The herald-advance. (Milbank, S.D.) 1890-1922, 1904-10-21
Proposed amendment to the COnstatt-
ti0n of the State of South Dakota:

ton Of the State OF South DdEOtd:
2 /. That Section IL of Article 8 Of the Consti-
tuition of the State of South Dakota be amended
so as to read as follows:
2 IL. The moneys of the permanent school
and other educational funds shall be invested
only in first mortgages upon good improved
farm lands within this ~etate, as hereinafter pro
vided 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 classes of securities respectively, taxing
care to secure 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 ia the bonds of school corpora
tons, or in bonds of organized counties, town.
ships or Incorporated cities within this state,
shall for snch purpose be divided among the Or
ganiZed counties of the state in proportion to
population as nearly as provisions by law to
secure continuous investment may permit. The
several counties shall hold and manage the same
as trust funds, and they shall be and remain re-
eponsible and accountable for the princlpa! and
interest of alleuch moneys received by them from
the date OF receipt until returned because not
loaned: and in case of loss Of any nroney go ap-
portioned to any county. such county shall make
the same good out OF its common revenue.
Counties shall invest eaid money in bonds of
school corporations, counties, townships or
cities, or in first mortgages upon good improved
farm lands within their limits respectively. The
amount of each loan shall not exceed one third
of the actual value of the lands covered by the
| mortgage given TO secure the came, such value to
be determined bv the board Of county commits
sioners of the county in which the land ls cit
! uated. and in no case shall more than five thous-
and (S5. 00O) dollars be loaned to any one person,
firm or corporation, and the rate OF interest shall
not be lees than five per cent per annum and
| shall be such other and higher rate as the legis-
lature may provide and shall be payable semi
annually on the first day OF January and July;
PROVIDED, that whenever there are moneys OF said
l frpl In NM Ann nnnnnf n 4 n nna fh NJ q q mi
dollars that cannot be loaned according to the
provisions of this section and any law pursuant
thereto, the said sum may be returned to the
state treasurer to be entrusted to come other
| county or counties, or otherwise invested under
the provisions OF thie section.
Each county shall eemi-annually, on the first
day of January and July, render an account OF
the condition of the funds intrusted to it to the
auditor of state, and at the came time pay to or
account to the state treasurer Tor the interest
due on all funds intrlsted to 1t.
The legislature may provide by general law
that counties may retain from interest collected
in excess of five per centnm per annum upon all
said funds entrusted to them, not to exceed one
per centum per annum. But no county shall be
J exempted from the obligations to make semi
annual payments to the state treasurer Of inter
except only said one per centum. and in no case
shall the interest. 90 70 be paid, be less than five
The legislature shall provide BY law for the
cafe investment Of the permanent school and
other educational funds and for the prompt col
lection OF interest AND income CherAOf, and TO
carry ont the objects and provisions of this Sec
| ton.
2 That the foregoing proposed amendment
ie hereby agreed to and IL hereby submitted to q
vote OF the ~electore of the state, at the next gen.
eral election, for their approval"
The above proposed amendment will be voted
npop by the people at the general election to be
held in this state on Tuesday. the eighth day of
| November. A. d. 1904.
| The proposed amendment will be printed on
| the ballot followed by the words:
Shall the above amendment to the contribution
in relation to the investment OF School and other
Educational funds be approved and ratlned.'
| Immediately to the LETT Of which shall be
] printed the words Eyes" and sNo'' each pre-
coded by q square in which the elector can place
Q cross 10 indicate his vote.
Electors desiring TO vote Eyes" will place .
cfoss before the word Eyes, and those desiring
tc vote s.No'' y i'll place . cross before the word
"No."
Which election will be opened ct eight o'clock
In the morning and willcOntinue open until i've
o'clock in the afternoon on the Same day.
Given nnder my hand and seal this eleventh
day Of October, A. D. 1904.
g. II. PNCKHHx.
fiscal County Auditor.