The Miller sun. (Miller, Hand County, S.D.) 190?-19??, 1904-11-02
PROPOSED amendment 10 the COnSfi
tuition of the State of SO~uthiDakOta:

l. That Section II. 1f Article s OF the
Constitution OF the ~ ate of south dakota be-
amended 80 AZ TO read aSifoilowS: y
s II. The moneys OF ttr srraxa,ent school
and other educational fuEalS shall be invest
ed only in iii rst mortgages upon good i'm
proved farm; lands within thiSSrite, as here
matter provided or in bonds 0f school cor
porations within this state or i'bonds Of the
United states or of the s. tate of South Da-
kota or Of any orGaaizsd county; township
or Incorporated city la said state. The legis-
iature sitall provide by law ihe method Of
determining the amounts ~ said funds.
which shall he invested froRiJime to timeiin
such GLASSES Of s.cu rifles respectively. taking
care tB secure continuous Investments as far
rs possible. f,
Altwoneys Of said funds which may. from
time bo time he designated for investment
In farm mortgages and i'm ae bonds of schoo!
~corp0rtions, or la bonds tOf organized conn
ties. townships or INCORPORATED cities within
this state. shalt for such purpose be divided
among,thc organized counties of the state In
proportion to reputation as nearly.as pro-
visiofsAby law To secure continuous invest
mont may permit. The several counties
shall iIold and manage the same as trust
funds. Fandithey shall bc and remainIrespOn-
sible and accountable for the priatipal and
interest Of all SUCH moneys received hythem
from the date Of rcceipt until returned he
cause not loaned: and in case 0fiipss OF any
mascy SD apportiBned to any county, such
cOuaty shall make the same goett out OF Its
common rcvenue. Counties shallinvest said
money III lOt1uS OF SthUcl cOrpOTuUlODs, cOuH-
ties. townships or cities. or In first mort
cages upon good improved farm lands with,
in their limits. respectively. The amount OF
each loan shall not exceed onc-third OF the
actual value OF the lands covered by the
mortgage. given tO secure the sSame. such
value to be determined by tke hoard OF
county commissioners Of the county In which
the land Is situated and IN no case shall more,
than five thousand $4,000 dollars be loaned
10 any one Iporson. firm or CONSERVATION and
the rate OF interest shall not ~ less,than
five per cent per annuIn and si,sn bessuch
other aud higher rate a the legtSiatrre.may
provide and shall bc payable s~efattannn ally
on the first day Of January anc July; PRO
vIDED. that Ayllencver there are moneys OF
/ said fund In any county announcing To one
Thousand dollars that cannot besfDaned ac-
c0rding to tl,eiproyisions Of this section and
any law pursuant. thereto. the satn sum MAY
iR'returnedtso the state treasurdr'O or bc en-
trusted To ss,ne other tconnty or wounttes.;Or
otherwise Invested .uuder the prbvisiOnsO Of
this section.
| Each county shall semi annually. ON The
first day Of January and July. RENDER an
account OF the condition OF thefnnds In,
trusted toll TO the auditor Of the state, and
at the same time 'fay 20 or ssssount TO
the state treasururifur ,he interest idue ,sn
| all funds. intrustedtto H..
The legislature may ,provide bysgonoral
law that counties may retain from interest
collected tn ,eNvess Of i've per ccntuin per
lsoti. all said funds entrusted tOthem
not To xceetl.Oae per centum per annum, But
no rounty sliall bescxempted from the obli-
legation o make semi-annual DaymentsIto the
1 state treasuryr If interest at the rate pro-
lyidedi by lawifor such loans. except only said
hone por centum. md In no 'rase shall the i'm
~terest 80 to be paAi'be less than five y r CEN
itum per annunl-
The .iegisiatu n sslIall provide by iaw for
tl,e safe fnyestmeIcy of the per-manensschool
and other educational funds and kor the
4 DF0mpf collection sof interest and rincome
! fhery.lA and 10 carry out uhe ohSslts,ant
-pxopjsions nf this ssttLaa-