Kingsbury County independent. (DeSmet, Kingsbury County, S.D.) 1894-1929, 1904-11-04

proved farm lands within this state, az here
In after provided or In bonds OF school cor
porat tions within this state or In bonds o.
the United States or of the State OF South
Dakota or of any organized county, town
ship or Incorporated city In said state. rhs
legisla fure shall provide by law the method
OF determining the amount OF said funds
which shall be invested from time to time In
such classes ofsecurities respectively. taking
care TO secure continuous investments as
far as possible.
time 70 time be designated for Investment
in farm mortgages and In the bonds oi
school corporations, or In bonds OF Organiz
ed counties, townships or Incorporated
cities within this state. shall for such pur-
pose be divided among the organized
counties In the state in proportion 10
population as nearly as provisions by law
to secure continuous investment may per.
nit The several counties shall hold and
manage the same as trust funds and they
shall be and remain responsible and ac.
countable for the principal and interest OF
all such moneys received by them from the
date OF RECEIPT until returned because not
loaned; aud In case of loss OF any money so
apportioned to any county, such county
shall make the same good out of its common
revenue. Counties shall invest said money
In bonds of school corporations, counties
township or cities. or In first mortgages mp.
on 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 same. such value to be de.
termined by the board OF county commits
sioners OF the county in which the land IL
situated and in no case shall more than
five thousand $4,000 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 pro
vide and shall be payable semi.annually ON
the first day OF January and July: PRovID,
ED. that whenever there are moneys OF said
md In NM fNV nFf -
thousand dollars that cannot be loaned &c
cordiDg to the provisions of this section and
any law pursuant, thereto, the said sum
may be returned to the state treasurer u
be entrusted to some other county or
counties, or otherwise invested under the
provisions of this section,
Each county shall semi-annually, on the
first day OF January and July, render an ac.
count of the condition of the funds, intrust.
ed to it to the auditor OF state, and at the
same time pay to or account to the state
treasurer for the interest due on all funds
intrusted to it,
The legislature may provide by general
law that counties may retain from interest
collected in excess of five per centum per
annum upon all said funds entrusted to
them, not to exceed one per eentum per an.
mum. But no county shall be exempted
from the obligation to make semi nnual
payments to the state treasurer OF interest
at the rate provided by law for such loans,
except only said one per centum. and in no
case shall the interest, SO to be paid be less
than five per centum per annum.
The legislature shall provide v law for
the safe investment VI the permanent school
and other educational funds and for the
prompt collection OF interest and income
thereof and TO carry out the objects and
provisions of this section.
2. That the foregoing proposed amend.
ment is hereby agreed to and ID hereby sub
mitted to vote OF the electors of the state
at the next general election for their APPROX.
al"
The above proposed amendment will be
voted upon by the people at the general
election 10 be held in this state on Tuesday,
the eighth day OF November, A. ID. 19O4.
The proposed amendment will be printed
on the ballot followed by the words:
Shall the above amendment to the con
stitution in relation to the investment oi
School and other Educational Funds be
approved and ratified
Immediately to the left OF which shall be
printed the words '.Yes" and mo" each
preceded by square Ia which the elector
can place cross to Indicate his vote.
Electors desiring TO vote "Yes" will place
cross before the word "Yes" and those de-
string TO vote mo" viii place cross before
the word no"