Il uary and July; provided, that whenever theI'
are moneys Of said fund In any county amount
ing to one thousand dollars that cannot be loaned
according to the provisions Of this section anc
any law pursuant thereto, the said sum may d
returned TO the state treasurer TO be entrusted
to some other county or counties, or otherWls'
invested under the provisions OF this section.
Each county shall semi-annually, on the mrs
day of January and July, render an account
the condition OF the funds intrusted to 1t TO TN
auditor of state, and at the same time pay q
| or account to the state treasurer for the inter
est due on all funds intrusted to 1t.
The legislature may provide by general lay
that counties may retain from interest collects
In excess OF five per centum per annum upon a
, said funds intrusted to them, not TO exceed on
per centum per annum. but no county shan
exempted from the obligation to make semi-aI
| nual payments to the state treasurer Of interes
5 at the rate provided by law for such loans. e.
cept only said one per eentum, and In no cas-
shall the interest so TO be paid be less than fiv
| per centum per annum.
The legislature shall provide by law for I'll
safe investment OF the permanent school an
other educational funds and for the prong
. collection of interest and income thereof and
carry out the objects and provisions OF this Sc
ton.
SO. That the foregoing proposed amendmel
3 Ii hereby agreed to and IL hereby submitted