The Miller sun. (Miller, Hand County, S.D.) 190?-19??, 1904-10-26
Proposed Amendment ~ the COHSti
tuition of the State 0f,SGath Dakota.

tuition OF the State 0f,SGaEh Dakota:
S i. That Section II OF Ar5icle s OF the
Constitution OK the state Of Soath Dakota be
amended SO as 20 read as follows:
s II. The money! Of the permanent school
and other educationalf funds spall be invest
ed only in first morty0e&s ION good inn
proved farm lands WitAia tltt state, as hore-
mater provided OF III t5U5Id5Gf school e.
Dorations within this state or IN bonds OF the
United States or OF the Stet3 OF South De-
kota or of any organized county. township
or incorpoFatedcity in said state. The leg3s-
iature shall provide by IaW ahe method OF
determining the amounts ~ said funds,
which shall be invested from lime TO time IN
such classes OK securities respectively, taking
care TO secure continuous Investments as far
as possible.
Anmoneys OF said FINDS which may from
time to time be DESIGNATED for investment
in farm mortgages andin the bonds OF school
corDortiOnS. or IN bonds Of organized coun-
ties, townships or incofDorated cities within
this State. shall for such purpose be divided
among the organized counties OF the state in
proportion to population as nearly as pro-
~kEisions bylaw to secure continuous Invest
ment nay permit. The several counties
shall hold and manage the same as trust
funds. and they shall he and remain respon-
sibie and accountable for the PRINCIPAL and
interest OF all such Moneys received bythem
from tie date OF receipt until returned be-
cause not loaned: and in case OF loss of any
| money SO app0rtiOneu 20 any county, such
comfy snail make the same good out OF its
Oh-i@HN N'@0N' - ~ 1850
money IL bonds of school corporations, coun-
ties. townships. or cities, or IN iirst mort
cages upon good improved farm lands with
III their limits respectively. me amount OF
each loan shall nos exceed one-third OF the
actual value OF tae lands covered By the
mortgage, given to secure tae same. such
value to be determined by the board OF
county commissioners of the county In which
the land Is situated and in no case shall more
than ave thousand Go.000 dollars be loaned
To any one person. hrm or corporation and
thu rate of interest Gnai not be less thai
five por cent per annupl ana shall De such
other AID higher rate a. the legislature may
on the first cay OF %January and july; Pro
yDEE.fhat whenever there are moneys OF
said fund IL any coRnty amounting To ono
Thousand dollars that calinotDe loaned az,
cording TO the PROVISIONS or this section and
any lawp pursuant. thereto, the said sum may
be returned TO the state treasurer or be en-
trusted 10 some other connty on counties, %.
otherwise invested uuder the provisions OF
this section.
Each county shah semi-annually. on the
first day of January and July. render an
account OF the condition or the funds i'm
trusted TO il TO the auditor OF the state. and
VT the same time pay 10 or account to
the state treasurer for the interest due on
| all funds intrusted 10 IL.
The legislature may provide by general
law that counties may. retain from interest
collected in excess OF five per centnm Per
annum upo all said funds entrusted TO them
not to xceed one Der centum Der annum. But
no county shall be exempted from the olli-
| cation &c make ~Semi-annual to the
state treasurer Of interest at the a pro
yided by law Tor such loans, except only said
one per centun1, and In no ease shall The In
tereSt 80 TO be paid tie Jess than I'VE D rccn-
tum per annum
The legislature shall provide by law for
the safe investment OF the permanent school
and other educational funds and for the
prompt collection OF interest and income
hereof. and TO carry out the objects and
provisions OF this section.
=. That the foregoing proposed amend
ment is hereby az reed 10 and Is hereby sub
mitted 10 a vote of tneeiectprs OF the state,
! at the next ganexal1nlactiop ~ltcr-Abeirar-
.pr.Zal.