Reporter and farmer. [volume] (Webster, Day County, Dakota [S.D.]) 188?-1946, 1904-10-13
AMENDMENT

Proposed amendment to the constitution
OF the State of South Dakota.
s /. That Section IL of Article ) OF the
Constitution of the State OF south Dakota
be amended 80 a. to read a. follows:
: IL. The moneys of the permanent
school aud other educational funds shall
be invested MY in first mortgages upon
good improved farm lands within this
state, as hereinafter provided or I'm bonds
ot school corporations within TINS state or
State of south Dakota or of any orSanized
county, township or Incorporated city IN
said state. The legislature shall provide
by law the method OF determining the
amounts of said funds, which SHAH De
invested from time TO time in such classes
of - urities respectively, taking care 10
sectre continuous investments as Tar as
possible.
All money of said funds which may
from time to time be designated for invest
ment i'm farm mortgages and in the bonds
of school corporations, or IN DonuS OF
counties, townships or incor
porated cities within his state, shall tor
such purpose be divided among the organ
lied counties of the state in proportion TO
population a. nearly a. provisions by law
to secure continuous investment may per
init. The several snail holu ana
manage the same as trust funds, and they
shall be and remain responsible and
accountable for the principal and interest
of all such n received by them from
the date of receipt until returned because
not loaned; and in case OF loss OF any
so apportioned to any county, such
county shall make the same good out OF
its otnmon revenue Counties shall
invest said money in bonds of school cor
pOrations, counties, township or cities, or
in first mortgages upon good improved
farm lands within their limits reSpec-
lively. The mount of each loan shall not
exceed one-third of the actual value of
the lands covered by the mortgage, given
to ecure the same, such value to be deter
mined by the board of county commits
sioters Of the county in which the Lane is
situated and in no case shall more than
five thousand 5000 dollars be loaned to
any one person, firm or corporation ana
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 and shall be payable semi
annually on the first day of January and
July; provided that whenever there are
moneys of said fund in any county
amounting to one thousand dollars that
sions of this section and any law pursu-
ant. thereto, the said sum may be returned
to the state treasurer to be entrusted TO
some other county or counties, or other
wise invested under the provisions OF this
section.
Each county shall sem'-annual1y, on the
first day of January and July, render an
of the condition of the funds
intrusted to il 10 the auditor of state, and
at the same time pay to or account to the
state treasurer for the interest due ON al.
funds ntrusted to il.
The legislature may provide by ge neral
Law that counties may retain from inter
est collected in excess of five per centunl
per annum upon all said funds entrusted
to them, not TO exceed one per centum per
But no CoInty shall be exempted
from the obligation to make Sefni-arEual
payments 10 the state treasurer of inter
est at the rate provided by law for such
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
==Ihe legislature shall provide by law for
the safe investment of the permanent
school and other educational funds and
the prompt collection of interest and
income thereof, and to carry out the
objects and provisions OF this section.
$ 4. That the foregoing proposed
il hereby agreed co and il
hereby submitted to a vote of the electors
tue state, at the general election. for
their approval"
Said election will be opened at eight
O'Clock in the morning and continue open
five o'clock in the afternoon of the
same day.
Dated at Webster, south Dakota, this
sth day of October, A. ID. 1904.
William Egeland,
Count Auditor,
Day County. South Dakota.