The herald-advance. (Milbank, S.D.) 1890-1922, 1904-11-04
Section 1. That section IL of Article 8 OF the
Constitution of the State of South Dakota be

Section 1. That section II of Article s Of the
Constitution of the State Of South Dakota be
amended sc as to read as follows:.
Section ii. The moneys OF the permanent
school and other educational funds shall be
invested only on first mortgages upon GOOD
improved farm lands within this state, as here
matter provided. or in bonds of school corpora
tions within this state. or in bonds OF the Unit.
ed States or of the State OF South Dakota, or OF
any organized county, township or i~ncorporat.
ed city in said state. The Legislature shall pro-
vide by law the method of determining the
amounts Of said funds, which shall pc invested
respectively. taking care TO secure continuous
investments as far as possible.
time to tire be designated for investment in
farm mortgages and in the bonds OF school
corporations, or in bonds of organized counties,
state, shall for such purpose be divided among
the organized counties of the state In proper
ton to population as nearly as provisions oy
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 accountable
for the principal and interest of all such
moneys received by them from the date of
| receipt until returned because not loaned and
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, townships or cities; or 10
first mortgages upon good improved farm lands
within their limits respectively. The amount
of each loan shall not exceed o%ne-third of the
| actual value OF the ldnuS COVbTeu ny tIe iHoI
gage. given to secure the same. such value to be
determined by the board of county commits
| sioners of the county in which the land Is
| situated and in no case shall more than five
thousand dollars ($5. 000) be loaned to any one
person, firm or corporation, and the rate of
interest shall not be less than five per cent per
amman, 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 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 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 account of
the condition of the funds intrusted to it to the
auditor of state, and at the same time. pay to
or account to the state treasurer for the inter.
est due on all funds intrusted to 1t.
The Legislature may provide by general law
that counties may retain from interest colAect
ed in excess of five per centum per annum
upon all said funds entrusted to them. not to
exceed one per centnm per annnm. put nc
to make semi-annual payments to the state
treasurer of interest at the rate provided by
law for such loans, except only SAID one pei
centum, and in no case shall the interest so t6
be paid be less than five per centum per annum
The legislature shall provide by law for the
safe investment Of the permanent na ZEN SCI mro ane
collection of interest and income thereof, anf
to carry out the objects and provisions of thi
section.
Section q. That the foregoing proposed
amendment is hereby agreed to and is hereb,
submitted to a vote of the electors of the state
at the next general election, for their approval
The above proposed amendment will be votet
upon by the people at the general election to b.
held in this state on Tuesday, the eighth day o
November, A. D.. 1904.
The proposed amendment wi. be printed Oh
the ballot followed by the words:
Shall the above amendment to the constltu
ton in relation to the Investment of Schoo
and other Educational funds be approved an
ratified.
Immediately to the left of which shall b
printed the words "Yes' and NO each pre-
coded by a square in which the elector ca
place a cross to indicate his vote.
Electors desiring to vote Yes will place
cross before the word Yes and those desirin
to vote NO will place a cross before tn
word NO"
Which Election will be opened at eigh
o'clock in the morning and will continue ope
until five o'clock in the afternoon on the sam
day. !.
Given under my hand and seal this elevent
day of October, A. D.. 1904.
G.. II. PINCKNEY,
: TsEAL1 County Auditor.