Reporter and farmer. [volume] (Webster, Day County, Dakota [S.D.]) 188?-1946, 1904-10-27
AMENnMENT

Proposed mendmen to the constitution
OF State of South Dakota,
l.. That Section II of Article ) of the
Constitution of the State of south Dakota
be amended 80 as to read as follows;
school and other educational funds shall
be invested only in first mortgages upon
good improved farm lands. within this
state, as hereinafter provided or IN Donus
ia bonds Of the United States or of the
State of south Dakota or of any organized
county, township or incorporhat rate, o cl,y 70
by law the method of determining the
amounts Of said funds, which shall be
Invested from time 70 time IN snch classes
% securities respectively, taking care to
secure continuous investments az Tar as
possible.
from time to time be designated for invest
Irxent in farm and in the bonds
~ school corporations, or in bonds OF
Uganized counties, townships or incor-
porated cities within his state, shall for
such purpose be divided among the organ
ixed counties of the state in proportion 10
population as nearly as provisions by law
IL secure continuous Investment may per-
nit. The several counties shall hold and
manage the same ns trust funds, and they
shall be and remain responsible and
accountable for the principal and interest
az 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 apportioncd to any county, such
county shall make the same good out Of
ikx common revenue. shall
invest said money in bonds OF school cor
Iorations, counties, township Or. cities, or
IN first mortgages upon good improved
karm lands within their limits respcc-
lively. The amount of each loan shall not
exceed ~one-third OF the actual value OF
the lands covered by the mortgage, given
~ secure the same. such value TO he deter
sxsincd by the board of county commits
ssoners pf the county in which the land =
situated and In no case shall more than
ffve Thousand $4,000 dollars he loaned 70
Hny Que person, firm or corporation and
the rate of interest shall not be less than
FIVE per cent per annum and shali be such
other and higheI rate as tlst legislature
may provide and shall be scsJle semi
annually on the first day OF January and
Juiy; provided that whenevSv there are
moneys of said fund In any county
am ulstiug TO one thousand dollars that
cxBnot be loaned according to the provi-
ant. thereto. the said sum may be returned
Ia The state treasurer to I've entrusted to
some other county or counties, or other
wise invested under the provisions Of this
Each county shall sem'-annually, ON the
first day Of January and July, render an
account OF the condition OF he funds
intfustcd to II to the auditor of state, and
AZ the same time pay too account 20 the
state treasurer for the interest due on al
funds intfuSted to it.
The legislature may provide by general
law that counties may retain from inter
est collected in excess OF live per centum
Per onuum upon all said funds entrusted
10 them, not to exceed one per centrum per
srrtum But n%ocounty shall beexempted
1rona the obligation 10 make scmi-nnnuai
payments 10 the state treasurer Of inter
est at the rate provided by law for such
joaps. except only said one per centum.
'sund In no case shall the interest. so to be
paid be less than five per centunl per
annuui.
: The legislature shall provide by law for
The safe Investment Of the permanent
echool and other educational funds and
tcr the prompt collection of interest aud
hicou,e thereof, and TO carry out the
ohjects end provisions of this section.
Z. That the foregoing proposed
1npcndtt1ent IL hereby agreed to and IL
Aefeby submitted to a vote OF the electors
Il the state, vt the general election. for
their approval"
Said election viii be opened at eight
<<1Qck In the morning and continue open
m1ttl dye o'clock in the afternoon Of the
Dated n Webster. south Dakota. this
William Exeland.
County Auditor,
DAY Nounty. South Dakota.